Latest news with #restaurantIndustry
Yahoo
30-06-2025
- Business
- Yahoo
Restaurants and tourists speak out on Virgina Beach meal tax increase
VIRGINIA BEACH, Va. (WAVY) — Meals are set to become a bit more expensive in Virginia Beach as the city's meal tax increase is set to go into effect on July 1. Starting on Tuesday, the total meal tax will now come out to 12%, one of the highest in the country. The Virginia Beach Restaurant Association has opposed this increase, even starting a to try and get it overturned, stating that the increase 'doesn't just hurt restaurants—it impacts every consumer who purchases a prepared meal, from family-owned or national chain restaurants to grocery stores to fast-casual favorites.' Meanwhile, the City of Virginia Beach has stated that the tax increase is necessary to raise funds for capital projects stating, 'The City is experiencing a significant cost increase in capital projects which is largely being driven by inflation and the redirection of these resources and meals tax increase are dedicated to a newly established Major Projects fund.' One Virginia Beach restaurant owner says the fund needs to be raised elsewhere. 'Look internally, don't make us your cash cows. Plain and simple,' said Honest Pastures owner Dacia Thorson. 'It's extremely stressful because we're already working with constrained budgets and now the city is gonna be taking 6%. That's more than what we're making. It's gonna hurt tourism, the small businesses that built this area for the tourism. I just don't think it's a good decision.' One tourist expressed concern for the restaurants, saying they're apart of what make his vacations special. 'These are things that really make our vacations, you know? We don't want to go to some massive chain like Applebee's or whatever,' said tourist Brian Greenspan. 'My question is what is the city's end game? I mean, sure, they're grabbing a little more money, but where does that leave the heart and soul of the city, the personality of all these businesses? It's going to have a seriously negative effect on them. There must be an alternative where it's a win-win for everybody.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Forbes
19-06-2025
- Business
- Forbes
Why Private Equity Is Coming For Casual Dining
Arlington Heights, IL, USA - August 14, 2024: Olive Garden is a popular American casual dining ... More restaurant chain specializing in Italian-American cuisine. You can't charge $18 for a mediocre burger anymore and expect to survive, especially with private equity circling. The era of casual dining has come to an end. Nostalgia isn't enough to keep the doors open, and the cracks are turning into collapses. TGI Fridays just filed for bankruptcy. Jack in the Box is flailing. Others are quietly shrinking, stuck between rising costs, outdated models, and changing consumer expectations. To most, it looks like an industry in terminal decline. However, investors who are paying attention perceive a sector that is poised for transformation. Behind the failing units and flatlined comps lie brands with real equity, untapped assets, and inefficient structures screaming for reinvention. For private equity, activist investors, and special situation specialists, this isn't a graveyard, it's a treasure map. The restaurant industry is being repriced. And those who know how to restructure from the inside out are already sharpening their knives. Restaurant chains can be highly profitable when managed with discipline. Many operate on asset-light, franchise-heavy models that throw off steady income with minimal capital intensity. Others sit on under-monetized real estate or legacy leases that, if unlocked, can reshape the balance sheet. And while their operations may be stale, their brand equity still carries psychological weight with consumers. That's a dream set up for private equity and special situation investors. Why? The sector is overflowing with fragmentation, inefficiency, and strategic bloat, which are the very traits that smart capital seeks when hunting for mispriced opportunities. Most public restaurant chains today are overly complex, mismanaged, or stuck in a strategic identity crisis. The stock prices reflect that. But behind the scenes, there's real potential not for a revival of the old model, but for a reinvention of what these businesses could be with the right financial structure and operational reset. The gap between public market valuations and private market potential is again widening, and for those with the tools to execute it, the upside is being served right now. Our previous idea with the Cheesecake Factory was a winner. Once a cornerstone of American casual dining, TGI Fridays now faces bankruptcy. Private ownership wasn't enough to save it. Why? The reasons include a stale concept, slow innovation, and operational complacency. The brand didn't evolve, and the market moved on. Jack in the Box isn't faring much better. Despite decades of existence, Jack in the Box's sales remain stagnant, its strategy appears confused, and investors are becoming increasingly uneasy. The problem extends beyond performance; it also involves a vacuum in leadership and identity. Then there's Red Lobster. Red Lobster's recent bankruptcy serves as a prime example of financial engineering gone wrong. But look closer: it still has name recognition, real estate value, and a loyal customer base. Mismanagement, not irrelevance, sank the ship. The pattern is clear. These aren't businesses that failed because dining is dead. Leadership stagnated, complexity escalated, and there was no accountability. None of these collapses were inevitable. With aligned incentives and operational clarity, many of these names could have been restructured, not written off. A view of TGI Fridays on the New Mersey Retail Park, in Speke, Liverpool, one of 35 of the chains ... More restaurants to close with immediate affect with the loss of 1,000 jobs. TGI Fridays will remain on UK high streets following a rescue deal for the chain. Breal Capital and Calveton UK have acquired 51 restaurants after the group's previous operator fell into administration. Picture date: Monday October 7, 2024. (Photo by Peter Byrne/PA Images via Getty Images) Red Lobster's recent bankruptcy serves as a prime example of not wanting things to be flawless. They seek undervalued assets, scalable operations, and straightforward revenue streams. The restaurant industry currently possesses all three of these characteristics. Many of these chains still have strong brand awareness, large franchise networks, and even hidden real estate value. However, high costs, outdated menus, and unclear strategic priorities conceal these strengths. A typical playbook shows the same problems: inadequate capital allocation, too many buybacks while innovation slows down, and franchising plans that aren't consistent or scalable. The chance? You don't have to come up with a new way to do things. You merely need to clean up the model, make operations more efficient, and put growth ahead of financial engineering. That includes changing the prices on the menu to match what customers want and to show how much money the business can really make with better management. This is not a consumer collapse, which is beneficial. The restaurant industry currently possesses all three of these characteristics. desire a clear, high-quality experience. Brands that simplify their operations, maintain focus, and deliver quality services will succeed in the future. They should refrain from trying to cater to everyone's needs. In summary, the restaurant business remains intact. It just needs someone with the willpower to fix it. Ottawa, Canada - May 12, 2024: Red Lobster location on Merivale Rd. The casual dining restaurant ... More chain, headquartered in Orlando, Florida, announced in April that it was searching for a new buyer or a possible bankruptcy filing. 1. Stale Stock Price With Strong Brand Recognition → A lagging share price doesn't mean the brand is dead. If it still resonates with consumers, there's room for a strategic reset. 2. Franchise-Focused Model That's Mismanaged → Franchises generate recurring, high-margin cash flows. Poor oversight or inconsistent execution is a fixable flaw—one activist's love. 3. Insider Ownership Trends Or Quiet Accumulation → Watch for insider buying or outside investors quietly building a position. It often signals someone sees untapped value. 4. Declining Same-Store Sales Without Structural Decline → A short-term sales dip is a red flag—but only if it's a trend. If the concept still works, operational fixes can drive a rebound. 5. Inefficient Capital Allocation Or Corporate Bloat → If cash is flowing into buybacks or debt service instead of innovation, it's an open invitation for change. Even across the Atlantic, activist investor Irenic Capital has taken a 2% stake in SSP Group, the operator of Upper Crust and other travel food outlets. The hedge fund is pressuring management to improve margins, suggesting the stock could be worth twice its current valuation. The move sets the stage for a potential private equity takeover, echoing a broader trend: undervalued consumer-facing brands with operational inefficiencies are now prime targets for strategic resets. The market hasn't fully considered the value of many of these struggling restaurant brands yet. But that window won't stay open for long. When private equity and activist investors start circling again, multiples will change, and the chance to buy before restructuring starts will go away rapidly. Smart investors are already looking for inefficiencies, poorly allocated cash, too many layers in a company, and assets that aren't being used to their full potential. Only the most disciplined or forward-thinking capital will respond quickly when interest rates are high. Everyone else will be late and must pay more for something they could have had for less. What will happen to the businesses that refuse to change? They won't simply vanish; instead, they'll undergo dismantling, sale, or render useless. This sector is already starting to change shape. The only question to consider is who will enter the market early enough to take advantage of it?
CNET
12-06-2025
- General
- CNET
20 Useless and Overrated Kitchen Tools, According to Chefs
Professional chefs know the value of space in a drawer or on a countertop better than anyone. Stroll through the swinging doors of any restaurant kitchen worth its salt, and you won't find an excess of single-function gadgets collecting dust. Every instrument and piece of cookware serves a purpose, earning the real estate -- however small -- it occupies. That's what makes career chefs the perfect people to ask about all the kitchen the tools that don't belong in your kitchen, especially when space is at a premium. To compile this list, I asked five professional chefs about the most useless and overrated kitchen tools and what they recommend using instead. Some on the list get knocked for simply taking up too much space to justify buying, while others get a failing grade for being downright gimmicky. Here's what they said. Masaharu Morimoto Celebrity chef, restauranteur Masaharu Morimoto shared his pick for the most overrated kitchen tool. Dave Kotinsky/Stringer/Getty Mandolin Chef Morimoto encourages beefing up your knife skills to make thin and uniform vegetable slices. Milk Street Why: "While it brings good slices, mastering proper knife skills gives you more control, precision and safety in the long run. Mandolins can be bulky, hard to clean and risky if you're not extremely careful. Relying too much on a mandolin, or tools like a two-in-one apple cutter or a tomato corer can hold you back from developing real technique. Taking the time to learn how to handle a sharp chef's knife or Japanese blade will help you in almost every recipe." What to try instead: Mac 8-inch Japanese chef knife. Lead chef-instructor Institute of Culinary Education, Los Angeles Culinary instructor Eric Rowse knows a gimmicky kitchen tool when he sees one. Institute of Culinary Education Onion goggles Why: "A waste of money, as they don't form a great seal around the eyes to prevent the sulfur compounds from getting to your eyes and making you cry. Keep your knife sharp and open a window or turn on a fan instead." What to try instead: CNET's Peter Butler shares tips for cutting onions without crying. Onion holders Why: "These look like a weapon for Wolverine wannabes; it's meant to help you hold a whole onion and "chop" it. Instead, cut the onion in half to create a flat surface so it won't roll away. If you're trying to cut rings, save the $14 and stick a fork in the root and hold the fork." What to try instead: Learn to properly slice an onion the old-fashioned way. Metal, glass, stone and acrylic cutting boards Glass, stone and metal boards are OK for serving but when it comes to slicing and dicing, wood is the way to go. David Watsky/CNET Why: "Cutting on hard surfaces is bad for your knives; instead, go for wood or poly." What to try instead: Our list of best cutting boards features plenty of knife-safe options. Chicken shredder Why: "I can't think of anyone needing a tool devoted to shredding chicken outside a restaurant, and even restaurants don't use it. This item only has one purpose, so I'd skip it." What to try instead: Two forks. Herb stripper Why: "I love thyme but hate stripping it. When I was young, I got suckered into believing this tool would help me… It's been sitting in my cupboard, laughing at me for almost a decade now." What to try instead: For heartier herbs like rosemary and thyme, just use your fingers to slide down the stem, opposite to how the leaves grow. Bluetooth wireless probe thermometer Instant read meat probes work fast and don't require fussy Bluetooth connection. Chris Wedel/CNET Why: "These are a great tool, but can be very expensive. I can see myself losing, breaking, dropping, accidentally throwing away or dropping it in the coals." What to try instead: ThermoPro's Lightning Instant Read Thermometer Cookbook author and lifestyle expert Cookbook author Peter Som didn't hold back when asked about his least favorite kitchen tools. Peter Som Electric can opener A manual can opener is cheaper, works great and is less likely to break. Nelson Aguilar/CNET Why: "Most of us grew up with an electric can opener permanently stationed on the kitchen counter, like it was a vital appliance. But truthfully, they're more nostalgia than necessity. They take up space, can be a hassle to clean, and often struggle with irregularly sized cans. A good manual opener is compact, reliable and gets the job done without needing an outlet or a user manual." What to try instead: Oxo's soft-handled can opener. Richard Ingraham Personal chef to Dwyane Wade and Gabrielle Union and author of Love: My Love Expressed Through Food Richard Ingraham avoids certain kitchen tools when cooking for celebs like Dwayne Wade and Gabrielle Union. John Parra/Gett Avocado slicer Why: "A knife and spoon do the job just as easily, and the specialized tool rarely fits all avocado sizes properly. It's a one-trick pony that clutters drawers." What to try instead: A good paring knife like this $35 Wusthof. Egg separator Why: "A tool just for separating yolks is unnecessary for most home cooks." What to try instead: Cracking an egg and using the shell halves or your fingers works just as well. Garlic peeler tube Why: "Rolling garlic cloves in a silicone tube may work but requires storing a single-purpose gadget." What to try instead: Smashing garlic cloves with a chef knife is quicker and more reliable. Pizza scissors Chef Ingraham says skip the scissors on pizza night. Zoranm/Getty Why: "A pizza cutter or knife works better and faster. These scissors are gimmicky, awkward to clean and take up more space than they're worth." What to try instead: KitchenAid's stainless-steel pizza wheel. Herb scissors Why: "They're hard to clean and don't offer a huge advantage over a sharp chef's knife. Plus, they tend to crush delicate herbs more than slice them." What to try instead: Made In's 8-inch Chef Knife. Electric egg cooker Why: "Boiling eggs in a pot is straightforward and flexible. The electric version just adds clutter unless you boil eggs constantly and hate using a stove." What to try instead: This 1-minute hack for making poached eggs in the microwave. Butter cutter and dispenser A good butter knife works just as well and requires less space and maintenance. Williams Sonoma Why: "It slices sticks of butter into pats… but why? A knife works instantly, and you don't have to load and clean a plastic gadget for it." What to try instead: Williams Sonoma breakfast butter blade. Pasta measurer Why: "It's a plastic disc with holes to tell you how much spaghetti to cook. Just eyeball it or learn the rough weight by experience. It's not worth the drawer space." What to try instead: A kitchen scale for precise measurements. Oil mister Why: "Often clogs, sprays unevenly and requires constant cleaning. A small spoon or brush does the job with less frustration." What to try instead: World Market's olive oil cruet. Electric potato peeler A sharp vegetable peeler is all you need to skin a batch of potatoes. Capelle.r/Getty Why: "Takes up a surprising amount of space and peels slower than a regular peeler. Plus, it's overkill unless you're peeling dozens of potatoes at once." What to try instead: Oxo's Swivel peeler. Bagel guillotine Why: "Sold as a safer way to slice bagels, but takes up a ton of space and is awkward to clean. A serrated knife does the job just fine." What to try instead: Opinel's 8-inch bread knife. Jackie Carnesi Executive chef, Kellogg's Diner Jackie Carnesi StarChefs Oven mitts There's a reason pro chefs don't use oven mitts. Webstaurant Why: "Oven mitts are the most useless item in a home kitchen! A sturdy kitchen towel does the same job, and odds are, it's more likely to be washed regularly. I don't know many people who wash their oven mitts frequently enough... it seems many have deemed it an item that doesn't warrant regular cleaning. It does." What to try instead: A set of quality kitchen towels.
News.com.au
09-06-2025
- Business
- News.com.au
Nando's to open first Australian drive-thru in major city, giving away free chicken
Nando's is set to open its first-ever drive-thru in Australia, with a flagship restaurant in Melbourne's northern suburbs. The store will open in Roxburgh Park in Melbourne's north on Tuesday June 10 at 11am, giving hungry customers the chance to pick up some Peri Peri chicken for lunch without leaving their car. To celebrate the launch of the flagship restaurant and drive-thru, customers will also be able to grab free quarter chicken and chips on the day of the launch – no purchase necessary and while stocks last. Drive-thru restaurants have become a key driver for revenue, making up approximately 60-70 per cent of overall revenue, according to QSR. The study found that 37 per cent of Australian consumers prefer to use the drive-thru method for ordering fast food compared to going in-store. Nando's Australia and New Zealand chief executive officer Amanda Banfield said the drive-thru marked the start of a new chapter for the restaurants, which has plans to expand further across the country. 'We've been privileged to be part of the Australian restaurant industry for 35 years and this marks yet another milestone of how Nando's is evolving,' she said. 'Over the next three years, we're planning to open another 25 Nando's restaurants across Australia and New Zealand, growing our workforce by 1000 people. 'Our goal is to open 70 new restaurants by 2030 – and Drive Thru's like Roxburgh Park are a key part of that growth story.' The new flagship restaurant will feature some of the business' 32,000 pieces of South African artwork, bustling Afro-Luso music, as well as bottomless drinks and the beloved sauce station.
New York Times
06-06-2025
- Business
- New York Times
‘Nobody Likes Chaos': Businesses and the Fed Wonder What's Next for the Economy
At the worst point of the labor shortage that emerged in the wake of the Covid-19 lockdowns, Thunderdome Restaurant Group had 100 people sign up for a job interview and only 15 show up. Of the two workers it hired, one never came in. The job market has cooled significantly since then, and Joe Lanni, who runs the Cincinnati-based company with his brother, now faces a different dilemma: how to grow the business, which has over 50 locations, while controlling costs as concerns about the economy spread. So they're rethinking menu items like freshly made tortillas that require a dedicated full-time worker. They are also planning to shutter a handful of locations where sales have been softest, while adding more outposts of their fast casual restaurants that are doing well. Uncertainty about the economy has skyrocketed as President Trump has begun to radically reshape the global trading system with tariffs, cut off a crucial supply of workers with an immigration crackdown and floated big changes to the rules and regulations that govern how businesses operate. Consumers, who fuel the American economy, have become more hesitant to spend, and according to recent surveys, both the services and manufacturing sectors are slowing. But the economy does not appear to be at the cliff's edge just yet, and employers like Mr. Lanni don't want to be too cautious and miss out on opportunities. As his restaurants gear up for outdoor service this summer, Mr. Lanni said, he still expects head count across the company to swell by about 200 people, to around 1,500 employees, before receding in the fall. The stakes are high, however. Want all of The Times? Subscribe.
