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The Unionization movement is slowing
This is a net positive for the company's efforts to slow the number of stores, but the gene might be out of the bottle.
The union push at SBUX appears to be slowing with the company's efforts to increase pay and expand benefits at nonunionized cafes, perhaps making a difference. The number of Starbucks stores that saw petitions for union representation fell to 8 in August and 12 in September, much lower than the peak level of 71 stores pushing for unionization in March, per The Wall Street Journal. The current unionization scorecard shows that the NLRB has certified unions in 243 of Starbucks's over 9,000 U.S. stores and has seen ballot defeats for organized labor at 50 locations. In its efforts to squash the movement, Starbucks has said it would invest hundreds of millions of dollars in employee wages and improving operations. The company has also closed some stores where baristas complained about unsafe working conditions, including closings of pro-union stores.
YUM
Americana Group, the operator of KFC and Pizza Hut restaurants across the Middle East and North Africa, has kicked off what would be the first dual listing in Abu Dhabi and Riyadh, joining a rush of companies looking to go public before year-end. Americana Restaurants International Plc, owned by Saudi Arabia's Public Investment Fund and an investment vehicle led by Dubai-based businessman Mohamed Alabbar, received approval to sell a 30% stake or 2.53 billion shares, the kingdom's Capital Market Authority said in a statement on Monday. First Abu Dhabi Bank PJSC, Goldman Sachs Group Inc., and SNB Capital are working on the initial public offering, which could raise about $1 billion and value Americana at as much as $8 billion, Bloomberg reported in April. According to its website, Americana operates restaurants for brands including Baskin Robbins, Costa Coffee, and TGI Fridays, as well as KFC and Pizza Hut. The frozen foods division is not listed. Alabbar's Adeptio AD Investments SPC Ltd. bought the firm in 2016. The PIF took a 50% stake in Adeptio at the end of that year, and Americana was subsequently delisted from the Kuwait stock exchange.
Third-Party Order Volume Market Share
Following the deal with AMZN, did GRUB pick up 3ppt of market share from DASH?
According to Yipitdata, DoorDash held the top third-party delivery platform, with over 60% of the total market share throughout 2Q22. Grubhub made up 9% of the total third-party market share in 2Q22, the smallest of the three players. Grubhub has also declined in share, down -2pp in July YoY. In 2Q22, Grubhub still made up 24% of the total market share in the NYC metro area, its largest market, down -1pp from 1Q22. Uber Eats remains relatively stable, though they’ve lost share in major markets QoQ in 2Q22, such as Boston (-3.1pp) and Philadelphia (-2.7pp). Yesterday YipitData published a report indicating that DoorDash's (DASH) grocery order volume experienced a "notable deceleration" in growth through October 24 compared to September. The YipItData report estimated that DoorDash's market share declined -4ppt to 56% share, with Uber (UBER) at 31% and Grubhub at 12% of the market. Starting in early July, Prime members could sign up for Grubhub+ for free and access unlimited $0 delivery fees from hundreds of thousands of restaurants on Grubhub for one year.
Since this announcement, did GRUB take market share from DASH?
