What is in this article?:
- NRA: Restaurants to increase spending in 2013
- Cautiously optimistic
This article is part of Nation's Restaurant News' coverage of the NRA's 2013 Restaurant Industry Forecast on NRN.com, which explores various parts of the report.
While the economy remains sluggish, restaurant and other foodservice operators will likely increase spending in the year ahead, according to the recently released 2013 Restaurant Industry Forecast.
The forecast from the National Restaurant Association projects that foodservice operators will buy a record $237.2 billion in food and beverages from industry suppliers in 2013. Projections for 2012 were $225.4 billion.
“More than $66 billion is projected to come from the full-service segment, while $71 billion is expected to come from the limited-service segment,” the NRA predicted.
The NRA forecast also noted that nearly half of operators said “they made a capital expenditure for equipment, expansion or remodeling during the September-to-November time period” of 2012.
However, restaurant operators in the NRA’s monthly Restaurant Industry Tracking Survey indicated that although they were more likely to increase capital spending it would remain below pre-recession averages
“Looking forward to 2013, operators in both the full-service and limited-service segments indicated that they plan to ramp up capital spending,” the NRA forecast said. About three out of 10 full-service operators said they planned to devote more resources to new equipment in the year ahead, similar to 31 percent of quick-service operators and 26 percent of fast-casual operators.
Remodeling and renovations were a higher priority for operators. About 46 percent of fine-dining operators said they plan to devote more resources to remodeling or renovation in 2013 and only 16 percent plan to spend less. Nearly four out of 10 casual-dining, quick-service and fast-casual operators also said they plan to spend more on remodeling or renovation in 2013.