The Restaurant Report

In today's fast-paced business world, the quest for effective executive education and leadership development is more critical than ever. Executives and business leaders constantly seek opportunities to enhance their skills, stay ahead of the competition, and foster innovation within their organizations. One platform that has been making waves in professional development is the Prosper Forum. I had a chance to interview Davide Jobe and Hattie Hill to discuss redefining executive education and leadership development through its unique approach to boutique foodservice events.The Rise of ProsperAs a unique leadership platform that has gained recognition for its disruptive approach to executive education, Prosper is beginning to change the game in food service events. Established by industry veterans and seasoned entrepreneurs, the platform aims to provide a highly immersive and transformative learning experience for executives from various sectors, focusing on the foodservice industry.Prosper distinguishes itself from traditional executive education programs through its "boutique foodservice events." These events combined learning with forward thinking and inclusionary strategies while engaging in meaningful discussions with industry experts and thought leaders is what is setting this event apart.The Power of Boutique Foodservice EventsImmersive Learning: The platform recognizes that learning doesn't have to be confined to the four walls of a classroom. By incorporating foodservice experiences, participants are encouraged to think outside the box, fostering creativity and new perspectives on problem-solving.Networking Opportunities: Boutique foodservice events provide a relaxed and conducive environment for networking. Participants can interact with like-minded professionals, share experiences, and build valuable connections that can last a lifetime.Expert Insights: Renowned industry experts and thought leaders are invited to lead discussions and workshops during these events. Their practical insights and expertise offer valuable takeaways that can be directly applied to real-world business challenges.Multi-Dimensional Approach: The combination of executive education, next gen media, and podcasts plus networking makes for a great comnination of sharing and development. They have pioneered the Accelerators model for bringing new and diverse talent into the conversation for guiding the future of the restaurant industry.Breaking the Mold of Traditional EducationProsperforum.com has emerged as a pioneer in breaking away from the traditional mold of executive education. While traditional programs have their merits, they may not always cater to the specific needs of every industry or individual. By focusing on the foodservice sector, Prosperforum.com provides highly tailored content and relevant case studies, making the learning experience more applicable and impactful.

Starbucks is one of the most well-known and beloved brands in the world. The coffee giant has a loyal customer base that is estimated to be worth over $1 trillion. In recent years, Starbucks has been making a number of moves to embrace Web3 technology. In December 2022, the company launched Starbucks Odyssey, a Web3 loyalty program that allows members to earn and purchase digital collectible assets that unlock access to new benefits and immersive coffee experiences.Starbucks' Web3 strategy is based on the belief that Web3 technology can help the company to create more engaging and rewarding customer experiences. Using blockchain technology, Starbucks can create a more transparent and secure loyalty program that gives customers more control over their data. Additionally, Web3 technology can create new and innovative ways for customers to interact with the Starbucks brand. Some of the unique offerings in the digital marketplace have already shown massive popularity and are starting to perform like high-performing digital assets and NFTs.Nike Leads the RaceNike and RTFKT's NFT and Phygital program has been a huge success. The first drop of sneakers, CryptoKicks, sold out in minutes, and the second drop, Clone X, was even more successful. The Clone X collection sold out in just 7 minutes, and the average price of a Clone X NFT was over $10,000.The success of Nike and RTFKT's NFT and Phygital program is a testament to the growing popularity of NFTs and the potential of this technology to revolutionize the way we interact with brands. NFTs offer a unique way for brands to connect with consumers and create a more immersive and engaging experience.In addition to the program's financial success, Nike and RTFKT have also seen a significant increase in brand awareness and engagement. The program has been covered by major media outlets worldwide, generating a lot of excitement among sneakerheads and NFT collectors.HOW FAR CAN STARBUCKS GO IN WEB3So far, the sentiment for the Web3 push has been off the charts, where Starbuck's overall Brand Sentiment is 81.26 - The consumer sentiment on the Oddysee program has had one of the highest marks in foodservice recorded at 88.75 and a significant lift in overall sentiment. If Starbucks rolled out its Web3 loyalty program across all stores and customers, it would likely positively impact loyalty.Increased engagement: Web3 technology can make loyalty programs more engaging. Customers can earn rewards for participating in social media activities, playing games, or completing other tasks. This would likely increase engagement with the Starbucks brand and its loyalty program.Improved customer satisfaction: Web3 technology can make loyalty programs more transparent and secure. Customers can see exactly how their data is used and how they earn rewards. This likely leads to improved customer satisfaction with the Starbucks loyalty program.Increased customer lifetime value: Web3 loyalty programs can offer unique digital assets, such as NFTs, that can be used to redeem for exclusive rewards or experiences. This leads to increased customer lifetime value, as customers are more likely to continue to spend money at Starbucks to earn these rewards.New revenue streams: Web3 loyalty programs can create new revenue streams for businesses. For example, Starbucks could sell limited-edition NFTs that unlock access to exclusive rewards or experiences. This would likely generate new revenue for Starbucks and help to grow the business further.Loyalty programs are a perfect fit for Web3 technology. Loyalty programs are about building customer relationships and rewarding them for engagement. Web3 technology can help loyalty programs to be more engaging, rewarding, and transparent.

This entire podcast is based on a WHAT IF Mcdonalds’ and the likes of Starbucks and Chick Fil could enter the Web3 space with their respective 95 Billion in annual sales and the Impact it would have on the next generation of technology - in this podcast, I detail a lot of ideas within the podcast so LISTEN TO THE PODCAST first - then dive into just some of my research below.McDonald's products could be merged into an NFT (Non-Fungible Token) or Phygital (Physical + Digital) format—just a few ideas to start.NFT Collectible Toys: McDonald's is known for its Happy Meal toys. Instead of physical toys, they could create NFT versions of these toys. Each NFT could be unique, allowing customers to collect and trade them digitally. These NFT collectibles could have additional features, such as virtual interactions or mini-games not to mention the opportunity with AR/VR and the Apple Invasion.Limited Edition NFT Menu Items: McDonald's could release limited edition menu items as NFTs. Customers who own these NFTs would have exclusive access to redeem the corresponding menu item in their local McDonald's restaurant. This creates scarcity and adds a digital collectible element to the dining experience.Virtual Branded Merchandise: McDonald's could collaborate with artists, celebs or designers to create virtual branded merchandise in NFTs. These could include virtual clothing items, accessories, or even virtual furniture for online avatars or virtual reality platforms. Customers can purchase these NFTs and use them to personalize their digital presence. There are already a plethora of Metaverses that are beginning to launch in these areas, along with the use case of media, music and film that are breaking into new areas, which could easily align with McD!Augmented Reality (AR) NFTs: McDonald's could create AR-enabled NFTs that customers can use with their smartphones or AR glasses. These NFTs could unlock interactive and immersive experiences, such as virtual tours of McDonald's history, animated characters, or AR games that overlay McDonald's-themed elements onto the real world. This is an easy integration with ar recent interview I did with Cryptoys! You will get the picture.Digital Discount Coupons: McDonald's could offer NFT-based digital discount coupons. Customers who hold these NFTs can access exclusive discounts or promotions when ordering through their mobile app or online platforms. The NFT serves as proof of eligibility and provides a unique and trackable discount mechanism.Phygital NFT Packaging: McDonald's could introduce physical packaging with embedded NFTs. Each packaging could have a unique QR code or NFC tag that grants access to a digital reward or experience, such as exclusive content, games, or collectibles. This bridges the physical and digital worlds, offering an interactive and engaging customer experience.Virtual McDonald's Restaurants: McDonald's could create virtual restaurants in metaverse platforms or virtual reality environments. Customers can visit these virtual restaurants, order virtual meals, and enjoy immersive dining experiences. They could even earn NFT rewards or unlock special features by engaging with the virtual McDonald's ecosystem. I dive a little deeper with the Star Atlas team in the videos before - enter the rabbit hole!It's worth noting that these are conceptual examples, and the implementation and feasibility would require careful consideration and collaboration between McDonald's and experienced NFT developers or digital experience agencies.Here is my take of the entry of StarbucksThe Bad But Good Problem To HaveIf McDonald's were to launch a Digital Collectible or NFT campaign that garnered widespread customer demand, it could significantly strain existing blockchain networks' scalability. Here are a few potential challenges and solutions:Network Congestion: With millions of customers trying to purchase or interact with the NFTs simultaneously, the blockchain network could experience congestion, leading to slow transaction processing and high fees. To mitigate this, McDonald's could explore using blockchain networks with higher transaction throughput or scalability solutions like layer-2 solutions or sidechains.Scalability Solutions: Layer-2 solutions, such as state channels or sidechains, can help alleviate congestion by periodically processing transactions off-chain and settling them on the main blockchain. These solutions enable faster and cheaper transactions while benefiting from the underlying blockchain's security and decentralization.NFT Token Standards: NFT token standards can also impact scalability. For example, Ethereum's ERC-721 standard, which is widely used for NFTs, may face scalability challenges during periods of high demand. McDonald's could consider alternative blockchain platforms or token standards specifically designed for scalability and can handle large transactions.Pre-Minting or Batch Minting: McDonald's could pre-mint many NFTs in advance to meet the anticipated demand. By minting a batch of NFTs beforehand, customers can purchase or claim them more quickly, reducing the load on the blockchain network during the campaign. However, this approach would require careful management to ensure fairness and prevent reselling.Load Balancing and Infrastructure: McDonald's could work with blockchain infrastructure providers or deploy their nodes strategically to handle the increased demand. Load balancing techniques and optimized infrastructure can help distribute the network load and improve the overall scalability and responsiveness of the blockchain network.Hybrid Solutions: McDonald's could explore hybrid solutions combining blockchain technology's benefits with off-chain systems. This could involve using blockchain for the initial issuance and ownership verification of NFTs while leveraging centralized servers or cloud infrastructure for high-volume interactions, such as trading or displaying NFT metadata.Future Blockchain Developments: The blockchain industry is continuously evolving, and new advancements in scalability, such as sharding, stateless chains, or Layer-1 solutions like Ethereum 2.0, may address the scalability concerns in the future. McDonald's could monitor these developments and plan their NFT campaigns accordingly.McDonald's must partner with experienced blockchain developers, scalability experts, and infrastructure providers to ensure the successful execution of a large-scale NFT campaign while considering current blockchain networks' limitations and scalability challenges.

In this episode, Barry Westrum - CMO at Taco John’s, discussed the brand's current position and strategies for growth in the restaurant industry. With a focus on providing higher quality options in the quick-serve restaurant (QSR) sector, Taco John's aims to capture a niche between fast casual and traditional QSR chains. This write-up delves into the key points discussed during the interview, highlighting Taco John's efforts to bring back a nostalgic brand while catering to changing customer preferences.The Taco John's Strategy:Taco John's has historically been viewed as a fast casual concept, blurring the lines between QSR and fast casual. However, the brand now firmly identifies itself as a QSR with a commitment to delivering higher quality offerings. While lower-end QSR chains compromise on product quality and fast casual chains focus on higher-end options, Taco John's aims to fill the gap by providing a higher quality, faster alternative with the convenience of a drive-thru. This positioning is expected to drive long-term success for the brand.Embracing the Drive-Thru:The COVID-19 pandemic brought about a shift in consumer preferences, with a greater emphasis on takeout, drive-thru, and quick service. Taco John's recognized this opportunity and embraced the drive-thru aspect of its business. By enhancing their drive-thru operations, Taco John's has achieved parity with other competitors, with approximately 75% of their business now coming through the drive-thru. The brand has invested in innovative technologies to improve speed, consistency, and order accuracy, ensuring a seamless and efficient experience for customers.Balancing Quality and Value:Taco John's strategy revolves around positioning itself as a quality/value brand in the QSR market. They have gained recognition for their higher quality ingredients and are now focusing on communicating their value proposition to consumers. By offering higher quality menu items at affordable price points, Taco John's aims to cater to customers seeking quality food at a reasonable price. Their value menu, featuring hand-cut sirloin steak, crispy fried chicken, and handmade pico de gallo, has been instrumental in changing consumer perceptions of the brand's affordability and attracting repeat customers.Expansion Strategies:With over 400 locations across 23 states, Taco John's has established a strong presence in the Mexican QSR segment. To continue their growth trajectory, the brand has forged a partnership with Meritage, Wendy's largest franchisee, to open up to 50 new units over the next five years. This expansion is focused on tapping into untapped markets outside their core regions. Taco John's has found that their brand resonates with consumers beyond their traditional markets, and they aim to position itself as a compelling middle ground between Taco Bell and Chipotle, catering to consumers seeking higher quality options.Breakfast and Digital Innovation:Taco John's has recognized the potential of the breakfast daypart and has invested in offering portable, high-quality breakfast items such as their meat and potato breakfast burritos. These breakfast options have gained popularity, especially for catering and delivery, contributing to the brand's growth. In addition, Taco John's acknowledges the importance of digital platforms in today's market. Their app has become a tool for increasing customer engagement, loyalty, and frequency of visits, and they foresee the application of digital technology in enhancing the breakfast experience and driving further growth.Recommendations on how to bring back a nostalgic brand like Taco John's:1. Embrace the quick-serve restaurant (QSR) positioning: Taco John's should firmly establish itself as a higher quality, quick-serve option within the Mexican quick-serve marketplace. This will help differentiate the brand from lower-end QSRs and fast-casual competitors.2. Focus on drive-thru efficiency and convenience: Given the shift in customer preferences towards takeout and drive-thru during the COVID-19 pandemic, Taco John's should continue to prioritize and invest in drive-thru operations. Implement technologies and strategies to improve speed, consistency, and customer experience in the drive-thru, such as advanced ordering systems, suggestive selling, and streamlined preparation processes.3. Offer a value menu with higher quality ingredients: Taco John's value menu has been successful in improving consumer perceptions of value and affordability. Continue to innovate and offer higher quality ingredients at attractive price points, catering to consumers who seek both quality and value in their dining choices. This approach can help Taco John's appeal to Gen Z and alpha demographics who may be price-sensitive.4. Expand into untapped markets: Taco John's should consider expanding into second-tier and exterior markets where the brand has been less present. Utilize partnerships with experienced franchisees, like the one with Meritage (Wendy's largest franchisee), to open new units in strategic locations. Leverage the brand's nostalgic appeal to attract consumers who have a connection to the Midwest or who are looking for a quality and affordable Mexican fast-food option.5. Capitalize on breakfast offerings: Breakfast presents a growth opportunity for Taco John's. Enhance and promote breakfast menu items, particularly portable and flavorful options like breakfast burritos. Highlight their convenience, quality, and suitability for catering and delivery. Leverage digital platforms and the brand's app to drive breakfast sales by offering incentives and personalized offers to customers.6. Prioritize digital presence and app development: In line with industry trends, continue investing in online ordering, pickup, delivery, and third-party integration. Enhance the digital experience for customers through a user-friendly app, loyalty programs, and targeted promotions. Leverage the app to increase customer frequency, average spending, and overall engagement with the brand.These recommendations aim to position Taco John's as a nostalgic brand that combines quality, value, convenience, and digital innovation to cater to evolving consumer preferences and stand out in the competitive Mexican fast-food market.The Future of Taco John’sTaco John's is repositioning itself as a higher quality, value-driven QSR brand, leveraging its strengths in the drive-thru market and emphasizing their commitment to providing affordable, quality menu options. With strategic partnerships, expansion plans, a focus on breakfast, and innovative digital initiatives, Taco John's aims to attract customers seeking a nostalgic brand experience with a modern twist. By combining convenience, flavor, and a touch of nostalgia, Taco John's strives to capture the hearts and taste buds of both loyal fans and new customers in the competitive Mexican fast-food market.

Golden Corral, the popular buffet chain, is celebrating its 50th anniversary this year. The company has come a long way since it opened its first location in Fayetteville, North Carolina, in 1973. Today, Golden Corral has over 500 locations in 43 states.In our podcast interview, Golden Corral CEO Lance Trenery talked about the company's history, success, and future plans.How has the brand changed and evolved over the years?"Golden Corral has changed a lot over the years," Trenery said. "When we first started, we were just a small buffet restaurant. But over time, we've grown into a national brand. We've also expanded our menu to include a wider variety of food. And we've made a lot of investments in our restaurants to improve the dining experience."How has the brand approached obstacles?"We've faced many obstacles over the years," Trenery said. "But we've always been able to overcome them. One of the biggest obstacles we faced was the recession in 2008. But we could weather the storm and come out stronger than ever. We did this by focusing on our core values of quality, value, and service. And we also made some changes to our business model to make us more efficient."What are the biggest successes and turning points of the brand?"One of our biggest successes was launching our Homeward Kitchen concept," Trenery said. "Homeward Kitchen is a fast casual restaurant that offers a more convenient and affordable dining experience. It's been a huge success with our customers. And we plan to open more Homeward Kitchen locations in the future."What are the critical milestones and developments in the last 50 years?"One of the most important milestones in our history was the opening of our first international location in Mexico in 2015," Trenery said. "This was a major accomplishment for us. And it shows that our brand has global appeal."What does the future hold for Golden Corral?"We're excited about the future of Golden Corral," Trenery said. "We have a lot of growth plans. We're planning to open more locations in the United States. And we're also planning to expand into new international markets. We're also planning to introduce new menu items and new dining experiences. We're confident that Golden Corral will continue to be a successful brand for many years."Golden Corral's Comeback is Greater than the SetbackGolden Corral has faced its fair share of challenges, but the company has always emerged stronger. The pandemic may have been the most significant setback the company has ever faced, but it has also been its most significant comeback.In March 2021, visits to Golden Corral were down 80% from the same month in 2020. But by March 2023, visits were up 125% from the same month in 2021. This incredible comeback is a testament to the Golden Corral brand's strength and its customers' loyalty.Homeward Kitchen: A New Concept for Golden CorralIn addition to its traditional buffet restaurants, Golden Corral is also expanding into the fast casual market with its new Homeward Kitchen concept. The first Homeward Kitchen restaurant will open in North Carolina in late summer or early fall of 2023.Homeward Kitchen will offer a more convenient and affordable dining experience than Golden Corral's traditional buffet restaurants. The menu will feature a variety of made-to-order salads, entrees, bowls, sandwiches, and sides. There will also be a full bar.Golden Corral is confident that Homeward Kitchen will be a success. The company believes there is a growing demand for fast casual dining options, and Homeward Kitchen is well-positioned to capitalize on this trend.BONUS CONTENT on FAST CASUAL GROWTHThe Fast Casual Juggernaut The fast-casual restaurant market is growing rapidly. In 2022 the global market was valued at $250 billion and is expected to reach $330 billion by 2027. This growth is being driven by several factors, including:The increasing demand for healthier and more affordable dining optionsThe rise of millennials and Gen Z, who are more likely to eat at fast casual restaurants than other demographicsThe growing popularity of mobile ordering and deliveryPaul Barron, the leading expert on the Fast Casual sector, expects a significant shift in the segment once again. “2008 was the last time we saw a brand explosion, and the potential for brands to take back their customer from social media is nearing with the entry of Web3. This evolution will be even greater than the mobile innovation that impacted Fast Casual so much in 2010-2020.” Listen in to my analysis above!

Informa, a London-based global events, digital products, and academic services firm, announced the acquisition of Winsight, LLC, a leading B2B information provider in the foodservice and allied retail industries. The acquisition will create a category-leading B2B business with a strong presence in the restaurant industry.Winsight's portfolio includes a number of leading brands, including Restaurant Business, Nation's Restaurant News, and Technomic. Informa's portfolio includes a number of leading events, in teh crown jewel of the National Restaurant Association Show.The acquisition is expected to close in the third quarter of 2023. Informa has said that it plans to continue to operate Winsight's brands and businesses as they are currently run. However, the company has also said that it is looking for ways to integrate the two businesses and create new products and services that will benefit the restaurant industry.The acquisition is seen as a positive development for the restaurant industry. Informa is a well-respected company with a strong track record of success. The company's resources and expertise will be a valuable asset to Winsight and the restaurant industry as a whole.Overall, the acquisition of Winsight by Informa is a positive development for the restaurant industry. It is expected to lead to increased access to information and insights, enhanced networking opportunities, and increased access to capital. These benefits will help restaurant operators to grow their businesses and succeed in the ever-competitive restaurant industry.In today's digital age, the dissemination of information plays a pivotal role in shaping public opinion and influencing societal dynamics. Whether media should be decentralized or centralized has gained prominence as technology continues to evolve. Each approach has its merits and challenges, with implications for freedom of expression, information control, and media democratization. This article explores the key differences between decentralized and centralized media approaches, highlighting their respective advantages and disadvantages.Centralized Media: Centralized media refers to a system where a small number of entities or organizations control the production and distribution of news and information. Traditional media outlets, such as newspapers, television networks, and radio stations, have historically operated centralized. These entities act as gatekeepers, determining what information is disseminated to the public.Advantages:Professionalism and Accountability: Centralized media often employ professional journalists and editors who adhere to journalistic standards. This can ensure quality control, fact-checking, and accountability in reporting.Access to Resources: Centralized media organizations have the financial resources to invest in investigative journalism, infrastructure, and advanced technologies that can enhance the accuracy and depth of reporting.Established Reputation: Well-known media outlets often have a reputation built over many years, which can instill trust among audiences.Disadvantages:Potential for Bias and Manipulation: Centralized media can be susceptible to bias due to the influence of corporate or political interests. It may also lead to the manipulation of information to suit particular agendas.Limited Diversity of Perspectives: Centralized media prioritizes mainstream viewpoints, potentially neglecting marginalized voices or alternative perspectives.Censorship and Control: Concentrating media power in a few entities can enable censorship or the suppression of dissenting opinions.Decentralized Media: Decentralized media, or participatory media, refers to a system where individuals and grassroots organizations actively produce and share news and information. The rise of the internet and social media platforms has facilitated the growth of decentralized media.Advantages:Democratization of Information: Decentralized media allows for broader participation, giving voice to individuals and communities traditionally marginalized or excluded from mainstream media.Diverse Perspectives: It amplifies diverse perspectives, enabling a more comprehensive understanding of complex issues.Reduced Control and Censorship: Decentralized media mitigates the risk of information control and censorship by eliminating gatekeepers and allowing for the free flow of information.In this podcast, I also breakdown the way this will affect your restaurant Business and the future of how a decentralized brand could be the next major step in customer loyalty.

The fast food industry constantly evolves, with companies striving to meet customer demands and enhance profitability. In recent news, Wendy's, Sweetgreen, and Chipotle have made significant announcements regarding their operations and innovations. This article highlights the key developments from each of these popular brands.Listen to the Full PodcastWendy's to Shut Down Remaining US Reef UnitsWendy's plans to close all remaining Reef units in the United States.These closures are scheduled for this quarter, marking the end of an initiative that started less than two years ago.Initially, Wendy's had announced plans to build 700 Reef units in the United States, United Kingdom, and Canada.Wendy's Testing Google's Drive-Thru Chatbot in OhioWendy's is set to pilot Wendy's FreshAI, a drive-thru chatbot developed by Google, in Ohio.FreshAI is a tool designed to understand customization requests, address common customer questions, and provide upsell suggestions.This innovation aims to enhance the customer experience and streamline the ordering process at Wendy's drive-thru locations.Sweetgreen Unveils First Automated KitchenSweetgreen has opened its first automated kitchen in Naperville, Illinois.Remember, the 2021 acquisition of Spyce Robotics out of Boston was one of the key elements for the move to automation in their overall strategy.Checkout out our full research - https://savorfm.substack.com/

The Savory Fund is a restaurant growth company based in the United States that provides capital, expertise, and support to help independent restaurant concepts scale and succeed. They partner with talented restaurateurs to help them expand their businesses, with a focus on innovative and high-growth concepts.We had a chance to talk with Andrew Smith an executive with the Savory Fund, serving as a Managing Director. He has over 15 years of experience in private equity, investment banking, and corporate finance and has worked with numerous companies in the restaurant and hospitality industries.Casual Dining DilemaIn recent years, casual dining restaurants have been repositioning themselves to appeal to younger, more health-conscious customers willing to pay more for quality food and service. These customers are also looking for a more relaxed and comfortable dining experience.Casual dining restaurants are adapting by introducing healthier and more diverse menu options, improving the quality of their ingredients, and upgrading their dining spaces to create a more modern and inviting atmosphere. At the same time, fast-casual restaurants are also expanding their menus and upgrading their dining experiences to attract a broader customer base.Overall, the lines between casual dining and fast casual are becoming increasingly blurred as both types of restaurants strive to offer higher quality food, better service, and more inviting dining environments to attract new customers.Based on my research, here are some potential strengths and weaknesses of the Savory Fund and Andrew Smith:Strengths:Expertise in the restaurant industry: The Savory Fund has a team of experienced professionals who have a deep understanding of the restaurant industry, including market trends, consumer behavior, and operational best practices. This expertise can help them identify promising restaurant concepts and provide valuable guidance and support to help those concepts grow and thrive.Access to capital: As a growth-focused investment firm, the Savory Fund has access to significant financial resources that can help restaurant concepts fund expansion and achieve scale. This can be a substantial advantage for entrepreneurs who might otherwise need help to secure the funding they need to grow their businesses.Network of industry connections: Through their work in the restaurant industry, the Savory Fund has developed relationships with suppliers, distributors, and other industry players. This network can be a valuable resource for the restaurant concepts they partner with, helping them to access resources and opportunities that might otherwise be difficult to find.Andrew Smith's experience: Andrew Smith brings significant experience in private equity and investment banking to his role with the Savory Fund. This experience can help him identify promising investment opportunities and provide valuable guidance and support to the restaurant concepts the firm partners with.Overall, the Savory Fund and Andrew Smith have significant strengths as a restaurant growth company and executive, respectively. The key for the industry right now with be how brands are identified and how the X-factor can be maximized for growth, there are a few concepts starting to brew in the space, but that is for another show.

The challenge that operators are dealing with today is the issue with consumer sentiment, and it's underperformance when sales and menu prices are up. Has the art of hospitality been lost? In todays podcast, I get a chance to break this down with Claiborne Irby, SVP, of Strategy & Insight at Focus Brands. Our discussion topics:Thoughts on new customer growth this year in the wake of consumer pushback on menu pricing - what is the strategy?Where do you see the loyalty and community landscape going in the future - compared to what Starbucks and Brands like Doritos are doing with Web3Where do you see your brands developing in terms of growth - new service models, marketing, and products?What do you see as the largest issues facing the restaurant industry?The shift of casual dining moving down with new strategies to match fast casualAbout: Atlanta-based Focus Brands® is a leading developer of global multi-channel foodservice brands. Focus Brands, through its affiliate brands, is the franchisor and operator of more than 6,400 restaurants, cafes, ice cream shoppes, and bakeries in the United States, the District of Columbia, Puerto Rico, Guam and over 55 foreign countries under the Auntie Anne's®, Carvel®, Cinnabon®, Jamba®, Moe's Southwest Grill®, McAlister's Deli®, and Schlotzsky's® brand names, as well as the Seattle's Best Coffee® brand on certain military bases and in certain international markets. Please visit www.focusbrands.com to learn more.

Breaking down some of the emerging and fast growing brands in the fast-casual space had always been a passion of mine; even when I founded fastcasual.com, some of the most memorable takeaways from the segment were always in my conversations with CEO's and founders. This convo was no different with my long-time friend Clay Dover, CEO of the Dallas-based Velvet Taco.So much has changed for the fast casual segment, and one of the areas that present the most curiosity is the evolution of drive-thru - Clay and I break down what is working and why this is a big strategy for fast growth for Velvet Taco.Since Clay assumed leadership in March 2017, Velvet Taco has grown from 4 to 36 company-owned restaurants with 21 more in development and continues to see consecutive quarters of positive restaurant comparative sales. Dover attributes the brand’s success to quality, chef-driven recipes inspired by flavors worldwide served in a tortilla and a strong “Tribe” culture that allows Team Members to be bold, curious, and unconventional. Dover has successfully led the brand during recent unprecedented times, maintaining positive cash flow, improving margins, and continuing the development growth plan.Takeaways from this conversation with Clay DoverUnit growth and the unit eco strategy?Recent consumer trends of dining more at home?How can restaurants continue attracting in-person dining experiences as more people dine at home/takeout?How have restaurants, particularly Velvet Taco, adapted to changes in restaurant technology to attract all ages?When planning to position itself for continued growth, what approach will the brand take?Big Fast Casual News Coming here on Foodable, but if you're not following some of our hottest podcasts you should be!Fast Casual Nation with Lisa PepeAccelerate Podcast with Rob GrimesTurning Tables Podcast with Kathleen Wood