TL;DR
Famous Toastery's CEO, Robert Maynard, is innovating and adjusting to current economic conditions by revamping menus and focusing on specials to retain business. The brand is trying to keep prices down by emphasizing lunch offerings and cutting back on menu options.
Industry data show that Americans are spending more on food than before the pandemic. This spending is driving up food prices amid the sharpest bout of inflation in the U.S in 40 years. Compared to a year ago, consumers are paying 10% more for groceries to cook at home and 6.9% more to eat out.
Robert Maynard, CEO of Famous Toastery, is finding ways to innovate and adjust to the condition of the economy. His goal is to appeal to guests and retain business by adjusting the brand’s menus, offering new products, cutting back on its overall menu options to maximize the use of each product, and focusing on specials to push certain food products.
"We're going through a menu revamp right now," said Maynard. “We've been cautious about raising menu prices, but you have to monitor on a daily basis. We're trying to be creative in what we do — we know where the margins are, and it's better to sell more batter than chicken salads.”
In order to keep prices down, the brand is also emphasizing its lunch offerings, which are traditionally less costly than breakfast.
In this story
This story was originally published in 1851 Franchise on August 30, 2022. Burnaze summarizes and links to the original reporting.
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