Friday July 21, 2006

Casual dining sites see empty seats

peakoil.com -> usatoday.com :

For the first time in years, the $70 billion casual dining industry - sit-down eateries that generally serve alcohol and sell entrees from $10 to $20 - is taking a hit, as the slowing economy dulls the nation's appetite for casual dining. Some of the big names - from Applebee's to Cheesecake Factory to Outback Steakhouse - report recent slides in sales; many of their stocks are hovering at 52-week lows.

Some folks are eating out less. Others are trading down to fast food. Some are skipping dessert or ordering less wine. The result is that casual dining's growth is slowing. Other factors driving the downturn include rising gas costs, higher credit card costs and a weaker real estate market.

(2006-07-21 19:58:30 SGT) [Biz] Permalink

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