Restaurant365 Publishes State of the Restaurant Industry Study With Insights From Restaurant Operators and Restaurant Sales, Labor and Closure Data
IRVINE, Calif., October 6, 2020 (Newswire.com) - Restaurant365®, the leading all-in-one restaurant management platform, today announced the release of a study examining the impact of COVID-19 on the restaurant industry. The research, based on sales, labor and closure data throughout the U.S., as well as survey results from restaurant operators, is published in the report State of the Restaurant Industry: Operator and Data Insights. Data was collected from March 1, 2020, to Sept. 20, 2020.
Key findings:
- 25.9% of restaurant operators say that generating enough revenue to break even is their greatest concern.
- Takeout accounted for only 18% of total sales on March 1, 2020, and by March 23, 2020, that number jumped to 70%.
- On April 12, 2020, sales bottomed out for the entire industry, including restaurants temporarily or permanently closed, at -81.5% year over year (YoY).
- On Sept. 7, 2020, restaurants experienced the highest YoY sales since the beginning of the pandemic and were above zero for the only day in the tracking period at 14.9%.
The study polled data from approximately half of Restaurant365’s 12,000 restaurant customers, representing a cross-section of the industry, including independent restaurants, multi-unit restaurant groups, franchise brands and franchisee groups. The study includes a graphic representation of COVID-19 milestones, illustrating the devastating effects of forced restaurant closures, as well as how the industry pivoted to off-premise channels to generate revenue.
In addition to restaurant sales, closure and labor data, the study surveyed restaurant operators (Restaurant365 customers and non-customers) to gain their insights on how they’ve handled challenges during the pandemic. Operator feedback illuminates both the struggles and the resilience of the industry, with comments on such topics as the impact of the Paycheck Protection Program (PPP), staffing challenges, government response to COVID-19 and their future outlook for the restaurant industry.
Restaurant365 is the industry’s leading all-in-one, cloud-based accounting, inventory, and scheduling, payroll and HR solution developed specifically for restaurants. The R365 platform simplifies day-to-day management for restaurant operators, allowing them to control food costs and optimize labor costs. Integrations and open APIs enable Restaurant365 to connect with other systems including POS providers, vendors and banks. The result is accurate, timely reporting that provides a clear and complete view of their businesses. Restaurant365 allows operators to focus on what matters — their guests. Backed by Bessemer Venture Partners, ICONIQ and Tiger Global Management. Restaurant365 is based in Irvine, California with an office in Austin, Texas. Additional information is available at Restaurant365.com.
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Media Contact:
Patti-Lynn Walker
pwalker@restaurant365.com
Source: Restaurant365
