Challenging success - In the Know - restaurant industry forecast
The National Restaurant Association's, Washington, 2003 Restaurant Industry Forecast predicts a strong 2003 for foodservice around the country. The $426.1 billion in projected sales for 2003 would be a 4.5% improvement over 2002's totals. When adjusted for inflation, respondents believed restaurant industry sales would jump 1.8% in 2003, the 12th consecutive year of real growth in the industry.
That 1.8% growth is a modest improvement over the 1.3% real gain posted in 2002, a challenging year economically.
The year will benefit from an improving economy, as well as continuing growth in disposable personal income. On a typical 2003 day, the National Restaurant Association notes, the industry as a whole will post average sales approaching $1.2 billion. Despite the economy's upswing, the industry's gain will be short of growth rates posted between 1992 and 2000.
Leading the sales growth in 2003 will be the 4.8% increase posted in the full-service sector, growing $7 billion from 2002 to $153.2 billion for the year. Sales for quick-service establishments will expand 4.1% this year to $120.9 billion.
This positive news does not mean the year will be without any challenges. Recruiting and retaining employees tops the list of concerns faced by quick-service operators, followed closely by building and maintaining sales volume. Full-service operators, on the other hand, regard the sluggish economy as their biggest challenge in the coming year.
For more information on the 2003 Restaurant Industry Forecast, contact the National Restaurant Association, 202-331-5900.
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