It’s no mystery that the restaurant business is one of today’s most competitive industries. In fact, if you measure the ratio of failure to success on an annual turnover basis, it ranks #1 on the competitive list. In order to succeed, a successful restaurant brand must bring more than passion and a love of food. It must bring innovative concepts to the table. Something different, something unique, something that anticipates the wants and needs of an ever-evolving and ever-demanding consumer base. And without cutting a single corner, or sacrificing an ounce of quality. It’s a challenging task.
The Peebler Group answers these challenges. We’ve invested in and provided valuable advice for two very successful restaurant brands, Ruggles Green and Red Dog Ice House. Because the failure risk is inordinately high within this industry, any new concept must be exhaustively considered and measured. Instead of simply reacting to the potential “wow factor” of a new restaurant idea, we carefully assess the actual value of the concept by addressing core questions:
- Is it viable?
- Is it realistic in terms of operations and profitability?
- Does it sustain and drive growth?
- Does it compete? Does it attract?
- Does it spawn additional new concepts?
- If it’s a new concept, how effective is the brand? If it adds to an existing concept, how well does it enhance the existing brand?
- Does it unveil or otherwise create new market opportunities?
- And most importantly, we look at the quality of the management team.
These are essential variables when considering the true potential of an innovative idea, a new concept, particularly within the aggressive margins of the restaurant component of the Hospitality/Entertainment industry.