How can non-commercial restaurants live in a 1% world? Current forecasts show total industry traffic experiencing only modest growth through 2017. For both commercial and non-commercial locations, this growth comes to around 1%. QSR is the main beneficiary from restaurant growth. For non-commercial outlets, lodging leads the way while B&I expects to sit somewhere between flat and a slight decline.
How can you leverage more from this 1% world? In a limited growth environment, holding onto your share is more important than ever. Gaining shares is the only way to grow. Below are two ways to potentially help protect or even grow your share of traffic.
Promote your location. Your convenient location is already a top reason for consumers to visit you, especially compared to QSR. Remind infrequent or new customers of this fact. No need to add time to your commute, or go back out in the weather.
Create combos. Value will continue to be an important concern for consumers. When competing against the local QSR restaurants, adding combo meals to your menu may provide new perspectives on value.
These are certainly not the only solutions for the success of your business in a one percent world. Continue to know your strengths while providing quality food at competitive prices. To grow in this environment, you’ll need to continue to know and focus on your consumers’ needs and wants.