Adjacent articles in the Wall Street Journal show that you better be prepared for change but not to change things for the sake of changing.
Restaurants are hot and property managers are embracing them. Quite a change from years past, especially during the pandemic. Restaurants “accounted for more than 19% of all retail leases last year.” Property managers like the fact restaurants boost foot traffic to their other tenants’ businesses.
It’s a combination of the economy, rising wages, a “foodie culture,” and family dynamics (more single people, having kids later, etc.). The hottest segment is fast casual as McDonalds is still way down.
On the flip side, Costco is pushing more e-commerce business, and it was up 20% over the same quarter as last year. As they make a digital push, they’re not changing things that drive traffic. Membership fees are staying the same (analysts say raise them) and the $1.50 hot dog and soda combo is still alive and well.
The lessons for every business are:
- If it’s working, don’t change it.
- When you see a new avenue to growth, go for it.
- Things move fast, be prepared.
“Hope is not like a lottery ticket you can sit on the sofa and clutch, feeling lucky. Hope is an axe you bread down doors with, in an emergency.” Rebecca Solnit