The biggest drivers of change in the Restaurant sector will be customer experience and digital capabilities, which will enable data analytics to determine the needs of core, quick service, casual dining consumers. Increased convenience is likely to drive more in-home eating occasions, which will weaken restaurants without these capabilities. Another threat is the labor environment. A younger workforce views fast food as the job of last resort – restaurants will need to work harder to attract quality workers.
Company specific thoughts: “Investing in the new age”
McDonald’s, Wendy’s, Darden and Yum! Brands are a cut above, investing in the new age of digital and also investing in employee's career development. Darden has gone above and beyond in employee training to limit turnover and enhance guest experiences. Yum! Brands is directly investing in a third party (Grubhub) to be at the forefront of digital Innovation, as are McDonald's through an exclusive partnership with Uber Eats.
Consumer: Up close
The future of the Consumer sector will be determined by those who are willing to reinvest, adapt and turn future threats into opportunities.