Casual restaurants resort to coupons as meal tickets
Here's the surest sign that casual dining is in the dregs: Coupons are flying. For consumers, it might seem like edible gold. Five dollars off here. Two-for-ones there.
"This is one of the worst scenarios that I've seen in the 14 years I've covered the industry," says Lynn Collier, analyst at KeyBanc Capital Markets. "Consumers are the winners - we'll only see more of this."
This is not supposed to be the time of year for coupons in the $70 billion casual-dining industry. Business should be picking up as the holidays get closer. Not this year. Blame the housing crisis, higher gasoline prices and the uncertain economy.
"It's like a perfect storm hitting casual dining right now," says Clay Dover, chief concept officer of Bennigan's parent Metromedia Restaurant Group.
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Source - USATODAY
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