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Volume 8, Issue 40 October 12, 2007 |
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Weekly News in Review
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| Curbside Competitors |
The takeout market is seeing more players than ever. From quick-serves to full-service to grocery stores, customers have their pick of to-go options. But is the market big enough for everyone to have a piece of the pie?
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Read Article Browse All News | Source: QSR Magazine |
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| Lesbian files lawsuit after being booted from restaurant |
A 28-year-old lesbian is filing a gender-discrimination lawsuit after being booted from a New York City restaurant by a bouncer who mistook her for a man in the women's restroom.
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Read Article Browse All News | Source: New York Daily News |
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| Mexicans Brace for Taco Bell |
Taco Bell is making a run for the border, reintroducing its Americanized version of Mexican cuisine into Mexico for the first time in 15 years. But the fast-food chain may not find it easy to peddle tacos in a country that claims bragging rights for perfecting them.
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Read Article Browse All News | Source: UNION-TRIBUNE |
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| Hungry boy, 6, crashes driving to restaurant |
The resourceful young lad decided he was hungry and would go to Applebees. He grabbed the car keys and took his booster seat from the back of the car to the driver's seat.
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Read Article Browse All News | Source: Fairfax New Zealand Limited 2007. |
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| The Night Chicago Ruled the (Foodie) World |
Among the resident celebrities of Chicago are Oprah, Obama, Ditka and — a chef surprise for non-foodies — Charlie Trotter.
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Read Article Browse All News | Source: Time Inc. |
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| One NY chef loses Michelin star, another gains two |
Tom Colicchio of "Top Chef" fame lost a Michelin star at his New York restaurant Craft, while British celebrity chef Gordon Ramsay gained a rare two stars for his first U.S. venture.
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Read Article Browse All News | Source: Reuters |
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| Yum! Brands Profit Climbs 17% on Higher China Sales |
Yum! Brands Inc., the owner of the Pizza Hut, Taco Bell and KFC restaurant chains, reported third- quarter profit that exceeded analysts' estimates and raised its full-year forecast on increased China sales.
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Read Article Browse All News | Source: Bloomberg |
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More News | Casual Dining News | QSR News | Fast Casual News | Manufacturer News
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Wine Inventory Turnover
By Joe Dunbar
For the non-accounting readers, I'm going to start out with a simple definition. Inventory turnover equals cost of goods sold divided by average inventory. Our industry is used to turning the food inventory every two weeks (sometimes quicker). With a food inventory turnover of 26, restaurant managers are often unprepared for the much lower wine turnover rate.
I have seen average wine inventory of $400,000 in an operation with $2,000,000 in wine revenue and a 40% cost of sales. This is a turnover rate of 2!
So why is wine turnover so low at many restaurants? The answer lies in the investment in slow movers. These high priced bottles move very slowly since most patrons opt for less pricey bottles. Often wine list managers need to purchase a minimum number of cases per year for the top tier wines. I have seen one vintner who requires a minimum of 5 cases annually to remain on the customer list. My customers do not sell the 5 cases each year. They are willing to grow the inventory knowing the wine will not sell in a 365 day time frame.
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"Live as if you were to die tomorrow. Learn as if you were to live forever."
- Mahatma Gandhi
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View updated pricing and information each week on the website for the following food-commodity markets:
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Beef, Veal & Lamb |
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Beef production last week rose 3.6% and was 5.8% larger than the same week a year ago. Cattle weights last week were estimated to be 6 pounds greater than the prior year. Because cattle are staying on pasture longer and entering feedlots heavier, record cattle weights are anticipated this fall which will help offset the impact of the expected tighter live cattle supply. In addition, pork and chicken prices continue to move lower which could propel retailers to mitigate holiday beef feature activity. Still, some modest general upward beef market movement is projected in the coming weeks. Prices per pound FOB from USDA.
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Dairy |
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August US butter output was 23.6% larger than last year. August American (1.8%) and cheddar (3.9%) cheese production were both less than 2006. If inflated nonfat dry milk prices endure, some milk could be pulled away from cheese output this fall. August nonfat dry milk stocks were 152% larger than the prior year but most of the supply is reported to be accounted for. The CME cheese markets are moving lower but buying activity is increasing which may signal that the market bottom is near. Prices per pound, except Class I Cream (hundred weight), from USDA.
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Poultry |
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Most of the chicken markets are tracking downward which is likely pinching chicken producer margins. However, chicken output expansion appears to remain strong. The 6 week moving average for broiler egg sets is 2.35% more than a year ago and the largest percentage increase in nearly 3 months. Still, with additional chicken market decreases anticipated in the coming weeks, chicken suppliers may need to slow chicken production growth this winter. The chicken breast markets are trading at their lowest levels since February with further declines likely. Prices per pound except eggs (dozen) FOB from USDA.
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Seafood |
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For the most part, the medium and smaller sized shrimp markets continue to trade below year ago levels due to adequate supplies. Lower shrimp prices may be impending. Last year the 16/20 and 61/70 count shrimp markets declined modestly during the next 4 weeks. Larger sized whole salmon stocks are reported to be limited. Relatively inflated whole salmon market levels are anticipated to persist into November. Prices for fresh product, unless noted per pound from Fisheries Market News.
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Pork |
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Pork production last week rose 4% and was a whopping 8.2% larger than the same week a year ago marking an all time record high slaughter level. More of this trend is likely to come. Hog supplies are ample and are expected to fuel notable pork output gains through the end of the year. Additional pork market declines are projected this month. It is feasible that this winter we could experience the lowest pork prices that will occur during the next few years. Prices per pound FOB from USDA.
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Produce |
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According to the USDA, fall US broccoli (6.7%), lettuce (6%) and tomato (16.2%) plantings are all forecasted to decline from the previous year. The iceberg lettuce market is moving upward as the chief production area begins to shift south in California. The iceberg lettuce market could remain fairly elevated over the next 2 weeks before returning to more normalized levels. The 2007 US summer storage onion harvest is estimated by the USDA at 78.9 million hundredweight, 3.8% more than last year and 3.3% greater than 2005. The onion markets are tending lower. Prices shipping point unless noted (terminal) FOB from USDA
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Oil and Grains |
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The current US winter wheat planting pace is modestly ahead of last year and almost even with the prior 5 year average. Although additional modest wheat market decreases may be impending, wheat prices should remain above normalized levels. Prices per pound (oils) or bushel (grains) FOB from USDA.
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Canned and Frozen Food |
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Tomato Products, Canned - California tomato for canning processing is projected to achieve 12.1 million tons by the end of this week likely leading to a total record output level for the state. The canned tomato markets are fairly stable. Price per case (6/10) FOB from Supply and Market Report.
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Processed Fruits and Vegetables - The 2007 processing season for the major vegetable products is winding down. Most suppliers are attempting to pass on raw product cost increases to buyers which will likely hold due to the relatively limited supply levels. Prices FOB per case from Supply and Market Report.
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The Employment Center is your gateway
for posting job listings or your resume
into 3 of the most
popular sites
in the foodservice industry.
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Gift card promotions
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So November and December are coming up - , what kind of gift card promotions has everyone ran that works well, without giving away too much?!
Last year we did, buy $100 and get a $20 free, but it was our first year and I don't want go that aggressive this year. We thought about doing a free large pizza with $100, or maybe a free $5 GC with like $40 or more.
What have you all done that worked well?
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Reservation Suggestions
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Needing some help here. Have a question regarding Reservations. I know there are many topics on Reservations here but I don't think this one fits into any of them right now.
About Us:
We have a small restaurant that seats about 30 people comfortable in the the dinning area and another 8-10 people in the Bar area.
We are only open for Dinner Thursday, Friday and Saturday.
A person sent us an email regarding a reservation. Here's a blurb of the email.
"I was wondering if you could accommodate about 18 or 20 people on a Sat. night at 5:30 or 6pm? The date for our next eat-out is Oct. 20th. Also, can they get a sandwich at night time if they are not interested in the $14.00 meals? These people are a little on the older side, so I thought I would ask about sharing a meal?"
Our average meal price is $12.00.
We are wondering if we want to fill up the dinning room during the busiest time for us with a reservation that would take over the whole dinning room and may not even be ordering meals for everybody.
We had a group of ladies 8-12 that used to meet once a month on Thursdays for a meeting and would only order Soup and water for most of them and take up the seat for 2hrs and the bill was less than $45.00.
So the question is do we accommodate this group of 18-20 people that none of them have ever been to our restaurant before, and if so what kind of policy should we put into place.
We currently don't have a real reservation policy. I personally think we should but we haven't put one in place yet.
Or should we say decline this large group for this night.
One other note - we are in a area where people tend to eat with their wallets.
Suggestions would be helpful. Thanks in advance.
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We were considered an aphrodisiac
We were used by the Romans to flavor sauces and vinegar. Over two thousand years old, we are a native to the Mediterranean region where we were also considered an aphrodisiac. We are both annual and perennial, thriving in the winter months as well as the long days of summer. Although the exact amount varies from cousin to cousin, we are all rich in carvacrol and thymol. Used in the curing of salami we are also a component of that de Provence thing, but we often have to compete for that honor. We are very popular in flavoring all sorts of legumes, (probably due to the fact that we counteract flatulence), and we have even been used as a salt substitute. We go all out with our peppery flavor, but save us for the end as overcooking renders us very bitter. We bring life to any stuffing, our leaves are used for making tea, we are signature soup, and we never met a sausage we didn’t like. Primarily culinary, we also have excellent medicinal values. We can be quite effective in improving digestion, increasing perspiration, stimulating the uterus and nervous system as well as relieving menstrual disorders and soothing sore throats. We do not get to play with expectant mothers, as time has shown we are just too much for them.
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