Top 5 Restaurant Business News Stories of the Week
The restaurant industry is constantly evolving, with new trends and innovations emerging every day. As a restaurant owner or industry enthusiast, it’s crucial to stay up-to-date on the latest news and developments. In this article, we’ll be covering the top five restaurant business news stories of the week.
1. Restaurant bills in UK Parliament to support Hospitality Industry
The UK parliament recently debated three bills aimed at supporting the hospitality industry during the pandemic. These bills propose measures such as extending the business rates holiday and reducing VAT for the sector from 20% to 5% until 2022. This news comes as a relief to many struggling restaurant owners who have been reeling from the devastating impact of the coronavirus crisis.
2. A new app helps restaurant owners grow during the pandemic
A new mobile app called Woov enables restaurant owners to create virtual events, manage bookings and interact with customers. This app is set to revolutionize the way restaurants operate during the pandemic, as it allows for socially-distanced interactions between staff and customers. Woov has already been hailed as a game-changer by many industry experts.
3. Saudi Arabia set to overtake UAE as the largest F&B market in the GCC
Saudi Arabia is set to become the largest food and beverage (F&B) market in the Gulf Cooperation Council (GCC). Fuelled by a growing population and rising disposable income levels, it is predicted that the Kingdom’s F&B market will reach $60bn by 2022. This presents a huge opportunity for restaurant owners looking to expand in the region.
4. Goldman Sachs invests in a plant-based burger chain
Goldman Sachs recently invested $23m in a plant-based burger chain called Next Level Burger. This marks the investment bank’s first foray into the restaurant industry and highlights the growing popularity of vegan and vegetarian food options. Next Level Burger has seen tremendous success in the US and plans to expand into new markets, thanks to the recent investment.
5. McDonald’s plans to launch a loyalty program in the US
McDonald’s has announced plans to launch a loyalty program in the US, aimed at rewarding customers with points and exclusive deals. This move is part of the fast-food giant’s efforts to compete with rival chains such as Starbucks and Taco Bell. With more than 14,000 locations in the US, McDonald’s loyalty program has the potential to be a game-changer for the industry.
In Conclusion
These top five restaurant industry news stories of the week show the rapid pace of change and innovation in the sector. From government support for struggling restaurants to new apps and investment opportunities, there is never a dull moment in this dynamic industry. As a restaurant owner or industry enthusiast, it’s essential to stay on top of the latest news and developments to stay competitive and thrive in the years to come.
