We were curious what multi-unit operators thought about the use of lockdowns to manage COVID so we conducted a survey with the following questions: 1. Lockdown effectiveness? 2. Is there a better way than lockdowns? 3. What solutions would be better?
• 2020 new build ROIs continued a declining trend, reflecting: higher construction costs; moderating new build AUV growth; and store-level margin pressure. • A ramping build vs. buy ratio reflects the above trends in addition to declining acquisition multiples. • This suggests that growth minded operators are more likely to buy than build for the time being.