Restaurants Offer Deals to Attract Customers Amid High Inflation
The summary discusses how restaurants are coping with rising inflation by introducing value deals to attract financially strained customers. Red Lobster’s closure of over 50 locations coincides with a 2.2% inflation increase in April. The restaurant industry faces challenges, including necessary price hikes for survival. To stay competitive, restaurants like Pizza Hut are offering meal deals. The summary highlights how restaurants adapt to inflation by offering value deals amidst challenges like Red Lobster’s closures and a 2.2% inflation rise in April. Price hikes become essential for survival in the competitive industry. To maintain competitiveness, restaurants like Pizza Hut roll out meal deals to attract customers.
As rising inflation continues to affect businesses across the country, several restaurant chains have announced value deals to get cash-strapped customers to return.
This week, Red Lobster announced it was shuttering over 50 locations. It comes as the Bureau of Economic Analysis reported on Tuesday that inflation went up 2.2% for the year ending in April.
“The reality is restaurants are in trouble, and this is not something we’re going to see consistently going forward because they’re going to have to raise prices to survive,” former CKE Restaurants CEO Andy Puzder said on Fox Business’s Mornings with Maria Bartiromo. “You can’t survive in an environment like this and have your prices come down. Wages are surging, you’ve got these huge minimum wage increases, in addition to economic pressure, you’ve seen commodities go way up.”
In an effort to remain competitive, here are the restaurants that are offering meal deals.
Pizza Hut
The iconic pizza chain has recently unveiled its new My Hut Box, which will give customers a choice between various personal pizza entrees combined with either a side of fries or chicken wings and a 20-ounce soda for $6.99.
Buffalo Wild Wings
The sports bar is currently offering customers all-you-can-eat wings for $19.99 on Mondays and Wednesdays at participating locations.
KFC
Kentucky Fried Chicken revealed its “Taste of KFC” menu to include various deals for customers, with the cheapest offering being a $5 meal consisting of two pieces of chicken, mashed potatoes, and a biscuit. The menu also offers a $10 bucket of eight chicken pieces every Tuesday at participating restaurants.
McDonald’s
This week saw the release of a report that the Golden Arches is considering a $5 meal plan, which would give customers a choice between a McChicken sandwich or a McDouble, paired with a side of fries and a soda. However, some locations are cutting back on free refills of beverages.
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Restaurants are not the only food-related businesses seeking to offer deals amid inflation, as Walmart unveiled a new brand offering cheap food products, bettergoods. This line features items costing between $2 and $15, with a majority of items under this chain costing less than $5.
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