OPEN TABLE BOOKINGS – THROUGH TUESDAY, JULY 21st – STILL STALLED!
We have updated our weekly table, going back to May, when dining rooms were completely closed. As you can see, the decline in reservations has stalled over the last four weeks, with the year to year declines in the high 50s to the low 60s.
This is not surprising, since the chart below shows that the percentage of restaurants taking reservations has also stalled.
We will be paying close attention to the second quarter reports, ending June 30th, from the publicly held full service restaurant chains, including their updates, if any, through July. Industry observers are already aware that the QSR and Fast Casual segments are doing better, in some cases now comping positive, including Chipotle, who reported postive comps in July. On the other hand, the social distancing requirements and the slowdown of the opening pace around the country will continue to drag on full service. Partisan political positioning seems to have come into play regarding the process, from dining room seats to school openings, so that will continue to be an influence through early November, at least. Hopefully the availability of a vaccine ASAP will allow the restaurant industry to get back to some form of normalcy in early 2021.