SOCIAL CLUBS: the hot ticket item in 2024
Over the last 3 years, we’ve watched restaurants struggle. Some of the top dining rooms in the country have decided to close up shop. In LA alone more than 65 restaurants have closed their doors in 2023.
“These are still unprecedented times, and some economic uncertainty remains, but resilience of the American consumer will continue to buoy spend in restaurants. Consumer confidence is still riding high, but Americans are gripping their wallets tightly headed into 2024, repeating the trading down behaviors of 2006–2009. In 2024, most restaurants outside QSR will see a decline in sales, and full service will also see a decline in frequency of visits.” – Lauren Fernandez, CEO, Full Course
All hail the new age millennial phenomenon, members only social clubs. Because members value experiences above all else, food and drink offerings add to this new twist in culinary experience. Social clubs are seen as places where members can partake in work-ready spaces coupled with activities for the patrons. It’s a new and improved immersive dining experience that is quickly catching speed in the culinary community.
LOCALISM, is ringing in the New Year
Gone are the days of competing with the business next door. This year it’s all about collaboration. Team up with local vendors to create immersive dining experiences for your guests.
“I cook, you do flowers, and we love this local DJ. Let’s put on an immersive dining experience for our guests. We can find a venue who will host us. We’ll get an up and coming photographer to to photograph us, and in return we can connect them with our networks for added exposure. We can each reach out to our circles for 4x the exposure and we’ll throw an epic party.”
Less stress. Less risk. More support. Win. Win. Win.
Collaborating with other local businesses to create immersive experiences allows for innovation, fresh, creative concepts and community support.
Operators get more thoughtful with their menus AND with service
“Restaurants got comfortable raising prices and were focused on invoices versus customers. Sales were up, so everyone was high fiving, but traffic was down, and margins were suffering. Operators have to be careful not to get to a pricing plateau where you leave people behind out of sheer economics. Indiscriminate pricing increases have sent traffic away, and when that becomes a secular trend, which it has, it teaches (operators) to be more thoughtful about menu, portions, mix, everything you can do besides that sticker shock, and I think we’ll see more of that.” – Kevin Burke, partner, Franchise Equity Partners
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Next up: Adaptability is your competitive edge.
What does adaptability mean, and how can you strengthen it in your business life?
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