Choppin’ It Up by Bloomberg Intelligence

Many restaurant companies could cut guidance this year as low-income consumers and industry sales remain challenged, Guggenheim Partners Director and Lead Restaurant Analyst Greg Francfort, tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Francfort sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss aggressive US coffe- shop development, quick-service discounting and strong demand for chicken brands. He also shared which companies he thinks have a moat on pricing and traffic including Chipotle, Domino’s Pizza, Texas Roadhouse and Wingstop.

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It is becoming clear that delivery in the US isn’t working for anyone, Empower Delivery CEO Meredith Sandland, tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Sandland sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss why consumers, restaurant owners and drivers are unhappy with the current state of delivery and what can be done to improve the experience for all parties. She also comments on the state of ghost kitchens and Amazon.com’s decision to take a bigger stake in GrubHub and add GrubHub+ to its Prime membership. 

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Restaurant real estate is expensive and vacancy is low, motivating chains to pivot to alternative formats and omni-channel development including nontraditional units, Full Course Founder and CEO Lauren Fernandez tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Fernandez sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss smart growth strategies for emerging brands. She also comments on lending weakness, opportunities in the M&A market and the benefits of contract manufacturing. 

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Cultivated meat can give customers a product they love without the negative impact to the environment, Meatable Founder and Chief Technical Officer Daan Luining tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Luining sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss how cultivated meat is produced and why it may be more attractive to consumers than plant-based options. He also comments on adoption rates, distribution models and regulatory issues.

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The volume of restaurant mergers and acquisitions remains well below 2019-21 levels, but private-market activity is starting to pick up, Harrington Park Advisors Founder and Managing Director Ashish Seth tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Seth sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss the state of the M&A market, including investors’ preference for franchised brands over company-owned ones. He also comments on valuations and the lending market and describes the matchmaking process between acquirers and target companies. 

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No-shows remain in the 20% range in the fine-dining industry, Head of Tock Matt Tucker tells Bloomberg Intelligence, despite demand that far outstrips supply, hurting unit profitability. In this episode of the Choppin’ It Up podcast, Tucker sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss how the prepayment of reservations can help fine-dining establishments maximize revenue. He also comments on the shift to earlier dinner reservations, the state of the M&A market for restaurant-tech companies and unique ways restaurants are implementing dynamic pricing. 

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Puttshack owns a global concept patent on automatic scoring in miniature golf, CEO Joe Vrankin, tells Bloomberg Intelligence, creating a barrier to entry for its competitors. In this episode of the Choppin’ It Up podcast, Vrankin sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss how the company has used technology to reinvent the game and paired it with a food and cocktail menu to attract the coveted 21-39 year-old demographic. He also comments on Puttshack’s unit economics, marketing strategy and development plans. 

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Foodservice distribution capacity is very tight, Datum FS Founder and President David Maloni tells Bloomberg Intelligence, contributing to higher prices for their restaurant customers. In this episode of the Choppin’ It Up podcast, Maloni sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss how higher distribution and labor expenses are contributing to inflation in the restaurant supply chain. He also comments on feed costs, Section 204 of the the FDA Food Safety Modernization Act and his outlook for several commodities including cattle.

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Global bubble-tea sales could double or triple to more than $5 billion in the next 5-6 years, Gong cha Global President of the Americas Geoff Henry tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Henry sits down with BI’s senior restaurant and foodservice analyst Michael Halen to explain how the company is capitalizing on shifts in the global beverage landscape. He comments on Gong cha’s customer demographics and unit economics, as well as its shift to a direct franchising model in the US.

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The Israel-Hamas war is a bigger issue for McDonald’s and Starbucks than many other food chains due to reputational risk, deeper sales declines and greater exposure to high-impact countries like Jordan, Egypt and Morocco, Shatranj Capital Partners co-founder and general partner Brandon Guthrie tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Guthrie sits down with BI’s senior restaurant and foodservice analyst Michael Halen to explain how the war has affected sales in the Middle East and how long the recovery might take. He also comments on the wealth of opportunities for private equity investors in the region, Chipotle’s partnership with Alshaya, Wendy’s UK expansion and dynamic pricing. 

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