- On July 5th, Yum! Brands announced that it is getting closer to leaving Russia fully as the invasion of Ukraine continues. In June, Yum! Brands transferred ownership of all Pizza Hut franchise assets to a local operates to rebrand the stores. Yum! Brands is also in talks to transfer ownership of their KFC restaurants, operating system, and master franchise rights. Once complete, the company will completely leave Russia.
Source: QSR Magazine. Read the full article here.
- The International Energy Agency announced on June 7th that countries will need to expand their manufacturing of solar panels from their current concentrated base in China to ensure secure supply and meet targets for cutting back on planet-warming carbon emissions. In order to due so, the world will need to double its current capacity to produce the “key building blocks” of solar panels by 2030.
Source: The Economic Times. Read the full article here.
- Gen Z is eating out at restaurants less than other generations, but why? According to a recent report by The NPD Group, part of this is due to the COVID-19 pandemic, but that’s not the only reason. Gen Z is known as the generation that have more interests than giving their money to a restaurant. They would rather spend their money on experiences, fashion, technology or beauty for example. When Gen Xers were young adults, they would average 284 visit per year to a restaurant, while Gen Z’s currently average 218 visits per year to a restaurant.
Source: FSR Magazine. Read the full article here.