The U.S restaurant industry has seen acceleration in sales for its fourth straight month. In August sales were up 3.7%, according to M Science.
Grocery store chains, however, saw a 7% drop in sales from July. The online segment of the grocery industry also saw a significant decline month-over-month.
The drop-off in sales for online grocery delivery could be for several reasons, including high costs of delivery and safety risks. Consumers often feel a greater sense of safety with in-person shopping to know the exact products they’re getting and where they came from.
These trends indicate that consumers are starting to venture out more amidst the pandemic, allocating more income for meals at restaurants. In comparison to earlier this summer, consumers are spending more money at restaurants than at grocery stores. The pandemic has forced restaurants to think outside the box when it comes to offering innovative deals and promotions to drive traffic.
The jump in restaurant industry sales is a good sign for malls. For malls that have restaurants, they could greatly benefit from the traffic, and could add to the positive momentum we have seen across our portfolio.
These numbers continue to indicate the pent-up demand and need for brick and mortar among consumers. Many restaurants were closed for a number of months, but now with most open for indoor and outdoor seating, this brings significant opportunity to drive a healthy recovery post-COVID.
Source: Grocery Store Sales – Grocery Dive
Photo Credit: Unsplash
