report<\/a> by Reuters.<\/p>\nThe trend is being driven as prime storefront locations are left empty amid the recession, leading to cheaper, more flexible rents, and greater real estate opportunities.<\/p>\n
David Deno, chief executive officer of Outback Steakhouse parent company Bloomin\u2019 Brands, admitted as much, telling Reuters: \u201cI don\u2019t mean to wish ill on anybody, but there\u2019s going to be real estate opportunities,\u201d for new stores or relocations to areas with \u201cbetter visibility, better access and better parking.\u201d<\/p>\n
The dent in the real estate market is significant. According to research by Citigroup, retail properties collected less rent than other real estate sectors in April. Malls collected only 28% of rents and shopping centers 60%, among other commercial property declines, they found.<\/p>\n
\u201cBrands that are doing well in this environment should have an opportunity to expand their footprint,\u201d David Gibbs, chief executive officer of Yum!, which owns Pizza Hut, KFC, and Taco Bell, among other restaurant chains, said in an earnings call late last month. \u201cThere\u2019s no reason to think that this brand\u2026 is not going to be a growth business long term. And unit development is a big part of that.\u201d<\/p>\n
The Reuters report states that major restaurant chains stand to gain as much as 10-15% of market share in the next few years, utilizing their long held advantages of convenience and accessibility.<\/p>\n
The shake-up of the post-pandemic restaurant market should come as no surprise. Many chains likewise expanded at the close of the global financial crisis<\/p>\n
Not that it will be all plain sailing given the nature of the current crisis. Sales of major chains plunged in late March and April, leading many corporations to drop their initial financial forecasts and cancel construction projects.<\/p>\n
Nevertheless, the general mood is one of positivity. The CEOs of Shake Shack, Wendy\u2019s, Papa John\u2019s International, and Yum China Holdings all expressed post-coronavirus expansion during recent earnings calls.<\/p>\n
\u201cIf there\u2019s opportunities that make sense for us on the real estate side, we will pursue those,\u201d said David Hoffmann, Dunkin\u2019 Brands Group CEO during an April 30 call. \u201cBut you also want to balance being a good corporate citizen and sticking to your values, and not being a shark either.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Big fast-food brands are planning for post-pandemic growth.<\/p>\n","protected":false},"author":21,"featured_media":26443,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1069,45],"tags":[99,98,1385,3725,3726,3727],"class_list":["post-26444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-editors-choice","category-industry","tag-ceo","tag-ceo-north-america","tag-ceo-northam","tag-fast-food","tag-fast-food-brands","tag-post-coronavirus-expansion"],"_links":{"self":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts\/26444","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/comments?post=26444"}],"version-history":[{"count":4,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts\/26444\/revisions"}],"predecessor-version":[{"id":26797,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts\/26444\/revisions\/26797"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/media\/26443"}],"wp:attachment":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/media?parent=26444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/categories?post=26444"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/tags?post=26444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}