Masters of Scale Rapid Response: Danny Meyer, 10 weeks later: How to revive restaurants
May 30, 2020
Danny Meyer, the legendary restaurateur behind Shake Shack, discusses the seismic shifts in the restaurant world following the pandemic's impact. He reflects on the early decisions to close his establishments and the challenges of re-opening. Danny highlights innovative revenue strategies, like nationwide shipping of signature dishes, and the importance of creative lease negotiations with landlords. He emphasizes the urgency of re-employing laid-off staff and maintaining connections, alongside his commitment to reshape the future of hospitality.
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Layoffs as Chemotherapy
- Danny Meyer likened laying off 2,000 employees to chemotherapy, necessary for survival but devastating.
- He aimed to rehire them after the crisis, highlighting his commitment to his team.
Shifting Gears
- The pandemic forced Danny Meyer's company to shift from reaction to recovery mode.
- They've downsized significantly, focusing on revenue recovery as the key to rebuilding.
Reopening Plans
- Initially, Meyer aimed to reopen quickly to rehire staff, demonstrating entrepreneurial spirit.
- The death of a colleague from COVID-19 shifted priorities, emphasizing safety.