Category: Report Announcements

Marketing Spend

While U.S. media spend declined -12.9% in 2020 for all industries according to Kantar, the $1B+ chain restaurant industry declined a more modest -5.4% which reflects a -4.5% decline in total systemwide sales and a slight 0.1% decline in aggregate net marketing spend as a % of sales.

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Jack in the Box

Jack’s traditional burger/chicken menu is known for variety, innovation and a taco distinction (addressing cravings throughout the day & munchies at night) with 4 strong dayparts, including late-night which benefits from 24/7 drive-thru access. Although this is a regional system with almost 70% of its stores located in California & Texas, the brand enjoys leading QSR hamburger share in 8 of its 10 major markets.

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Chili’s positioning as the 3rd largest casual player by sales: digital, tech-forward; strong everyday value with good value for the money; great place to hang-out with family & friends; and a great bar atmosphere. Young families represent Chili’s primary target and corporate reports: the highest value scores across the category; plans to continue to incent through direct & digital as opposed to LTOs; and that its value mix increased post-lockdown.

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4Q20 Same Store Sales

● 4Q:20 $1B+ Chains same store sales were down -1.1% which is roughly in line with 3Q:20 results
● Preliminary full year 2020 comps for the $1B+ Chains declined -4.9%
● The $1B+ Chains increased market share relative to the total restaurant industry.

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Panera is the 2nd largest fast casual player with a well-established cafe-bakery positioning around a menu featuring fresh/healthful ingredients, “foodie offers” and seasonal options/flavors. The brand seeks to reposition the conversation from around diets (and what you can’t have) to discussions about wellness food you should have (getting to “yes”) with “food that tastes good & is good for you”.

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Restaurant Finance & 2H:20 Valuation Update

RR’s Finance & Valuation report is based on survey responses (equally weighted) from 50 finance companies including traditional cash flow lenders, sale leaseback companies, SBA lenders and equipment finance companies and provides an overview of the state of restaurant finance, valuations and cap rates for 2H:20. While 2020 traditional restaurant financing volume of $7.9 billion represented a -24% y/y decrease reflecting diminished financing demand driven by government COVID-19 restrictions, lending is expected to pick back up in 2021.

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Church’s Chicken

Church’s specializes in Southern-style, hand-battered, double-breaded fried bone-in chicken (available in Original & Spicy) which is marinated for 12 hours & freshly prepared throughout the day in small batches and complimented by its freshly baked home-style sides and scratch-made Honey Butter Biscuits to form a complete meal for individuals and families. The chain has a Southcentral geographic concentration (Texas roots) with a target market that includes lower income, urban families and value oriented young adults.

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