Private-equity firm Rhone Capital will acquire Brazilian steakhouse chain Fogo de Chao for $560 million, the company said Tuesday. The chain has 38 US restaurants with plans to grow to 100 or more, and it's also focused on international growth, Chief Executive Officer Larry Johnson said.
About 57% of Costco members are also Amazon Prime members, compared to 13% five years ago, according to a survey from MoffettNathanson. "Americans appear to be buying into the concept of owning two 'shopping' memberships as the value proposition is fundamentally different," the firm wrote in a research note.
Consumers are likely to accelerate their adoption of online grocery shopping in the wake of recent mergers and acquisitions, a Nielsen report projects. Up to 70% or 80% of shoppers will be venturing online for at least part of their groceries within five to seven years, according to Nielsen's Laurie Rains.
Modern takes on the Jewish deli are opening across the US, putting a new spin on traditional cuisine popularized by iconic delis including New York City's now-closed Carnegie Deli. "We're taking the Jewish deli food back to its roots, but kind of pushing the rest of the experience forward," said Michael Kassar, co-owner of Wexler's Deli in Los Angeles, which serves sustainably sourced fish and hormone-free meat.
The parent of IHOP and Applebee's Neighborhood Grill & Bar has changed its name from DineEquity to Dine Brands Global, reflecting the company's increased focus on international growth, Chief Executive Officer Stephen Joyce said. The company will close between 90 and 120 units this year, even as it seeks new brands for expansion and franchisees plan up to 15 new international locations.
Domino's Pizza opened 1,045 new units last year and booked sales of $12.2 billion, surpassing rival Pizza Hut's $12 billion in sales. The company's growing size gives it an increased ability to negotiate better deals from suppliers, said Chief Executive Officer and President J. Patrick Doyle said.
Private labels are becoming more important to shoppers, with 53% saying they would pick a store for its private label items, according to a report from Daymon. Successful private labels also encourage innovation and price competition from national brands as consumers have come to trust store brands, the report states.
Tyson Foods has built a seven-person innovation team that is working to create a new product that will hit shelves in six months. One item in development is a high-protein snack derived from ingredients left behind during other food and beverage production processes.
Food could be imprinted with effective, edible circuitry that would allow individual items to be tracked, according to a study from Rice University. In the study, lasers were used to carve a thin layer of graphene on food that could function as a tracking chip.
School-menu options were on display during the Region 5 Education Service Center Food Service Cooperative's annual food show at the Beaumont Civic Center in Texas. The event drew more than 1,000 students and school administrators who sampled items and voted for their favorites.
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