Weekly Roundup – Week of 10.23.23
October 27, 2023
Learn about the latest food and beverage stories of the week – curated by our team of strategists and food enthusiasts:
Chains Restaurants Are Back
Eater, a mainstream media outlet, shared some recent stats supporting the resurgence of chains:
- Texas Roadhouse is the fastest-growing restaurant brand in the world, with a 56% value increase in 2023.
- The Melting Pot is revamping 90 restaurants and looking to open 30 new locations.
- Outback Steakhouse is growing steadily in the US, but it’s huge in Brazil, where sales jumped 61% in the first half of 2023.
Experts sourced a few reasons for this newfound revival including inflation and rising food costs driving families to seek deals and that chains are typically run more effectively than their fine-dining counterparts. Chains often provide better consistency of menu items and service, so customers’ expectations are more level-set. Read More.
7-Eleven Introduces a New Coffee Shop Experience
The convenience store titan is currently trialing a cutting-edge coffee machine, which it calls the “coffee of the future.” This machine offers a fully automated coffee experience while also allowing customers to tailor their drinks to their liking. The state-of-the-art device can automatically incorporate milk and six different flavored syrups into orders. It claims user-friendliness with its touchscreen interface, a self-cleaning function that eliminates the need for manual cleaning by staff, and the capacity to dispense four distinct coffee blends, and specialty beverages such as cold brew, and the machine can hold up to six gallons of milk. Learn More.
Scientists Explore the Intersection of Food and Technology
A team of scientists from Monash University’s Exertion Games Lab is pushing the boundaries of culinary artistry with the revolutionary system they’ve named “Dancing Delicacies.” This innovative system utilizes a process called “electrowetting,” where voltage is applied to tiny liquid droplets, similar to sauces and condiments, to generate controlled, synchronized movements. Scientists claim that this type of computational food offers chefs a way to add never-before-seen experiences to their meals. Read Story.
Food Labels Matter More Than Ever
In today’s grocery shopping landscape, consumers place increased importance on what goes into the products they purchase, going beyond their pursuit of great deals and fast checkouts. Shoppers are now actively engaging with food labels. Brightfield Group’s Wellness Consumer Insights in Q2 2023 identified five top ingredient preferences consumers look for on labels including no sugar added, made with real ingredients, and all-natural. Find all five and supporting insights, Here.
On The Fast-Food Track
As consumers become more resistant to price increases, McDonald’s announced it’s giving away free fries through its app every Friday through the end of the year. This “Free Fries Friday” campaign aligns with the company’s efforts to boost its digital presence and loyalty program. CEO Chris Kempczinski noted a substantial 15% uptick in visit frequency among loyalty program members, highlighting the strategic importance of frequency in offsetting industry-wide traffic declines and trade-down trends.
The longstanding trademark restrictions on ‘Taco Tuesday’ have been lifted. Taco Bell embarked on a months-long effort, recruiting Lebron James to help its cause, to cancel all trademarks for Taco Tuesday. Taco John’s and Gregory’s Restaurant and Bar in Somers Point, New Jersey, were the final two brands to relinquish their trademark claims. In celebration of this achievement, Taco Bell partnered with DoorDash to cover a $5 million taco bill for customers ordering from over 20,000 Mexican restaurants across 40 states.
Stop back each Friday for more weekly highlights!
