Summit to probe trends driving 64 percent sales slump at top UK restaurants
Sales of the UK's top 100 restaurant groups declined by 64 percent over the past year, according to a report from UHY Hacker Young, but execs from around the world will tackle those failures during the second annual Restaurant Franchising and Innovation Summit, July 16-18 in London.
"The Summit features panels, keynotes and discussions with some of the industry's most successful leaders," said Cherryh Cansler, director of editorial for Networld Media Group, the company producing the Summit and publisher of FastCasual, QSRWeb, PizzaMarketplace and Food Truck Operator. "They'll offer tips and advice on how to flourish even in this unsteady business climate."
An oversaturated market and an upcoming minimum wage increase have hit many restaurants, which are also competing with fast casual restaurants and rising food costs, according to the UHY report. That combination has sent 35 of the UK's restaurant groups into the loss-making category — a 75 increase over last year, Peter Kubik, a partner at UHY Hacker Young, wrote in his report.
"The restaurant industry has grown ahead of demand in recent years and is now going through a necessary period of consolidation and restructuring to remove excess capacity," he said. "The industry's woes should be temporary while it deals with this process, as long as consumer confidence can be maintained."
Consumers, however, only have a finite amount of spending power when it comes to eating out, and the oversaturation of the market means that the brands that don't embrace the changing trends will fail, Kubik said.
"The Summit will teach attendees what it takes to keep old customers coming back while attracting new ones even in this oversaturated market," Cansler said.
Speakers, among others, include the CEOs and/or other execs from:
- Kotipizza Group
- New York Pizza
- Rocket Restaurants
- The Avocado Show
- Euromonitor International
- Boparan Restaurant Group
- B. Good
- FRIENDS & BRGRS
Session topics include how to master the new trends in delivery, cutting the costs of doing business, global franchising, menu trends, tech innovation, restaurant design tips and how to attract millennial and Gen Z customers.