Despite macroeconomic challenges dampening the restaurant industry’s performance, it is well-positioned for a strong rebound thanks to cooling inflation, rising consumer spending, and rapid digitization. Therefore, quality restaurant stocks Chipotle Mexican Grill, Inc. (CMG – Get Rating), Domino’s Pizza Group plc (DPUKY – Get Rating), and El Pollo Loco Holdings, Inc. (LOCO – Get Rating) could be wise additions to your portfolio now. These stocks are B (Buy) rated in our POWR Ratings system.
According to the National Restaurant Association’s 2023 State of the Restaurant Industry study, the food service industry is forecast to reach $997 billion in revenues in 2023, with a projected rise of 500,000 jobs, despite high food costs and increased competition.
According to a new Square study, restaurants are completely reimagining how they do business to keep their operations running efficiently, boost their bottom line, and continue servicing their customers. 91% of restaurants have invested in or plan to invest in kitchen automation technologies. For delivery, 58% of restaurants prefer to use their own app or website.
In addition, AI is transforming the food industry by increasing supply chain management, transparency, and customer service. It enables restaurant operators to streamline operations, remain competitive, and respond to changing client demands. Affordable AI has altered the industry into one that is more efficient, transparent, and trustworthy.
The global fast food and quick service restaurant market is predicted to grow at a 6.1% CAGR to $371.47 billion by 2027.
Let’s delve deeper into the fundamentals of the featured stocks…
Continue reading at STOCKNEWS.com
