Operators have increasingly turned to limited time offers in recent years to entice customers and spur sales. In fact, Technomic research indicates that LTO launches among the biggest 500 chain restaurant and retail operations grew 64% from 2014 to 2019.1
Topics: Merchandising, Promotions, Independents, Family Restaurant, Takeout, Quick Service Restaurant, Casual Dining Restaurant, Delivery, National, Custards/Cheesecakes, Cookies/Bars/Snacks, Ice Cream Desserts, Main Dishes, Dessert, Chocolate, CHIPS AHOY!, OREO, Cookies, Dessert Ingredients, Grab-and-Go, Convenience, Foodservice Industry, Menu, Creative Inspiration, Customer Experience, Consumer, Flavors & Ingredients, Menu Strategy, Food & Beverage, Packaging, Sales & Profitability, Drive-Thru, COVID-19, Coronavirus, Curbside Pickup, Fast-Casual Restaurant, Branded Ingredients, Flavor Profiles, Consumer Behavior, Indulgence, Limited Time Offers (LTOs), Dips/Spreads/Sauces, Sandwiches/Burgers, Prepackaged, Nostalgia
If there can be a bright side to the pandemic, it’s the resolve and resiliency of the restaurant industry during an astonishingly challenging time. Amid the massive fallout, operators continue to turn the tables and take sales from fizzle to sizzle.
The restaurant business in the age of COVID-19 has become a litany of losses—lost jobs, lost customers, lost sales. But one thing that the industry never lost was hope as the shift to off-premises models, digital integration and a renewed emphasis on margin-friendly menu innovation helped salvage business.
As we move into the new year, emerging data is driving home the sweeping impact COVID-19 has had on the restaurant industry.
Tight margins and an increasingly competitive landscape may have given the foodservice industry cause for concern year after year, but nothing could have prepared it for the sweeping impact of COVID-19 in 2020. The seismic shift to off-premises channels as restrictions on dine-in service and prolonged suspensions of onsite dining took hold brought a feast of challenges and opportunities, changing the direction of foodservice for years to come.