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Inventory management is a critical aspect of running a successful restaurant or bar business, but strategies are constantly evolving. Throw into the mix rising wages, skyrocketing foodprices, staffing shortages, inflation and a difficult economy and the hospitality industry is no doubt set for a difficult year.
This bodes well for businesses where staffing is top of mind, as understaffing issues have persisted at restaurants for a reported average of 19 months. The fast food industry saw the largest reduction in spending year over year (five percentage points). The Bureau of Labor Statistics reported that fast-foodprices jumped 6.2
Meanwhile, despite inflation, Texas Roadhouse is keen on keeping prices low and investing heavily in staffing. The cost of food delivery is a concern in terms of the fairness of foodprices (69) and pre-tip taxes and service fees (69). Olive Garden is next among major chains, up four percent to 83.
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