• 12,000 restaurants closed in past 18 months in Canada
• 80% of restaurants are losing money or barely breaking even
• 70% rely on federal wage and rent subsidies
• 90% understaffed
Very daunting numbers for the restaurant industry to say the least, but the one figure that can’t be calculated is the 100% passion and the never-ending will to persevere.
There aren’t many industries that could have survived the endless turmoil and troubles encountered from the pandemic, but owners and operators are exceptionally resilient as they evolve and adapt, not only to survive but to soon thrive.
The industry has been forced to examine every aspect of the business. From reviewing and reducing ingredients and menu items, the size and space of the real estate, leveraging new technology both in-house and online, to developing ghost brands to drive a second source of revenue. All and every means in an effort to stave off any further cost increases from an already modest bottom line.
Perhaps the pandemic was a necessary evil to revive a somewhat dated industry and force it to look inward not only at their operations, but outwards to the entire foodservice ecosystem including manufacturers, suppliers, distributors, and other vendors.
Although the restaurant industry is presently struggling, it will survive. As a matter of fact, it will become proficient, stronger, and superior; it will be the beacon for other industries when in turmoil.
And in the case of the restauranteur, you must look beyond the facts, because you can’t put a number on the human spirit, their ingenuity, and the will to survive.
What do you think about the future of the foodservice industry and what are the keys to recovery?
Scott Moore, President of Stir Creative Communication Inc., has been helping foodservice and hospitality suppliers and operators increase sales for over 30 years. For innovative and revenue-increasing programs, marketing and promotional campaigns and much more, contact Scott at 905-484-3094, scott@stircommunications.ca, or visit www.stircommunications.ca.