As the restaurant industry settles into 2024, operators are deploying new strategies to overcome persistent business challenges.
To offset sluggish traffic and diner concerns about rising prices, restaurants are developing new value menu offerings that boost visits and brand loyalty. At the same time, chains across categories are tailoring their rewards programs to offer diners the personalized offers and experiences they crave, with many companies altering their points redemption schemes and integrating gamified elements to spur repeat visits.
Several chains are investing more in their catering platforms to take advantage of return-to-office traffic and growing interest in boxed meals and events-based catering. And some restaurant brands are targeting the afternoon snack daypart in a bid to win younger, on-the-go consumers and grow sales.
Questions remain, however. Will improved value menus have a meaningful impact on restaurant visits? How can struggling franchisees and franchisors avoid bankruptcy, which plagued so many operators in 2023? Can service fees help restaurants manage high labor costs without alienating their customers? And how much whitespace does the snacking space hold for QSRs looking to compete with Starbucks and CosMc’s?
Check out Restaurant Dive’s five outlook articles for the restaurant space in 2024 to explore the strategies businesses are using to future-proof for the year’s obstacles and opportunities.