How to combat inflation and create great food, service, and vibes? This question looms large in the minds of both consumers and businesses as rising prices threaten to erode purchasing power. Fortunately, Catch Hospitality, a renowned name in the restaurant industry, has discovered effective strategies to tackle inflation head-on while maintaining exceptional quality.
In this blog post, we will delve into Catch Hospitality’s innovative methods and learn how they have successfully navigated the treacherous waters of inflation, ensuring an unforgettable dining experience for their patrons.
How to Combat Inflation?
The leisure and hospitality industry is experiencing mixed results as it navigates the aftermath of the COVID-19 pandemic and the persistent inflation issue. In June, the US Bureau of Labor Statistics reported an increase of 21,000 jobs in the industry. The restaurant and bar sector saw a decline of almost 1,000 positions, accounting for a 0.8% decrease. Compared to February 2020, the industry still needs to catch up to approximately 80,000 jobs.
During a discussion on Yahoo Finance Live, Eugene Remm from Catch Hospitality Group, a company with six locations across major US cities like New York, Los Angeles, and Las Vegas, shared insights on the overall industry situation and how his company is tackling the challenges of recruiting and retaining talent in a competitive job market, while also combating inflation. Here are the key points from the discussion:
Restaurants are finally able to return to full staffing after a prolonged period. Remm expressed that his locations are now fully staffed for the first time in about two years. He emphasized the significance of having a complete team, as it allows the focus to shift from merely filling positions to selecting the best individuals for each role, thereby elevating the overall quality of the staff.
Currently, Catch Hospitality Group plans to expand in Miami Beach, Dallas, and another undisclosed location. The company intends to hire approximately 1,000 people, with priority given to existing staff members for potential relocation opportunities. Remm stressed that it’s not just about monetary compensation but also about instilling a sense of belief in the company’s mission among the employees.
Remm emphasized the importance of creating and nurturing culture within the organization. He believes that the staff needs to genuinely believe in the company’s vision and act as curators of memorable customer experiences.
While food inflation remains high, with a 6.7% increase in May compared to the previous year, there have been slight reductions in certain food prices. Remm mentioned that items like lobster and crab, which can be expensive, are occasionally removed from the menu due to their high costs. This strategy aims to avoid shocking customers with significantly higher menu prices.
According to Remm, customers are still willing to pay for the complete restaurant experience despite the impact of inflation. He believes that the price increases are justified to ensure the survival of businesses because replicating the experience of dining out at home is simply not feasible. The variety of dishes and the restaurant’s overall ambiance make it a valuable and unique experience that cannot be replicated within the home setting.
Despite the challenges posed by inflation, consumers continue to show interest in dining out. A recent report from Yelp indicates that there has been a nearly 10% and 17% increase in interest for higher-priced restaurants (denoted by $$$ and $$$$) compared to pre-pandemic levels. This suggests that consumers are still willing to invest in premium dining experiences.
Act Now and Combat Inflation With SupplyCaddy
Are you a restaurant owner, chain operator, or foodservice brand looking for effective strategies on how to combat inflation? Catch Hospitality has the perfect solution for you. With their extensive expertise in the industry, they have developed proven techniques to combat inflation and ensure your business thrives.
Don’t miss out on this incredible opportunity! Contact SupplyCaddy right away at [email protected] and start your journey towards combatting inflation while creating unforgettable dining experiences. Together, we can ensure your business’s success and delight customers with outstanding food, exceptional service, and remarkable vibes. Act now and reap the rewards of this powerful collaboration!