NEW YORK, Oct. 14, 2020 /PRNewswire/ -- The restaurant, food & beverage market is influenced by a continuous change in tastes and trends of consumers. A good example of that is the rapid expansion of online delivery services, such as Uber Eats, Swiggy, Zomato, DoorDash and Deliveroo, which has gone in in the past few years, and even more so during the pandemic. Moreover, development of e-commerce/online platforms and on-the-go food services coupled with innovations in packaging, introduction of low-fat beverages, gluten free products, and more are also contributing significantly to the growth of the market. And, according to data published by Allied Market Research, the fast-food market size was valued at USD 647.7 Billion in 2019 and is estimated to reach USD 931.7 Billion by 2027 while growing at a CAGR of 4.6% during the forecast period. Urban Tea, Inc. (NASDAQ: MYT), Shake Shack Inc. (NYSE: SHAK), Yum! Brands, Inc. (NYSE: YUM), Starbucks Corporation (NASDAQ: SBUX), Restaurant Brands International Inc. (NYSE: QSR)
As a result of the pandemic, online sales have become the new normal. A report by MiQ indicates that online orders for pickup and delivery are thriving, with stable increase rates, particularly for casual dining and quick-serve or fast-food restaurants, where site visits and purchases have been increasing. "I think restaurateurs are going to have to think increasingly more systemically about if food in the home is going to become much more the norm," said Oliver Wright, Global Lead of Accenture's Consumer Goods and Services Practice according to CNBC. "In terms of what we eat and where we eat, it's probably going to be the biggest shakeout we've seen in our adult lifetimes."
Urban Tea, Inc. (NASDAQ: MYT) announced breaking news that, "CROP CIRCLE, its casual street food restaurant in New York City, has witnessed a 25% monthly growth in sales from August 2020 to October 2020.
As previously announced, Urban Tea now owns the registered trademark of "CROP CIRCLE" in the United States. The Company operates the Crop Circle restaurant in Greenwich Village near Washington Square Park, which features "guokui," a flatbread baked in a clay oven with various choices of flavorful fillings such as shrimp, beef, pork, chicken, preserved vegetables and brown sugar, a popular street snack originating from northern China's Shanxi province. The Company also owns the trademark "MENO" and operates MENO, a modern tea and coffee shop with a small curated food menu.
Despite the COVID-19 outbreak and subsequent social distancing and business closure orders to contain the pandemic, CROP CIRCLE has established itself as an increasingly popular destination for its Chinese-inspired street food. Situated just blocks away from MENO, Urban Tea's ownership of these two restaurants marks the implementation of the Company's initial branding and marketing strategy in the United States.
Mr. Long Yi, CEO of Urban Tea said, 'We believe that the food and beverage industry is evolving rapidly, especially during these unprecedented times, and we see tremendous potential in the casual take-out dining market. As such, we're delighted to see such positive results from our first two months of operations in New York City with Crop Circle. The operational knowledge and experience available to us will be instrumental in facilitating our strategic overseas expansion plans and the positive initial response is a testament to that.'"
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Shake Shack Inc. (NYSE: SHAK) a modern day "roadside" burger stand known for its 100% all-natural Angus beef burgers, chicken sandwiches and flat-top Vienna beef dogs, reported earlier in July its financial results for the second quarter ended June 24th, 2020, a period that included 13 weeks. Randy Garutti, Chief Executive Officer of Shake Shack, stated, "Throughout this difficult time, I remain incredibly proud of our team. They've continued to show up, to support each other, our guests, our communities and our suppliers. They've had an unwavering commitment to excellence and hospitality in the face of an incredibly challenging operating environment. We owe them a debt of gratitude, and remain committed to their safety, well-being and ongoing development and growth." Garutti concluded, "Despite the challenging environment, total sales and average weekly sales have shown continued improvement throughout the second quarter and the third quarter through July 22."
Yum! Brands, Inc. (NYSE: YUM) released recently its annual Global Citizenship & Sustainability Report, highlighting the Company's strategic investment in socially responsible growth and outlining efforts of its KFC, Pizza Hut, Taco Bell and The Habit Burger Grill brands to make a meaningful impact in three strategic focus areas: people, food and planet. The Company advanced its global citizenship and sustainability agenda, called its Recipe for Good, by creating a new social purpose to unlock opportunity in frontline restaurant teams and communities with a USD 100 Million investment over five years. In addition, Yum! expanded efforts to offer customers globally more balanced choices including plant-based and vegetarian menu items, and the Company continued its climate change journey by increasing efficiencies in its restaurants and corporate offices and making progress on key deforestation commitments including paper, palm oil, beef and soy. "As a global restaurant company, we can and must do more to unlock opportunities and make real and lasting change that will benefit our businesses and communities," said David Gibbs, CEO, Yum! Brands, Inc.
Starbucks Corporation (NASDAQ: SBUX) announced earlier in July financial results for its 13-week fiscal third quarter ended June 28th, 2020. GAAP results in fiscal 2020 and fiscal 2019 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. "Since the beginning of the COVID-19 outbreak in January, we have taken a principled approach to navigate the crisis, true to our mission and values. Every step of the way, we have thoughtfully addressed the needs of Starbucks stakeholders and are particularly proud of the industry-leading investments we have made to support our partners while creating a safe, familiar and convenient experience for our customers. Starbucks partners have risen to the occasion, and our near-term focus is to recover sales safely and responsibly by offering our customers the comfort and care that differentiate the Starbucks Experience," said Kevin Johnson, President and CEO.
Restaurant Brands International Inc. (NYSE: QSR) announced back in September that Burger King® is unveiling new restaurant designs that will deliver flexibility, innovative features and convenient options for how BK® food can be ordered and delivered, to fulfill changing guests demands. Dedicated mobile order and curbside pick-up areas, drive-in and walk-up order areas, enhanced drive-thru experience, exterior dining spaces and sustainable design elements are featured throughout the new designs. Created by the Restaurant Brands International in-house design group, the plans were drafted with input from tech, operations and food innovation teams to dramatically improve the Burger King® restaurant guest experience. The new designs will provide multiple ordering and delivery modes and highlight a physical footprint 60% smaller than a traditional Burger King restaurant building and site.
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