All-in-one restaurant management system, TouchBistro, has released its annual 2024 State of Restaurants Report, outlining the top challenges facing the industry alongside the emerging trends shaping it.
The survey of 600 full-service restaurant owners, CEOs, general managers and area managers from across the U.S. revealed that while food costs and labour costs continue to be major financial strains, operators have navigated the changing industry landscape by tapping into new revenue streams and technologies.
In 2023, and going into 2024, top pain points that operators face include inventory costs, menu prices, staff turnover rates, and commission fees. In the face of hurdles on multiple fronts, U.S. operators have begun to tap into new revenue streams, focusing on customer retention, and utilising technology to maximise productivity.
Despite economic uncertainty and high-interest rates, 2024 is looking like a year of growth for restaurants. Only six percent of operators surveyed had no expansion plans for 2024, suggesting that most full-service operators are optimistic about the year ahead.
“Modern restaurant technology has been a boon for restaurants looking to add new locations; it ensures consistency and allows for the gathering of information from multiple stores. As nearly half of operators plan to open new locations next year, technology will be essential in this process,” said Samir Zabaneh, Chairman and CEO of TouchBistro.
“Having all your essential tools accessible from one central system not only makes things easier from an operational perspective, it also allows you to expand quickly and cohesively without complicating your restaurant’s tech stack.”
Despite the many challenges that U.S. operators face, the 2024 State of Restaurants Report has revealed that restaurateurs remain adaptable and resilient, and many have an optimistic outlook on the future of the industry.
Many took the opportunity to reevaluate their businesses’ needs in 2023, carefully considering everything from where automation and AI can improve day-to-day operations to creating more innovative menus. In short, it was a year characterised by a lot of regrouping and reorienting of business priorities.
Though 2024 is guaranteed to come with its own set of challenges, this openness and willingness to leverage the incredible power of technology is sure to give operators the competitive edge they need to continue growing.
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