QSR August 2022

IS A GOLDEN ERA FAST FOOD UPON US? / CONTINUED FROM PAGE 80

ANOTHER GOLDEN AGE? WHY NOT? To be certain, inflation, supply chain, and labor issues continue pelting the restau rant marketplace, while there is reasonable concern that elevated pricing will stall the quick-service industry’s freakishly fast pace. Still, those headwinds are not enough to silence the overwhelming optimism among many major quick-service players, especially as restaurant-loving millennials enter their peak earning years and domestic migration sparks fresh opportunities for new restau rant locations. Many leading quick-serves are pre pared to pounce on current opportunities, largely by making relevant investments in technology, store design, and the customer experience to ensure they are produc tivity-minded, responsive, and on-trend operations. Boatwright says Chipotle will continue to benefit from large investments in its peo ple and technology. In April, the company announced a $50 million venture fund called Cultivate Next, which will make early stage investments into companies that will help Chipotle enhance the expe rience of its guests and its employees. In addition, Chipotle will continue to test and invest in technology like Chippy, the com pany’s autonomous kitchen assistant that cooks tortilla chips, and radio-frequency identification ( RFID ) tools to trace and track ingredients in its restaurants. Such inno vations promise to enhance the employee experience at Chipotle and boost produc tivity at the company’s restaurants. “Brands that have a clear purpose, com mitment to a great guest experience, and the ability to adapt to the evolving needs and behaviors of their guests will continue to win across all categories,” Boatwright says, adding Chipotle leadership’s next goal is to see AUVs travel well beyond $3 million. “Stronger restaurant-level econom ics combined with significant unit growth should allow us to optimize earnings power for years to come.” Wingstop, meanwhile, has seen its digi tal database of customers surpass 28 million users and international development swell, a sign that fast food’s ambitious prospects extend beyond U.S. borders. The first of 100 planned Wingstop restaurants in Canada opened earlier this year while an expanded development agreement in Indonesia will

Group’s Portalatin says, adding that savvy quick-service brands are leveraging digital engagement and creating innovative new store designs to ensure convenience and accommodate higher capacity, largely in response to consumers’ swelling appetite for off-premises dining. Consider Popeyes as one case. Celebrat ing its 50 th anniversary in 2022, Popeyes is unabashedly, unapologetically, and unre lentingly focused on growth and feeding consumers’ intensifying embrace of value, convenience, and tasty food to create a big ger brand footprint. “Right now, guests can’t have Popeyes wherever they want it, so we have a huge runway with how many more restaurants we can open in the U.S. & Canada,” Sid diqui says. Over the next five years, Siddiqui wants to further elevate the guest experience and achieve operational excellence, leaning on enthusiastic franchisees, innovative products, and relevant technology to drive performance in the U.S. and abroad. The company is testing new restaurant formats

oriented to digital-only orders, including ghost kitchens, and strengthening third party and digital partnerships to enhance access for customers. “That’s what will take us to the next level,” Siddiqui says. Despite the existence of some pesky market challenges, Siddiqui says the quick service model has shown itself to be “tried and true” and proven its resiliency. By and large, the industry navigated headwinds like the pandemic and supply chain dis ruptions and adapted to consumer needs in real-time by pivoting much of their busi ness to drive-thrus, delivery, and contactless options. Such swift changes deepened quick serves’ relationships with consumers and helped elevate Popeyes and so many of its quick-service siblings in the eyes of con sumers. “Ultimately, if you listen to the evolving needs of your guests and ensure your team members are taken care of, then your res taurants will be better equipped to navigate and prosper through times of uncertainty,” Siddiqui says.

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AUGUST 2022 | QSR | www.qsrmagazine.com