Restaurant Industry Fueling Economic Growth, Says Sam Mustafa

Charleston, South Carolina (PRWEB) May 29, 2013

Sam Mustafa, founder of the Charleston Hospitality Group, has announced that the restaurant industry is outpacing many other sectors within the United States economy. According to an article published by Foodservice, the restaurant industry is contributing to the growth of the overall economic landscape through its own expansion. Here, Mustafa explains the reports that have been made regarding this new trend and encourages restaurant owners to continue to thrive.

The article asserts that “Malcolm Knapp’s Knapp-Track found comparable store sales in March increased 2.6 percent at the 56 casual dining chains in his study. Mr. Knapp reported comparable store sales declined 0.6 percent in January and 5.2 percent in February. Mr. Knapp added that it appears that April comps will also be up, but not to the same level as they were in March. (Mr. Knapp’s data is courtesy of Bank of America Merrill Lynch.)”

The article goes on to assert that the National Restaurant Association’s Restaurant Performance Index indicated similarly positive results: “The Index exceeded 100, indicating expansion in the market. The Current Situation component reached 99.8, an increase of 1.5 percent. The really good news was that 44 percent of operators reported positive comparable store sales and just 37 percent reporting lower comps. The Future Expectations component stayed even with February but was well in positive territory at 101.4.” Furthermore, the article explains, spending regarding restaurant equipment, remodeling, and expansion has been increasing.

Sam Mustafa explains that the state of the restaurant industry rests largely upon the overall economic landscape and that this increase in business is a positive indicator for the economy as a whole. “We saw, when the recession hit, that the number of people going out for dinner dropped,” Mustafa asserts. “Basically, when the economy goes bad people cut out any extra spending. Unfortunately for the industry, restaurants are a luxury, not a need. But now that the economy has been in recovery for a few years we have seen a surge in the number of people frequenting their favorite restaurants againand trying new ones. They are more confident in their financial stability and in the belief that they can spend their money without facing financial trouble in the near future.”

In this way, Mustafa asserts, the success of the restaurant industry as a whole is a reflection of consumer attitudes regarding the economic landscape. When consumers are confident in the economy they are more likely to spend extra money on items that they do not necessarily need. As such, a thriving restaurant business indicates that the economy is indeed in recovery mode.

Sam Mustafa encourages restaurant owners to take advantage of the growth of the industry and to provide patrons with the best dining experience possible.

ABOUT:

Sam Mustafa is the founder of the Charleston Hospitality Group, which was established in 2008. The organization strives to provide both residents and tourists with a quality selection of catering, nightlife, food, and transportation. Since its foundation, the Charleston Hospitality Group has expanded significantly and, to date, encompasses nine individual companies and five distinct brands, including Queology. With the assistance of his team and business partners, Mustafa is dedicated to improving the Charleston community while showcasing its cultural treasures for visitors and residents to enjoy.







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