Restaurant Industry Deep Dive by Time Payment

TimePayment is working to help support the Food and Beverage Industry as much as possible during this difficult time. As a valued partner, we wanted to provide this data to you as well. Please feel free to share with your customers. In the following weeks, we will share this communication that focuses on trending market data, industry activity, and upcoming webinars. Please continue to share your thoughts and actions with us so that we may communicate this with your peers and continue to support each other at this time.

Market Trends

The federal government has allocated 50 billion to aid small businesses impacted by COVID-19. While this money will not be available immediately, our elected officials are bringing resources to bear to help minimize the impact of this event. Stay tuned for our next email as we will have additional information about applying for these programs.

The Bigger Picture: We are optimistic that there is good news around the corner as can be seen by the trends in China and business activity across the globe.

What this means:

  • Starbucks opened 90% of their locations 36 days after the Wuhan lock down
  • Haidilao Hot Pot reopens it’s 400+ restaurants in China 41 days after shutting down
  • 95% of all restaurant locations are projected to be re-open by late March
  • The Chinese economy is expected to grow 15% quarter–on–quarter from April to June, after contracting by 3.9% during the first three months of 2020, compared to the previous year

 

Industry Activity

The National Restaurant Association penned a letter to President Donald Trump and congressional leaders that outlines steps Congress could take to provide relief and aid recovery during what’s quickly become a sobering time for the nation’s million restaurants and 15.6 million employees.

The Bigger Picture: The importance of revising your business model and informing your customers what your plans are, what hours you are open, tactics you are taking and specials you are running is critical.

Door Dash, GrubHub, and Uber Eats have adjusted delivery fee and commission models in a series of relief measures for their customers.

Maryland, New Hampshire, New York and Texas are now allowing alcohol to be included in delivery orders.

Be Creative…and Funny!

The Beacon Tap The Purple Finch are offering a free roll of toilet paper with each carryout or delivery order. Normally, a restaurant providing toilet paper with their food would be an ominous promotion, but in these times, it’s boosted business!

 

Webinars

Bringing Your Kitchen out of the Dark Ages

Watch Here

Restaurant Industry Discussion on Legal & Business Issues Related to COVID–19 Outbreak

Monday, March 23rd, 2020 12:00 PM – 1:00 PM EDT

Register Here

With the uncertainty that all businesses are facing in these unpredictable times, we extend our fullest well wishes for the health and safety of you and your loved ones. Please contact us and share your stories and stay tuned for the next update from our team.

Your TimePayment Team

restaurant@timpayment.com

 

 

 

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