Major Restaurant Chains Face Double-Digit Sales Declines in 2024

Article Summary

According to new data from Technomic, 32 restaurant chains in the top 500 experienced double-digit sales declines in 2024. Red Lobster saw the steepest drop, with a 23% decline in sales and a 20.2% reduction in unit count, following its bankruptcy filing in May. Hooters also filed for Chapter 11 bankruptcy, reporting a 16% sales decline and a 14% drop in locations. MOD Pizza closed more than 12% of its system, with sales falling 13.2% year-over-year. California Pizza Kitchen and other casual dining brands faced similar struggles, as rising costs and shifting consumer habits contributed to widespread financial challenges.

Full article here

Local Business Types for Broadcasters to Consider Contacting

Restaurant Consulting Firms – Businesses specializing in operational efficiency can offer strategies to help struggling chains adapt.
Food Suppliers & Distributors – Companies providing ingredients and logistics support can highlight cost-saving solutions for restaurants.
Consumer Advocacy Groups – Organizations focused on dining affordability can provide insights into shifting consumer preferences and spending habits.

Three Creative Campaign Ideas for Broadcasters to Consider

Radio Station Commercial Idea – A segment featuring restaurant industry experts discussing the challenges facing casual dining chains and potential recovery strategies.
TV Station Commercial Idea – A visually engaging ad showcasing how restaurants are adapting to economic pressures, emphasizing innovation and affordability.
Digital Advertising Campaign Idea – A social media discussion where diners share their experiences with restaurant closures and price changes, fostering engagement and awareness.