Newsletters
“The Short List” provides relative business news briefs for busy restaurant chain executives. Leaseworks offers outsourced executive level lease negotiation expertise for clients like Pizza Hut, Taco Bell, Johnny Rockets, and others.
First Quarter 2011 Newsletter
10 Strongest Retail Markets
The Washington, D.C., area topped the list of the nation's most healthy retail markets as a growing number of restaurant companies and retailers ramp up expansion, according to a report released Monday.
According to the report released Monday, growth in the restaurant industry will continue to be dominated by quick-service and fast-casual concepts in 2011. "White hot" concepts include Five Guys Burgers and Fries and Smashburger, as well as Buffalo Wild Wings and Wingstop. Frozen yogurt players are also expected to be active, as are chains that offer franchise deals such as Papa John's, Quiznos and Subway, the report said.
Restaurant Leased Properties - Passive Acceptance or Proactive Management?
Given the everyday pressures of running a restaurant group, the path of least resistance is "to let these sleeping dogs lie" and focus on operations and meeting or exceeding customers expectations.
Often the attitude is to accept the rent numbers as they are and to overlook the potential bottom line improvement that can be extracted by proactive transaction management efforts.
Leases concluded during the period 2003 to 2008, which was a particularly favorable landlord market, should be targets for review and potential lease and rent restructuring as in many situations the rents negotiated are both well above market rates and sales have declined 10-50% depending on the trade area involved.
Steve Kesler, Principal of Leaseworks specializes in a personal and proactive approach to transaction management for restaurant groups operating up to 120 locations. As a senior real estate executive with a legal background, Steve brings credibility and a meaningful 25 years of lease negotiation experience to the table. Clients carry no cost risk and benefit from 90% or more of the results achieved.
For example, a current Pizza Hut client located in three western states adopted this approach approximately one year ago. The results in 17 negotiations are $1.3M in rent savings negotiated that will apply over the next 10 years.
What's Happened to Pizza's Major Players?
In 2000, the QSR 50 Report, this magazine's annual ranking of the nation's top quick-service brands, showed a robust American appetite for pizza, a category trailing only burger joints in representation. With pizza chains claiming four of the list's top 15 slots and 12 of the top 50, the segment seemed poised to maintain its spot as a 21st century quick-service staple.
In the most recent QSR 50, pizza chains held only four of the top 25 spots and seven of the top 50, with no fresh-blooded pizza chains even threatening to crack the list. More telling, the chicken category supplanted pizza as the runner-up to burgers in representation.
Insider Fast-Casual Favorites
George Green's top fast casuals - Over the last several years, many colleagues and I have made a point to visit as many concepts as possible whenever we're together. Out of these 50 or more concepts, here are the ones that stand out the most. This list is based entirely on the quality of the experience and not buzz in the press or industry.
Five Guys Burgers Sizzles as Fastest Growing Chain
Five Guys Burgers and Fries, which has three Dayton-area locations, is the fastest-growing restaurant chain in the nation.
November 2010 Newsletter
Real Estate
Focus on the weakest 10% of your portfolio today!
Today’s economic climate provides the perfect opportunity to look at your real estate portfolio and restructure the leases of properties that are suffocating our business and suffocating overall profitability. To get ready for 2011, and stay strong through the changing landscape of the economy, optimize your portfolio by taking a look at the weakest ten percent.
Every landlord has a different personality, business perspective and financial context so not every attempt is likely to succeed. It never hurts to “just ask,” but our experience is that it takes a more finessed approach to be successful. The process is much more art than science.
Over the past 10 years, Steve Kesler principal of Leaseworks has developed an approach to the negotiation process that succeeds. As there is no client risk involved unless a favorable result is achieved, we are available to assist in the achievement of this important objective.
Client Savings Update!
Client:
A pizza franchise in Nevada requested help with one 1,700 sf store.
Action:
Lease Renewal – Fixed Option Rents
Savings:
$82,000 in savings over 60 months/ $16k annually and total of $134k over 120 months /$13,400 annually.
Trends
Starbucks expands mobile payment test
Customers use smart phones to manage loyalty cards
Starbucks Corp. said Monday it would expand its test of a mobile-phone payment system to nearly 300 stores in New York City and in Long Island’s Nassau and Suffolk counties.
The Starbucks Card Mobile program is based on the launch of an application for select BlackBerry smart phones and Apple iPhones and iPod touch devices that allows guests to pay and manage their accounts by using their phones the same way they would use a loyalty card.
Pizza Chains See Profits In Online Ordering
When restaurant operator Boston Pizza was looking for ways to streamline and direct it’s takeout and delivery options, the chain realized there is a major shift happening in customer ordering preferences. Traditionally the company relied on telephone orders
Events
Emerging Franchisor Conference coming this November
For the fifth year, the International Institute for Franchise Education (IIFE) will hold its Emerging Franchisor Conference (EFC) from November 11-12 at H. Wayne Huizenga School of Business and Entrepreneurship in Ft. Lauderdale, Florida.
Shelley Sun, co-founder of BrightStar, a health care staffing agency, will be the keynote speaker. Sun was named the International Franchise Association Entrepreneur of the Year in 2010.
The conference attracts founder, CEOs, COOs and presidents from emerging franchise systems across the country to collaborate at the discussions, and to take advantage of the knowledge provided on franchise development, financing, legal and regulatory issues and operations compliance.
Situational Financing
Study closely: How creative franchises are securing ‘situational financing’
By Dennis Monroe
http://www.franchisetimes.com/content/story.php?article=01886
In today’s tight financing market for franchise businesses, it is key for us to share our success stories and help each other find financing.
This column discusses three actual situations where a franchise business was able to secure financing.
Case Study 1
The first case study is a fairly straightforward approach, but does have a number of unique twists. A franchise concept desired to locate on an end cap of a strip center. The space was previously occupied by a national concept that had decided to pull out of the area. The franchise concept was new to the city so they wanted a strong visible location. For purpose of visibility, as soon as construction began, this concept put up a creative, clever pylon sign, which elicited a lot of consumer interest prior to the store’s opening.
As to the financing, the landlord was unwilling to provide any leasehold allowances because it did not have the resources and had issues with its bank. The franchise concept effectively negotiated a very low rent rate that included a reasonable percentage rent at high volumes. The percentage rent was 5 percent of gross sales over a level where the franchisee would generate a substantial operating profit. Also negotiated in the lease was a ceiling on common area maintenance costs, a right to additional space, as well as construction of certain outside signage.
The financing was a combination of three elements:
- Because the rent was so low, the company was able to secure $1 million of bank financing with a bank that was located close to the site and was familiar with the neighborhood. The financing did require personal guaranties. The bank was willing to do the financing, in part, because there was a 30-month amortization so the loan would be paid off quickly. The proformas given to the bank reflected a reasonably strong fixed charge coverage ratio.
- The franchisees secured an equipment-leasing package for the furniture, fixtures and equipment (FF&E) which also utilized a fast 30-month pay off.
- The owners had a reasonable (but not excessive) amount of equity in the transaction that covered the start up and soft costs for the project.
If you can secure low occupancy costs, this opens the door for other financing and provides a cash flow cushion and the ability to use fast pay downs.
Case Study 2
This case study is the exact opposite of the first case study. This franchise concept was capital intensive and required a very high level of leasehold improvements. The concept also required a substantial amount of FF&E. The site was very high profile and the owner of the property was anxious to get this concept into the space because the landlord knew it would drive other potential retail tenants to the center.
The franchisee negotiated a significant leasehold allowance and, in addition, secured a $2 million leasehold improvement loan from the landlord. The loan provided for a 10-year amortization with a fairly low interest rate. Also, there was rent reduction for a period of two years. However, the landlord’s contribution was not enough to get the project completed. There was a need for FF&E financing which was done through a traditional equipment lease utilizing a bank leasing company with lower rates than a normal third party leasing company. Again, the lease was on a fairly short-term basis (48 months).
Additionally, the operator supplied approximately $500,000 of equity and a private individual investor provided $1 million of capital needs under a high yield loan. The loan was at 12 percent interest, with a two-year interest only and then a six-year amortization. What made this deal so attractive to the outside investor was the concept’s incredible high volume, high cash flow and a demonstrated strong fixed charge coverage.
As to the investor debt and equipment leasing, there were personal guaranties by the franchisee. There were no personal guaranties on the lease.
It should be noted this concept is doing extremely well. Cash flow and sales are exceeding what was projected.
Case Study 3
This case study is about a franchise concept that went into an urban strip center. The vacant site was a restaurant site for 20 years and had not been improved for at least 10 years. The center was owned by a prominent family, and this family was interested in securing a strong, national concept for the space.
The first thing that was negotiated was the lease with, again, a fairly low rent factor. There was a $400,000 leasehold allowance and a $600,000 leasehold loan. The loan provided for payment based on cash flow from the business.
A related party to the landlord approached the franchisee with a desire to invest equity under a joint venture. The joint venture provided that the investor would put in 60 percent of the required equity and the franchisee put in the remaining 40 percent. The franchisee received 60 percent of the profits and the investor received 40 percent of the profits. The franchisee was able to charge a 5 percent management fee.
There was also a $450,000 FF&E package which was secured through a leasing company. Guaranties were provided by the franchisee ownership group. What made the financing so strong was the substantial amount of equity in the project.
This plan required a great deal more paperwork, but it turned out to be a very successful project and returns have been substantial.
What can we take from these three case studies?
- In today’s market, financing is situational. Each location requires an assessment of all of the available options.
- Your tool box of available financing has to be a big tool box that includes everything from low rate rent, to leasehold loans, to equipment loans, to investor contributions, to high priced debt, to bank financing, to supplier financing, to any type of financing you can dream up. It truly is an environment that requires creativity and a lot of mix and match.
Dennis L. Monroe is a shareholder and chairman of Monroe Moxness Berg PA, a law firm specializing in multi-unit franchise finance, mergers, acquisitions and taxation.
Hot Topics
Going Green
Chain Store Guide News reported some recent green initiatives top retail chains are putting into place. Here is a summary:
Dunkin' Donuts' first "green" restaurant, located in St. Petersburg, FL., has achieved Leadership in Energy and Environmental Design (LEED) Silver certification by the U.S. Green Building Council. The company is targeting LEED certification when it breaks ground on a second green restaurant in St. Petersburg later this year. The first restaurant serves as a prototype for future projects and remodels. It features:
- Energy-efficient insulated concrete foam walls, which reduces air conditioning usage by about 40 percent;
- Energy-efficient lighting, including motion sensors for restrooms and offices;
- Water-efficient plumbing fixtures;
- Low-flush toilets;
- The usage of well water instead of potable water for all irrigation;
- A Reusable Mug Program – customers are encouraged to bring their own mug, and will receive a discount toward the purchase of a beverage.
- Paper Hot Cups - hot drinks are served in paper cups made from renewable resources.
- Food Donation – leftover baked goods are donated to America’s Second Harvest, a local food bank.
- Green Cleaning – cleaning products meet LEED requirements and California Air Resources Board (CARB) standards.
- Used Coffee Ground Composting. Through a partnership with Mother’s Organics, the restaurant has composted more than 50,000 pounds of used coffee grounds and paper products since opening in 2008
Eat'n Park is opening Pittsburgh's first LEED-built restaurant in the Waterworks shopping plaza in Fox Chapel. The location is the first LEED (Leadership in Energy and Environmental Design) Gold–designed Eat'n Park restaurant and is more energy efficient and houses the state's first wind turbine system for a restaurant, attached to the restaurant to generate clean wind energy. The location features many innovative elements that help contribute to its LEED Gold–designed status, including: a wind turbine that will generate 2,000 kwh of clean energy per year; specially designed skylights that amplify natural light; 12-watt LED lighting throughout the restaurant; Energy Star–rated kitchen equipment; barrels to harvest natural rainwater and drought tolerant landscaping that requires less water; environmentally friendly and recycled construction materials; elements to encourage energy efficient transportation, including bike racks, special parking spots for green cars and carpoolers, and direct access to public transportation; and more, including energy and environmental innovations in the kitchen.
Starwood Hotels & Resorts announced its Element Denver Park Meadows has earned a "Silver" designation from USGBC (U.S. Green Building Council). Eco-friendly materials are used whenever possible and natural light is maximized throughout the hotels. Element conserves water and energy with low-flow faucets and fixtures, compact florescent light bulbs and energy-efficient appliances. Guest room bathrooms are equipped with amenity dispensers, kitchens are supplied with silverware and glassware instead of plastic utensils and paper cups, and filtered drinking water is available rather than plastic water bottles among other initiatives. Recycling bins are available in guest rooms and public areas.
Subway has started opening “eco-stores,” which incorporate various environmentally friendly measures and strive to meet LEED — Leadership in Energy and Environmental Design — building standards. There are 8 such locations so far. Subway also recently began serving salads in bowls made partly from recycled soda bottles and water bottles; the chain’s sandwich bags and napkins are now made from recycled materials also.
Y. Hata & Co., Ltd. is set to install one of Hawaii's largest roof-mounted photovoltaic (PV) solar systems on its warehouse on Sand Island, Oahu (HI). After installation the system is estimated to prevent approximately 23,000 tons of carbon dioxide emissions from entering Hawaii's air annually over the next 30 years.
General Growth bankruptcy plan approved
Baltimore Business Journal - by Daniel J. Sernovitz
Date: Thursday, October 21, 2010, 1:22pm EDT - Last Modified: Thursday, October 21, 2010, 1:31pm EDT
General Growth Properties Inc. has gained court approval to emerge from bankruptcy, clearing the way for its exit from Chapter 11 early next month.
Judge Allan Gropper, of the U.S. Bankruptcy Court for the Southern District of New York, confirmed General Growth’s reorganization plan Thursday morning. The Chicago-based owner of Baltimore’s Harborplace and the Gallery shopping malls said it expects to emerge from bankruptcy “on or about” Nov. 8.
“The confirmation of our plan is an important milestone as we lay the groundwork for a successful future for GGP,” company CEO Adam Metz said in a statement. “We are grateful to all of our stakeholders for contributing to the success of this process. We are now prepared to begin a new era for GGP on firm financial footing.”
General Growth (NYSE: GGP) has lined up $6.8 billion in equity commitments from Brookfield Asset Management, Fairholme Funds, Pershing Square Capital Management, Blackstone and the Teacher Retirement System of Texas. It has also restructured about $15 billion in debt.
The company has proposed to split itself in two when it comes out of bankruptcy. General Growth will remain the nation’s second-largest shopping mall in the country with more than 185 centers.
A spin-off company, to be called the Howard Hughes Corp., will hold General Growth’s master-planned communities. That includes Howard County’s Columbia Town Center, excluding the Mall in Columbia. That company will be run by Brookfield.
Its exit from bankruptcy would closing an historic chapter for the real estate investment trust. General Growth filed for bankruptcy in April 2009, marking one of the biggest real estate bankruptcies in U.S. history. It listed total assets of $29.56 billion and liabilities of $27.29 billion.
GGP also owns Owings Mills Mall, Mall in Columbia, Towson Town Center, Village at Cross Keys, Mondawmin Mall and White Marsh Mall.
October 2010 Newsletter
Real Estate
When is the Best Time to Negotiate Buildout Allowances?
A critical part of lease management is the successful negotiation of buildout allowances. Typically the best time to discuss lease allowances with the landlord is during a new commercial lease negotiation, just before lease renewal or at the time of restructuring a leasing agreement.
The amount proposed may be related to generally accepted market contributions or the overall value of the lease.
Each landlord has subjective factors to consider when evaluating contribution. These include:
- Perceived value of the tenant to the property itself in terms of tenant mix and traffic attracted to the property;
- Value of the lease to the landlord ahead of selling or refinancing the property;
- Long-term rental stream considerations;
- The value enhancing effect of the extended lease coverage that tenant commits to;
- Improvements to the premises that will be undertaken as a result.
Steve Kesler at Leaseworks has over 12 years experience achieved ongoing success with a broad spectrum of landlords in achieving landlord contributions that range from $15,000-$200,000.
The ability to appropriately articulate the proposal including finding the right balance between the party’s interests, is the key to success.
Savings Update
Client:
A hamburger concept who was a long-term tenant in a leading national mall in the state of New York was materially impacted by the economic downturn and decreased shopping traffic.
Action:
Lease Restructuring – the client’s existing rent was unsustainable for the last lease year and the landlord valued the concept and its client relationship.
Savings:
Successfully negotiated $50,000 rent reduction for 1 year.
Consumer Favorites
Consumers rank favorite restaurant chains
Best brands focus most on experience, convenience
The nation’s most popular casual-dining chains — including The Cheesecake Factory, which was the runaway favorite in a recent customer survey — will stand to benefit from more optimistic consumer sentiment if they focus on the experience provided, convenience and food quality.
According to a Market Force survey, a customer experience management firm based in Boulder, Colo., one in four consumers plans to eat out more in the coming months and they are driven to brands showcasing strong customer service elements. The survey, which was conducted in May and June and is based on results from 5,000 of the firm’s 300,000 independent mystery shoppers, found that 8 percent of respondents said they planned to cut back on restaurant spending. Just six months ago, a similar survey from the same firm found that half of the respondents said they would eat out less.
As consumers plan to eat out more, the way to entice guests is to take care of the essential customer service elements, Market Force said. Of the consumers polled in the latest survey, 52 percent said they eat at casual- or family-dining restaurants just to have time with family and friends, and 37 percent cited celebrating special occasions as a reason to visit.
Convenience also plays into dining decisions, as 41 percent of respondents said they eat at casual and family chains when they are too tired to cook, and 23 percent said they go when they’re pressed for time. But 38 percent said a key reason for dining out is because they want a great-tasting meal, meaning food quality can’t be ignored, Market Force said.
| Rank | Brand | Percent Respondents |
|---|---|---|
| 1 | The Cheesecake Factory | 13% |
| 2 | Texas Roadhouse | 8% |
| 3 | Red Robin Gourmet Burgers | 8% |
| 4 | Olive Garden | 5% |
| 5 | Ruby Tuesday | 5% |
| 6 | Red Lobster | 4% |
| 7 | P.F. Chang's China Bistro | 4% |
| 8 | Longhorn Steakhouse | 3% |
| 9 | Outback Steakhouse | 3% |
| 10 | Cracker Barrel | 2% |
| 11 | T.G.I. Friday's | 2% |
| 12 | Golden Corral | 2% |
| 13 | Applebee's Neighborhood Grill & Bar | 2% |
| 14 | Chili's | 2% |
| 15 | IHOP | 1% |
| Source: Market Force Information survey based on 5,000 mystery shoppers, May-June 2010 | ||
One of the casual-dining chains that survey respondents identified as a clear No. 1 favorite brand was The Cheesecake Factory, which earned 6 percent of the favorite-restaurant vote from consumers and scored a category best 13 percent of respondent votes when the votes were indexed to the number of locations for each chain.
The Calabasas Hills, Calif.-based brand also scored the highest rankings in six out of 10 characteristic ratings of the more than 60 restaurants included in the survey. Ratings were granted against characteristics including food taste and quality, atmosphere, and cleanliness. Red Robin Gourmet Burgers, which placed second in the favorite-restaurant vote, when indexed to system size, scored the highest for kid friendliness and speed of service, the survey said.
Based on system size, Texas Roadhouse also had an 8-percent favorite vote among respondents, while Olive Garden and Ruby Tuesday followed with 5 percent and Red Lobster and P.F. Chang’s came next with 4 percent of the vote. The highest-scoring family-dining chains by that metric were Golden Corral and Cracker Barrel.
By total number of favorite votes, Olive Garden and Applebee’s led the way with 9 percent of all votes, while Red Lobster garnered 7 percent of all tallies. Texas Roadhouse, Cheesecake Factory, Chili’s and Outback Steakhouse came next with 6 percent of the vote. Cracker Barrel was the most popular family chain by total number of votes, at 4 percent.
Market Force also found that, while 72 percent of respondents said they visited a casual-dining or family restaurant for dinner, another 24 percent visited a dinnerhouse for a snack, compared with 3 percent for breakfast and 1 percent for lunch.
Several chains have recently announced menu development moves to capitalize on those opportunities at lunch and at snack time. Segment standout Buffalo Wild Wings, for example, talked up its late-night menu, with shareable $3 appetizers, as a sales driver in a recent earnings conference call. The chain also disclosed that it will test an express-lunch option in a little more than 60 locations as a way to build mid-day sales.
Several bar and grill chains have had some form of an express lunch for some time, as at Chili’s where the Bottomless Express Lunch combines soup and salad with unlimited chips and salsa, similar to Olive Garden’s unlimited servings of the Soup, Salad and Breadsticks Lunch. Chili’s also is testing a reduced-price menu of appetizers and bites after 9 p.m. Sunday through Thursday.
The Cheesecake Factory, long known for its giant entrée portions, also diversified its menu slightly in the past few years to include a Small Bites and Snacks lineup to grow sales at off-peak times.
Market Force said the 5,000 respondents to the May and June survey ranged in age from 18 to 72 years old. More than 60 percent reported income levels of more than $50,000 per year, and half said they have children at home. Seventy-six percent of the consumers surveyed were women.
Contact Mark Brandau at mbrandau@nrn.com.
from Franchise Times.
NEW DEALS
Multi-unit IHOP franchisee Kal Farah has signed an agreement to develop Boardwalk Fresh Burgers & Fries in Michigan. Boardwalk also reached a deal with Brian and Barbara Rodak to develop the concept in New Jersey.
Jamba Juice continued its refranchising efforts. The California-based company sold 25 restaurants in Washington to franchisee Prudence Swann of PB Swann, LLC. Swann will develop two more stores in the Seattle area. Jamba also sold 13 restaurants in Santa Cruz, Temecula and Chico/Redding to various franchisees. And it sold seven restaurants in Las Vegas to multi-concept owner Fine Concepts, which agreed to develop eight more units in the market.
Wendy’s/Arby’s has signed a major restaurant development agreement with Wenrus Restaurant Group Limited to develop 180 dual-branded Wendy’s and Arby’s restaurants in the Russian Federation. In addition, Wendy’s/Arby’s signed a long-term development agreement with a franchise led by industry veteran Dane Darbasie, who will open 24 Wendy’s in 10 years in Trinidad and Tobago and eight other markets.
PhaseNext Hospitality, a multi-concept developer that specializes in non-traditional locations, announced that it is opening Buffalo Wild Wings and Smashburger at the Fort Bliss military installation in El Paso, Texas. The company previously announced plans to open 12 Corner Bakery Cafes over the next 5 years in various locations.
EVENTS
MUFSO - The 51st Annual Multi-Unit Foodservice Operators Conference will take place October 3-5 at the Gaylord Palms Resort in Orlando, Florida! More
HOT TOPICS
Families And The Pizza Run
Pizza chains have had a rough couple of years. They face immense competition from new competitors, grocery stores and wing chains (which tend to compete with pizza, rather than chicken). And then the recession hit and many families stopped ordering. Yet some chains have had some momentum recently. Dominos' comp sales grew 8.8 percent last quarter. Pizza Hut grew 8 percent. Little Caesars is making a comeback, and several companies are on the growth track. One reason why: Families are buying pizza again. Warren Solochek, vice president of client development at the NPD Group, said at a Morgan Stanley presentation this morning that family dining occasions, which had fallen last year, have steadied in 2010. And he gave much of that credit to pizza chains' ability to convince families that it's OK to order a large pepperoni now and then. Large pizza chains, he said, have been "effective at positioning their product as an inexpensive way to feed kids."
From Restaurant Finance Monitor, September 24, 2010
Here Comes The Lending Boom
When the SBA ran out of money to continue its 90-percent guarantee back in May, there was a subsequent plunge in the number of government-backed loans, leading to concern that the SBA market still depended on the higher guarantee. Despite this, we kept hearing from brokers and others that lending actually hadn't slowed over the summer. Instead, banks were waiting; convinced that Congress would again subsidize a higher guarantee on SBA loans and, despite a political fight over the measure, they proved prophetic (not that it took much in the way of prognostication skills). President Obama is almost certainly going to sign the bill that the House passed yesterday, and that could lead to a big boom in the number of SBA loans as brokers and banks begin clearing their backlogs now that they can get a higher guarantee.
From Portfolio.com, September 24, 2010
Restaurant Conference to Address ‘Thawing’ Credit Freeze
from Pizza Marketplace…
9/15/10
More than 1,500 restaurant owners, operators and financial service executives are expected to attend an upcoming event that seeks to unearth capital for restaurant owners and operators. The Restaurant Finance Monitor will provide a forum for owners and operators of leading restaurant companies to meet with the nation's top restaurant lenders at the 21st annual Restaurant Finance & Development Conference, which will be held in Las Vegas from November 8-10, 2010, at the Bellagio Hotel.
Sponsors of the conference include GE Capital, Wells Fargo, Bank of America Merrill Lynch, The CIT Group, Jefferies & Company, CapitalSpring, RBS Citizens, Mercantile Capital Corporation and First Franchise Capital, as well as many others.
"This year's conference is particularly important for growing restaurant chains," said Mary Jo Lasron, publisher of Franchise Times magazine and editor of the Restaurant Finance Monitor, an industry newsletter that focuses on financing restaurants.
"For the first time since the beginning of the economic downturn, banks and other financial institutions have indicated that the credit freeze is thawing and they are beginning to hunt for new deals once again. And, investors still continue to eye the restaurant space for acquisitions," Larson said.
Workshop topics include alternative financing ideas for growing restaurant companies, opportunities in a distressed commercial real estate market, restaurant valuation trends, the restaurant merger and acquisition environment, private equity investing and the impact of health care reform on the industry.
Keynote speakers also will give their take on the economy and the restaurant space. Speakers include:
- David Rosenberg of Gluskin Sheff;
- Michael Barone, a senior fellow of the American Enterprise Institute and frequent political contributor to Fox News;
- Dr. Victor Calanog, PhD, director of research at Reis Inc.;
- Jane Grote Abell, CEO of Donato's Pizza; and
- Pat Williams, senior vice president of the Orlando Magic
Seattle’s Best hits 30,000 location mark
September 3, 2010 | By Lisa Jennings
From Nation’s Restaurant News
Starbucks Corp. said its aggressive push to build diverse points of distribution for its secondary Seattle’s Best Coffee brand has resulted in the coffee now being available in 30,000 locations, including Subway and Burger King Restaurants.
The milestone represents a 10-fold increase in distribution points since March 2010, the company said. Starbucks’ goal is to expand the brand into 100,000 locations.
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