Q2 illustrates a tough new normal for restaurants, with no end in sight

Several chains turned negative, some for the first time since the pandemic, as restaurant spending declined in favor of grocery spending

Anyone else remember the throes of the Great Recession, when restaurant success was redefined to become “flat is the new up?” This reference seems especially relevant now on the tail end of second quarter earnings reports. One of the big takeaways from those reports so far is that they look an awful lot like that “flat is the new up” era.

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