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Restaurant traffic suffers first decline in five years as fear of recession takes hold

Discussion in 'Coffee Shack (Daily News/Economy)' started by Scorpio, Dec 6, 2016.



  1. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    Restaurant traffic suffers first decline in five years as fear of recession takes hold
    By Ciara Linnane
    Published: Dec 6, 2016 4:04 p.m. ET



    Rising restaurant prices and the higher costs of residential rent and prescription drugs are battering the sector


    [​IMG]

    Getty Images
    Restaurants are emptying as consumers rein in spending
    Traffic at U.S. fast-food restaurant fell 1% in the third quarter to mark the sector’s first traffic decline in five years, the industry tracker NPD Group said Tuesday.

    Total restaurant visits were also down 1%, hurt by the now familiar list of factors that have weighed this year, ranging from the higher costs of eating out, changing consumer behavior and higher bills for items such as rent and prescriptions.

    ‘Over the past six months restaurant industry traffic growth has come to a standstill and quick service restaurants, which have been the traffic growth drivers, are now experiencing a slowdown in visits.’
    Bonnie Riggs, NPD Group

    “The term growing your business in a 1% world has become a popular mantra for the restaurant industry after six consecutive years of annual traffic gains of just 1%,” said NPD analyst Bonnie Riggs. “However, over the past six months, restaurant industry traffic growth has come to a standstill and quick-service restaurants, which have been the traffic growth drivers, are now experiencing a slowdown in visits.”

    Eating out has become more expensive even as the cost of at-home dining has fallen, according to recent government data. The cost of food purchased for home use — that is, groceries — has fallen 2.4% in the past year, according to the October consumer price index. That’s the biggest decline over a 12-month period since the end of the Great Recession in 2009, as MarketWatch’s Jeffry Bartash has reported.


    Food costs have shrunk because of a global glut in farm products such as wheat, rice, soy and corn. Then there’s the effect of U.S. producers increasing the size of egg-laying chicken flocks and cattle herds, which has helped bring down the cost of eggs, beef and milk — egg prices alone have tumbled a staggering 50% in the last year.

    Customers return about 23% of their purchases both in-store and online, costing retailers $643 billion per year. Can artificial intelligence eliminate returns through virtual 3D try-on?

    The pressure was evident in third-quarter earnings, with companies bemoaning the shortage of growth drivers and fretting about weak consumer confidence and general unease about the state of the world. In November, Moody’s Investors Service weighed in by slashing its operating-profit-growth forecast for the restaurant sector and revising its outlook to stable from positive.

    Meanwhile, a recent NPD survey found 75% of respondents saying they have cut back on restaurant dining as they keep a closer tab on spending in most or all purchase categories, with many saying restaurant prices are too high.

    The average restaurant bill has climbed 21% in the past decade, and the gap between eating in and eating out has consistently widened. The NPD has estimated than 82% of all meals are now consumed at home.

    “The marketplace is changing, and despite improving economic indicators the consumer landscape is fundamentally reshaped,” said Riggs. “What hasn’t changed and won’t change is the consumer’s need for food service; it saves them time and provides them with an experience.”

    For restaurant operators, that means looking for ways to distinguish themselves from competitors and to innovate. Consumers are still drawn to new products and promotions, as well as competitive pricing, said the analyst.

    On Monday, Instinet upgraded McDonald’s Corp. MCD, -0.03% to buy from neutral and said it was excited about the hamburger giant’s plans for the next 12 months. “We are impressed with McDonald’s potential product pipeline heading into 2017,” said analyst Mark Kalinowski. “Big Mac and french fry line extensions, platforms for customization, fresh beef and further menu innovation have been in test across multiple U.S. geographies.”

    McDonald’s is also expected to roll out a new mobile order-and-pay program that is forecast to further drive traffic, he said. Instinet raised its price target on McDonald’s stock to $139 from $126, about 17% above current trading levels.

    McDonald’s shares are up 0.9% this year, underperforming the Dow Jones Industrial Average DJIA, +0.18% , which is up 10%, and the S&P 500 SPX, +0.34% , which is up 8%.

    http://www.marketwatch.com/story/re...rs-as-fear-of-recession-takes-hold-2016-12-06
     
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  2. oldgaranddad

    oldgaranddad Gold Member Gold Chaser Site Supporter ++

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    Is it fears of a recession or is it because the special snowflake generation sucks at being waiters and waitresses?
     
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  3. Someone_else

    Someone_else Gold Member Gold Chaser

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    Huh? This number is not believable, and I would really like to see the evidence for this. My personal rate is probably well under 1% dollar wise, and that is mostly defective goods. I almost never return something because I changed my mind.

    Going back to the topic of restaurants, I think they are just a bad value for me. For people who can not cook their own food, such as travelers, they might think they have no other choice. Yet when I had to travel for business and live in motels, I went to the markets and bought food I could reasonably use in the motel room. I am sure fewer than half of my meals were fast food or at a restaurant. I am sure I saved my company an assload of money on per diem expenses, but I really did it because I thought it was the right thing to do.

    Now that I am on a low carb diet, I REALLY (!) dislike going to a restaurant. Because I will question items on the menu and I know that I will come across as an asshole. However nice I try, the staff will not like me because I want to keep grains and sugars at zero. Lately, a friend took me to a Mexican restaurant, and I only found ONE dish that was acceptable -- after asking them to omit the tortilla. I have often thought that it would be great to have a restaurant with a low carb (with options for paleo or Atkins) menu. I would call it the "Caveman Cafe". And just like a Kosher restaurant might declare "absolutely no pork, ever!" this might say "low carbs, zero grains, ever!" Well, I can wish anyway.

    Going back to food value, I am thinking of the "soup kitchens" that serve meals to the poor. I assume their meal costs are low because they don't need to pay stockholders. Could they expand their presence so that they could also be a viable alternative to conventional restaurants? I would donate money for that. And if they had some low-carb entrees, I would give them business. But the labor is probably on a volunteer basis (which I approve) and not much help for career waitstaff. My only advice for them is, "try to find another job." Personally, I do not need someone to bring me my food. I can walk and pick it up. Think "buffet" or self-serve. And I despise the whole tipping thing. Just give me the bill. If your employer won't pay what you want, then WALK! (I also despise employees who won't stand up for themselves. The meek are the problem.)
     
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  4. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    I don't believe anything that I read anymore until and unless I can validate it for myself....it's gotten THAT bad
     
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  5. Merlin

    Merlin Gold Member Gold Chaser Site Supporter ++

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    Two thoughts Someone: 1) at Christmas time many purchases get returned because they don't fit, are the wrong color, don't like the style, etc. Bad economic purchases. 2) I have the same problem low-carbing at restaurants. Order an omelet without the toast; don't eat all the taters. My favorite breakfast restaurant has a Popeye's Dream omelet made with egg whites, tomatoes and spinach--served without potatoes. There's nothing else to eat except an oven roasted chicken salad.
     
    Last edited: Dec 6, 2016
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  6. Joe King

    Joe King Gold Member Gold Chaser

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    That's what I thought, too. 23% of all purchases being returned seems really high. The only time I'll return something is if there's something wrong with it or it does not perform as advertised. Other than that, it's my bad for having bought it in the first place if it turns out to be something I just don't like.

    I was waiting in line at the service counter at my local grocers the other day and the the lady in front of me was returning food she bought because she didn't like how it tasted. Not that there was anything wrong with it. She had bought something she never tried before and just didn't like it, so thought she should get her money back. I was blown away and told the clerk that. IMHO, if you buy some new product and for whatever reason don't like it, that should be on you. Trying something new is a gamble, after all.
     
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  7. ErrosionOfAccord

    ErrosionOfAccord #1 Global Warmer Gold Chaser Site Supporter ++

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    My ex returned Amazon and mail order stuff all the time. I don't think it reached 23% of all the things she ordered but it was pretty high. It's a generational thing, and she is quite a bit younger. When I order online I'd almost as soon be beaten as to have to send it back but, I don't order clothes and shoes online either. I usually have a pretty good idea of what I'm getting and am satisfied when it arrives.
     
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  8. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  9. pitw

    pitw Gold Member Gold Chaser Site Supporter

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    Tooooooo many like to buy and to fill this addiction they then have to return the stuff they bought in order to buy more.
     
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  10. southfork

    southfork Mother Lode Found Mother Lode

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    We never left the recession, main street media fed the public a pack of lies designed to spur their buying and make them feel good, all they did was rack up more car and credit card debt rents are sky high and wages have been flat while the real cost of living, phone, tv, insurances to include health, homeowners and car have gone up, food has gone up I see no reduction in prices, the only recovery was for the top 10%, everyone else Is further in the hole, us retired on SS will never get another cola ,its taken away by a larger medicare increase, meanwhile just got letter from att who bought direct tv that theyre raising everyones rates Jan 17, car insurance goes up like clock work every renewal as homeowners even with no claims. the day of reckoning is coming , the last 10 years has been a cluster fk and oatsama made it much worse, trump will not be able to turn this around in a decade and the establishment will fight him every turn of the way.
     
  11. glockngold

    glockngold Gold Member Gold Chaser

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    Let's see...
    Health insurance went from $700. a month to $1200. a month.
    The price of eggs decreased from $2. to $1.00 a dozen.
    Why is no one going out to eat?
     
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  12. Uglytruth

    Uglytruth Gold Member Gold Chaser

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    23% returned then figure in loss by theft and the end product cost 50% more than it should. No raises sense 2000.

    I always say we never got out of the 1970's mess. Nam war costs drove us off the gold std, then in 1980 high interest rates, loss of pensions, 401K's market boom, me generation, then credit / debt expanded, housing increased, 1987 "savings & loan" crash, health care turned into a corp business, computers came along and algore invented the innerwebthingy, 1993 nafta sent remaining jobs away, stock market rally due to computers with 25%-150% mutual funds returns, slowdown in late 90's so they invented Y2K to get a 2 yr bounce & generator sales, took away glass segal, then another slowdown, 911, endless war, low interest killing savers, housing bubble, massive crash, zero returns to steal the savings & stop income growth, shove a black muzzie in the WH to advance the ISIS & the health care agenda, 8 years of misery for everyone, and they call it a recovery. Then they try to shove a withered old hag down the throats of the masses............

    I think most .gov have a different definition of a recovery than the poor working serf's.

    Remember all the above was "created" by control of laws & money supply.
     
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  13. andial

    andial Sir Midas Member Site Supporter ++

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    It could be people can't stand to be around each other and not economy related at all.
     
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  14. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    Totally agree!!! So many people suck these days that I stay pretty much to myself and my small circle of friends and family. At some point we'll all be shooting at each other anyway and I don't want to feel bad if I need to oft anyone. I'd rather not know them....it's easier that way.

    Have a nice day and I hope I've brought a little Sunshine into your day folks!!

    :2 thumbs up:
     
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  15. glockngold

    glockngold Gold Member Gold Chaser

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    And cheery season's greetings to both of you fellas as well. :2 thumbs up:
     
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  16. Uglytruth

    Uglytruth Gold Member Gold Chaser

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    Your on here all day so I guess that's us! :funky:
     
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  17. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Montreal Moves To Limit New Restaurants To Protect Existing Restaurants

    [​IMG]
    by Tyler Durden
    Dec 29, 2016 8:07 AM


    Submitted by Mike Krieger via Liberty Blitzkrieg blog,

    Here’s your “it’s hard to believe, but true” article of the day.

    Reason reports:

    Lawmakers in Montreal have moved to crack down on new restaurants, in an odious attempt to protect existing ones.

    “Montreal has one of the highest restaurant per-capita ratios in North America and the amount of places to eat is worrying local politicians,” reads a Canadian Press piece from earlier this week.

    If that sounds awful and weird, that’s because it is. Studies of the best places to eat often conclude that the more restaurants a city has per-capita, the better its restaurant scene. It’s no surprise that the more choices a consumer has, the better off that consumer is.

    Montreal does have an impressive number of restaurants. Data shows Montreal trails only New York City in terms of restaurants per capita in North America. As in New York City, that competition is great for Montreal’s consumers. But it puts pressure on incumbent restaurateurs. So lawmakers have decided to side with the latter.

    The worry expressed by lawmakers has turned into a ban on new restaurants from opening within 25 meters of an existing one along the city’s Rue Notre Dame, the street the now-shuttered Sans Menu once called home. Notably, the action comes as “a number of commercial and retail properties remain empty” in this same part of Montreal.

    The law “risk turning the city’s restaurant scene into a heavily bureaucratized nightmare like the province’s construction industry,” says the head of Quebec’s restaurant association, who notes that real threats to the industry come from “road construction, high property and licensing taxes, as well as the potential for a $15 hourly minimum wage.”

    It’s not just brick and mortar restaurants though. Montreal’s increasingly absurd stance when it comes to food, also applies to food trucks.

    Speaking of food trucks, Montreal recently ended its decades-long ban on food trucks, with a twist. Food trucks can’t park within 60 meters of a brick-and-mortar restaurant. Also: “For food safety,” reports a Canadian news service, “the trucks chosen will have to be associated with an already established restaurant.”

    You can’t make this up.

    http://www.zerohedge.com/news/2016-...-new-restaurants-protect-existing-restaurants
     
  18. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Montreal Moves To Limit New Restaurants To Protect Existing Restaurants

    [​IMG]
    by Tyler Durden
    Dec 29, 2016 8:07 AM

    Submitted by Mike Krieger via Liberty Blitzkrieg blog,

    Here’s your “it’s hard to believe, but true” article of the day.

    Reason reports:

    Lawmakers in Montreal have moved to crack down on new restaurants, in an odious attempt to protect existing ones.

    “Montreal has one of the highest restaurant per-capita ratios in North America and the amount of places to eat is worrying local politicians,” reads a Canadian Press piece from earlier this week.

    If that sounds awful and weird, that’s because it is. Studies of the best places to eat often conclude that the more restaurants a city has per-capita, the better its restaurant scene. It’s no surprise that the more choices a consumer has, the better off that consumer is.

    Montreal does have an impressive number of restaurants. Data shows Montreal trails only New York City in terms of restaurants per capita in North America. As in New York City, that competition is great for Montreal’s consumers. But it puts pressure on incumbent restaurateurs. So lawmakers have decided to side with the latter.

    The worry expressed by lawmakers has turned into a ban on new restaurants from opening within 25 meters of an existing one along the city’s Rue Notre Dame, the street the now-shuttered Sans Menu once called home. Notably, the action comes as “a number of commercial and retail properties remain empty” in this same part of Montreal.

    The law “risk turning the city’s restaurant scene into a heavily bureaucratized nightmare like the province’s construction industry,” says the head of Quebec’s restaurant association, who notes that real threats to the industry come from “road construction, high property and licensing taxes, as well as the potential for a $15 hourly minimum wage.”

    It’s not just brick and mortar restaurants though. Montreal’s increasingly absurd stance when it comes to food, also applies to food trucks.

    Speaking of food trucks, Montreal recently ended its decades-long ban on food trucks, with a twist. Food trucks can’t park within 60 meters of a brick-and-mortar restaurant. Also: “For food safety,” reports a Canadian news service, “the trucks chosen will have to be associated with an already established restaurant.”

    You can’t make this up.

    http://www.zerohedge.com/news/2016-...-new-restaurants-protect-existing-restaurants
     
  19. Uglytruth

    Uglytruth Gold Member Gold Chaser

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    Breakfast at Dennys Monday. 3 of us all ordered Santa Fey skillet. She brought the first one & we didn't say anything, she brought the second one & friend asked if they were running out of food. She brought the third one & he said it sure don't look like the pictures. We figured if they had put it like it showed we maybe had 1.5 - 2 servings split three ways. Now the fact that we all could loose a few pounds had nothing to do with it. It was the $30 bill & $6 tip. They want to charge they should deliver. Should have gotten pancakes but even they were $7 with a milk it's almost $10. F'em! Could have went to the store & bought leggo's & nuked'em.
     
  20. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Made scrambled eggs w/ peppers, onions & Italian sausage (added hot sauce) on a steak roll today. Give it a try. Hit the spot for me.
     
  21. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    FWIW....................

    There's A Massive Restaurant Bubble, And It's About To Burst

    [​IMG]
    by Tyler Durden
    Jan 3, 2017 11:00 PM


    In January 2009, just three days after his inauguration, an arrogant President Obama, a "community organizer" and one-term senator from Illinois, proclaimed to then Republican Whip Eric Cantor that "elections have consequences, and at the end of the day, I won." Unfortunately, he was absolutely right and the consequences of Obama's election, having already crushed the coal industry, are about to bring the restaurant industry crashing down as well.

    To be fair, Obama hasn't crushed the restaurant industry single-handedly. While Obamacare went a long way toward destroying the industry, it's demise would not have been certain without a little help from leftist state legislators that have passed a slew of egregious minimum wage hikes in recent years (not that Obama didn't try and fail twice to accomplish the same thing at the federal level). Add to that a multi-year run of near 0% interest rates that have driven commercial real estate soaring and a dash of "hope" from culinary grads looking to become America's next famous celebrity chef and it's easy to see that you've had a recipe for disaster simmering on low heat for years.

    And while he avoided the political attributions we note above, a recent Thrillist article by Keven Alexander highlights the demise of one independently owned restaurant in San Francisco, AQ, that will be shutting down later this month for all the same reasons.

    When it comes to minimum wage, Alexander highlights that just a $1 per hour minimum wage increase can reduce an independent restaurant's already thin profit margins by $20,000, or 10%. So we imagine the $5 minimum wage hike that California just passed is probably slightly less than optimal for companies like AQ in San Francisco.

    I should say before I go any further that all of the restaurant owners and chefs I've talked to are compassionate humans who support better coverage and livable wages, and seem on the whole progressive by nature, but restaurant margins are already slim as hell. There are no political agendas here -- they're just genuinely worried about how to afford to pay extra without radically changing the way they do business.

    Let's start with the minimum wage. According to the Bureau of Labor Statistics, of the 2.6 million people earning around the minimum wage in 2015, the highest percentage came from service jobs in the food industry. Though the Obama administration's attempt to increase the federal minimum wage above $7.25 failed, 21 states and 22 cities have raised the minimum wage starting this year, including Washington, DC ($12.50 an hour), Massachusetts ($11), New York ($9.70), and Arkansas ($8.50).

    Considering that hour-wage workers are usually the lowest earners and the increase is essential to ensure they earn an actual living, this is the least controversial of the newer expenses and something almost everyone in the industry supports, in theory, but it doesn't change the fact that it's an additional cost that must be factored in. If you have 10 hourly employees working eight-hour shifts, five days a week and you raise the wages a dollar an hour, that comes out to a nearly $20K increase on the year. In AQ's best year -- a phenomenal year by restaurant standards -- that would have been nearly 10% of profits.

    And while California is certainly the poster child for misinformed liberal policies, as the Wall Street Journal recently pointed out, they're hardly alone in their implementation of a massive minimum wage hike in 2017.


    [​IMG]


    Meanwhile, when it comes to Obamacare, Alexander notes that AQ was hit with an incremental $72,000 of annual expenses in 2015 that didn't exist in 2012, which eroded another ~30% of the company's peak net income.

    Then there's health care. For the better part of its history, the restaurant business was a health care-free zone, which is ironic, given this Bureau of Labor Statistics' description of the back-of-house work environment: "Kitchens are usually crowded and filled with potential dangers." With the introduction of Obamacare, most restaurant workers finally got the coverage they've needed for years through the employer mandate, but critics often talk about the strain it puts on small-business owners due to a puzzling and controversial element that defines "full time" as 30 hours per week, and not the 40-hour workweek used almost everywhere else (the Save American Workers Act proposes to move this back to 40 hours).

    Though this mainly affects bigger restaurants with staffs of 50 or more full-time workers, independent sit-down restaurants still need to provide suitable coverage (meaning it has to be affordable, less than 9.5% of the employee's income) or face fees of $2K per employee. Consider AQ. Semmelhack told me that in 2012 they paid $14,400 for health care costs. In 2015, they paid $86,400. That's an increase of $72K MORE per year than 2012, or 29% of their best year's profit.

    Then there are those pesky rental rates which have been driven ever higher by nearly a decade of 0% interest rates that have resulted in artificially high demand for "yieldy" commercial real estate.

    In the restaurant world, rent always sucks. Unless you manage to play it perfectly, as a restaurant owner you're either moving into a sketchy or "emerging" neighborhood where the rent is cheap but few want to go there, or you're overpaying for an established 'hood and need to be a runaway success from day one. And even if you do manage to make it in the former type of neighborhood, your success often ends up pricing you out of the 'hood you helped revitalize.

    In Miami, Michelle Bernstein's Cena by Michy helped rebirth the MiMo historic district but was forced to close this year, after the landlord attempted to triple the rent. And even Danny Meyer had to close and move Union Square Cafe in New York, which, since 1985, had served as one of America's culinary landmarks, when he couldn't rationalize paying the huge rent hike the landlord proposed.

    For all the reasons above, Alexander notes that "AQ will serve its last meal sometime in January, 2017"...an inconvenient fact that we're sure the liberal politicians in Sacramento will promptly ignore.

    And while the publicly-traded restaurant companies have potentially started to take note of some of the risks above...


    [​IMG]

    ...the broader markets, which are also exposed to the same risks albeit to varying degrees, couldn't seem to care less.

    http://www.zerohedge.com/news/2017-01-03/theres-massive-restaurant-bubble-and-its-about-burst
     
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  22. Uglytruth

    Uglytruth Gold Member Gold Chaser

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    Washington moral degenerates in suits make laws, don't understand money or economics, exempt themsevles from reality, have automatic pay raises, make 3.5 times the average HOUSEHOLD income, have pensions and healthcare for life.
    They have not had a budget in 8 years, have 20 T in debt & 200T in unfunded debts........ I don't know what's crazier, them thinking they are leaders or us for not eliminating the scum from the earth for incompetence.
     
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  23. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    On a personal note.........

    When I'm out and about I pass a lot of restaurants (and bars) and the parking lots are usually loaded out. So it doesn't look too bad around here until you hear stories of people down on their luck.

    On the other hand some of the stores don't seem to be doing too well. Was at a local mall last week and most of the stores were empty. Sears hardly had any one in it. And finding a checkout counter took me on an actual search of the place. That was a big turn off.

    Gone are the days when the place was crowded with peeps shopping and dining in some pretty good places.
     
  24. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    The Bubble You've Never Heard Of
    Silver Fortune



    Published on Apr 15, 2017
    The alternative media has covered the real estate, retail, automotive, stock market, and sovereign debt bubbles at length. However, many forget that the restaurant industry, that currently employs millions of Americans, is in a massive bubble right now. I get it, maybe it's not as serious as the automotive bubble. However, when it deflates, it will have severe and far-reaching consequences.

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    Support my channel on Patreon: https://www.patreon.com/silverfortune
     
  25. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    Florida needs better hotel and restaurant standards not to mention gas stations too. They should do something like NC or NY where ratings are posted in storefront windows and workers are required to wear gloves.
     
  26. oldgaranddad

    oldgaranddad Gold Member Gold Chaser Site Supporter ++

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    Don't get me started on that farce. It is amazing what passes for an "A" grade here in NY. More times than not the system is used as a way to extort political contributions from companies. Don't pay the vig and we'll fail your health inspection on something like your toilet paper dispenser is a half inch too low. It's happened. NYC shut down a newly opened Chick-fil-a with political games until the franchisee hired a local top notch law firm. Now I think the manager could crap on the floor of that joint and the city will still give the place an "A".
     
    Someone_else and searcher like this.
  27. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    I was in an Arby's today in a nice part of town. It was run by ghetto animals with mostly dirty tables and scummy workers. I should have walked out like I normally would have, but was there to meet an associate.
     
  28. oldgaranddad

    oldgaranddad Gold Member Gold Chaser Site Supporter ++

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    I think every Arby's, Carl's Jr., and Hardee's I have been in has had a sanitary issue. White Castle too. There are many chains I refuse to patronize because of past cleanliness events.

    Chik-fil-a and McDonalds seem to be the best. I've been to some inner city MCDs that have bee pig stys but it is not because of the staff...just the cretinous customers.
     

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