Below is a brief excerpt from a complementary research note written by our Restaurants analysts Howard Penney and Daniel Biolsi. We are pleased to announce our new Sector Pro Product Consumables Pro. Click HERE to learn more.
According to Open Table, the percentage of restaurants that have re-opened has continued to steadily increase, as seen in the following chart.
Every state and the vast majority of municipalities now allow indoor dining with various restrictions.
Most recently, New York City re-opened indoor dining rooms on September 30. Restaurants that have drive-throughs and outdoor patios benefited from the reduced competition during the pandemic.
With capacity restrictions lessened, more restaurants have re-opened, and the industry has had to compete over the people who are willing to eat indoors.
A Gallup survey conducted in July showed that Americans are less willing to eat inside a restaurant; the greater the dining capacity is allowed, as seen in the following chart.
This could limit the growth in the restaurant industry’s sales as the number of re-openings increases.