November 2018

Development Headwinds


  • Rising building costs and declining new build AUVs continue to pressure sales to investment ratios and new unit development for the $1B+ chains (+2.9% projected 2018 gross unit growth would represent the slowest rate in at least 16 years).

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October 2018

RR's 2018 Remodeling Report Recap


  • A large number of new remodel programs were introduced in 2018 and, after putting previous reimages on hold in anticipation of these new programs, the average system % at the current image has fallen to a 5-year low. This suggests that the tailwind provided by remodeling sales bumps is also at a 5-year low

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September 2018

Restaurants in C-Store Crosshairs


  • C-stores are focused on regaining their share of total food dollars which has declined -28% since 2002. While a big surge in restaurant industry discounting was sufficient to slow the more recent advance in c-store food sales, $30B in annual food sales reveals a solid c-store positioning among those restaurant consumers that may be more interested in an opportunity to save time with one stop shopping for gas, groceries & food than chowing on gourmet fare. These consumers may also appreciate the ability to mix-and-match prepared food with grocery options (including a plethora of bottled drinks & snacks).

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August 2018

Recap of 2Q18 Investor Calls



Source: Quarterly Concept & Comp Update Reports (click for outlines)

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July 2018

Measuring the Incrementality of Delivery

  • If delivery is truly incremental, we would expect to see restaurants taking share from total food sales over time as they continue to grow this channel.

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