Nation's Restaurant News On the Go #68
Nation's Restaurant News
The #1 source of news and business intelligence for restaurant and foodservice industry professionals
Power and influence
Happy Friday, readers. NRN editor-in-chief Sam Oches here.
Admit it: You care way too much about people hearing what you have to say.
We all do. Call it vanity or call it humanity, every one of us desperately wants to be important. As kids, we want to be famous; as young adults, we want to be influential; and as we mature into middle age, we want to be powerful.
For better or worse, social media has unlocked massive potential for these desires. For generations we’ve talked into cameras and mirrors pretending there’s someone out there who is listening, and today, someone is. Now there are 10-year-olds making millions off their YouTube channels, 20-somethings dancing in the streets for TikTok attention, and middle-aged tycoons and politicians swaying global affairs with their tweets.
There are many reasons why this is terrifying and destructive, but there is also something wonderful about this new era of hyper-individualized content. The range of opinions and perspectives shared with the wider world is more diverse than ever before, while the creative and (sometimes!) educational content that emerges from creators can make a positive impact on communities the world over.
Not to mention this is a marketers’ dream come true. Consider this: There now exists an army of ambassadors for marketers to deploy in support of their brands. The rise of the social media influencer has revolutionized marketing in ways not seen since the early days of television. Whereas marketers of yesteryear had to use something of a bazooka approach with traditional media like TV, radio, and print advertising, today’s CMOs can use a more tactical sniper approach in the likes of influencers to connect with their core audience.
All of which leads us to this year’s Power List. If 2024 is the Year of Marketing, with restaurant brands leaning especially hard into new ad campaigns to reverse declining customer traffic trends, then the leaders who are designing and executing those campaigns are truly the ones who hold the power. And their main tool for wielding that power in 2024 is the influencer community.
Just as power and influence are two sides of the same coin, so too are marketers and influencers. On one side of that coin is the strategic mind behind the camera who is designing the campaigns and developing the strategy. On the other side is the creator in front of the camera who is executing that campaign and influencing consumer behavior through their content. This year’s Power List represents both sides of that coin. You’ll meet 25 innovative restaurant marketers who are tapping into the creator economy to drive customers in their doors, as well as 25 influencers who have built massive audiences with their food-forward content.
Read on to access this year’s Power List, as well as the rest of the week’s biggest news.
Meet the 2024 Nation’s Restaurant News Power List
Who has power in the restaurant industry? What does power really mean when it relates to one of the largest industries in the country, one that employs more than 12 million Americans this year and will achieve roughly $1 trillion in annual sales?
The answer is always shifting, and Nation’s Restaurant News’ annual Power List has evolved alongside it, recognizing everyone from?chief executives?to?tech entrepreneurs?to?general managers. This year, though, a clue can be found in the official definition of power: “possession of control, authority, or influence over others,” according to Merriam-Webster.
Influence. With influence comes power, and increasingly a horde of social-media users are gaining power by capturing consumers’ attention and driving their purchasing decisions.
Those influencers have become one of the most significant tools in marketers’ toolboxes, redefining how they communicate with potential guests and helping brands big and small reverse their stagnant traffic.
Blackstone to buy Tropical Smoothie Cafe in $2B deal
Blackstone Inc., the New York City-based private-equity company, has agreed to buy restaurant chain Tropical Smoothie Cafe for a reported $2 billion, including debt, the companies announced late Wednesday
Blackstone said the deal for Atlanta-based fast-casual Tropical Smoothie Café LLC?would be “the first transaction from Blackstone’s most recent vintage of its flagship private-equity vehicle.”
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Terms of the transaction were not disclosed, but sources told the Wall Street Journal it was "about?$2 billion, including debt."
Restaurant bankruptcies and the thousands of cuts
Bankruptcy filings, no matter the industry, are the result of a thousand cuts.
This month has produced filings and rumors of more to come in the pandemic-shaken restaurant industry.
Maitland, Fla.-based Tijuana Flats Restaurants filed for Chapter 11 protection in the Florida Middle District Bankruptcy Court after closing a total of 40 restaurants this year, 11 of them last week.
And, while Tijuana Flats is in the fast-casual segment, North Aurora, Ill.-based Oberweis Dairy filed April 12 for Chapter 11 bankruptcy reorganization at the 43-unit dairy and retail concept.
Faster service drove Chipotle's in-store traffic in Q1
Chipotle reported first quarter results after market close Wednesday and the company once again bucked the industry’s declining traffic trends, turning in a plus-5% increase in transactions. Credit Chicken Al Pastor, barbacoa, and improved throughput to meet demand for both.
The company also generated 7% comp sales growth, while system sales grew 15% to reach $2.7 billion. CEO Brian Niccol said in-store sales were up by nearly 20% as throughput reached its highest level in four years. That throughput improvement has stemmed from the company’s Project Square One, first put into place during the summer of 2022 to prioritize a focus on operational fundamentals for a workforce that largely dissipated during the pandemic. The company improved its throughput by nearly two entrees during its peak 15-minute timeframe versus last year, with sequential improvements each month. Niccol said its operations initiative focuses on four areas, including expediting the bagging and payment process and ensuring the manager supplies both lines with food to avoid interruption.
How social media influencers can help your restaurant
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