NEW YORK, Oct. 2, 2020 /PRNewswire/ — The food & beverage industry is being profoundly impacted by the global pandemic. The duration of the viral outbreak remains a key factor in assessing the overall impact of the pandemic and the overall economy as well as this industry. Now, businesses have started to slowly open up and the rapidly transforming food service industry is of great importance to the adoption of technologies for better and more efficient operations. With the addition of scheduling software, digital inventory tracking, automated purchasing tools, and digital reservation table management, the food service industry has seen huge leaps in terms of revenue generation, inventory management, customer satisfaction, and operation efficiency.
Now, the food & beverage industry has become even more important for the fast-casual restaurant market, which was valued at USD 125.6 Billion in 2019, and is expected to reach USD 209.1 Billion by 2027 while registering a CAGR of 10.6% from 2021 to 2027, according to data by Allied Market Research. Urban Tea, Inc. (NASDAQ: MYT), Dunkin’ Brands Group, Inc. (NASDAQ: DNKN), Shake Shack Inc. (NYSE: SHAK), Yum! Brands, Inc. (NYSE: YUM), Chipotle Mexican Grill, Inc. (NYSE: CMG)
The broader restaurant, food & beverage market is also influenced by a continuous change in tastes and trends of consumers. A good example is the 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.
Urban Tea, Inc. (NASDAQ: MYT) announced breaking news earlier last week that, “it has entered into a share purchase agreement (the “Agreement”), pursuant to which the Company agreed to pay $400,000 in cash to acquire 80% of the equity interest in Guokui Management Inc. (“Guokui”). Guokui is incorporated under the laws of New York State and has been operating CROP CIRCLE, a casual street food restaurant in New York City, since August 2020. The Agreement also includes details of how the two parties may collaborate in the future.
Upon closing of the transaction contemplated by the Agreement, MYT will own the registered trademark of “CROP CIRCLE” in the United States and operate the Crop Circle restaurant, which features guokui, an oval shaped baked flatbread with various filling selections, a popular street snack originating from northern China’s Shaanxi Province. CROP CIRCLE also provides other meals combining classic and modern styles. MYT currently owns the trademark “MENO” and operates MENO, a modern tea and coffee shop with a small curated food menu. The ownership of these two restaurants marks the implementation of MYT’s initial brand strategy in the United States. Going forward, the Company plans to deepen its roots in the US market based on the restaurants’ operating performances.
Ms. Kan Lu, CFO of Urban Tea, commented: ‘The signing of the Agreement enables the Company to better navigate the casual food and drink market in NYC. Through building brand awareness and launching new restaurants, the partnership with Guokui shareholders will take our expansion plan on an exciting journey. We remain committed to our common core values of providing culturally inspired food that is loved by customers in America. With Guokui’s management team, we look forward to opening more restaurants and bringing traditional Chinese cuisine to more guests across the U.S.’
About Urban Tea, Inc. Urban Tea, Inc. is an emerging specialty tea product distributer and retailer headquartered in Changsha City, Hunan Province, China. Through its wholly owned subsidiary, Mingyuntang (Shanghai) Tea Limited which controls Hunan Ming Yun Tang Brand Management Co., Ltd. and Hunan 39 Pu Tea Co., Ltd., the Company currently market a wide range of trendy tea drinks, light meals, and pastries targeting China’s new urban generation in Hunan province. Our products are focused on not only their taste but also their aesthetic presentation and health benefits. Our products are currently being offered via our own stores. For more information, please visit: http://ir.h-n-myt.com/investor.”
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Dunkin’ Brands Group, Inc. (NASDAQ: DNKN) reported last week on the national coffee day. “For so many Americans, Dunkin’ equals coffee, and coffee equals Dunkin’… there is simply no other coffee choice. We’re declaring National Coffee Day as National Dunkin’ Day to highlight how much our coffee means to people, and create an opportunity to raise a cup to everyone across the entire country who understands and appreciates how important that daily cup of Dunkin’ can be to keep running,” said Drayton Martin, Vice President, Brand Stewardship at Dunkin’. The brand will also be delivering the exclusive care packages to select fans who do not currently live close enough to a Dunkin’ store to celebrate National Dunkin’ Day. The company has more than 13,100 restaurants in 41 countries worldwide.
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 24, 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 $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. “To reflect the growing intersection of business and purpose, we recently integrated our Recipe for Growth – the guiding principles of our business strategy – with our Recipe for Good. This unified approach will help us better serve our employees, customers and communities when it comes to the issues they care about most.”
Chipotle Mexican Grill, Inc. (NYSE: CMG) announced recently that it is introducing a family TikTok challenge called #ChipotleSponsorUs to celebrate the launch of the Group Ordering feature on the Chipotle app. “With people spending more time with their loved ones, we’re quickly seeing TikTok become a family affair,” said Chris Brandt, Chief Marketing Officer. “Our #ChipotleSponsorUs TikTok challenge will inspire creativity on the platform and highlight our new Group Ordering feature which eliminates the stress of collecting everyone’s Chipotle order.”
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