Inflation and pandemic-era shifts could be devastating for the sector, the Shark Tank star said.
Kevin O'Leary, a star of the television show Shark Tank, said inflation is behind the struggles the restaurant business has faced over the last year while the pandemic-era escalation of home delivery trend is also causing challenges for the sector.The bankruptcy filing of Red Lobster in May was the latest in a number of food outlets that have been hit by tough times by an unforgiving business environment characterized by elevated prices and consumers slowing down spending on eating out.
'Sixty million Americans – a massive chunk of the population that is aged 60 years and above – were forced to use their smartphones to order a 'treat' dinner for the very first time in 2020,' O'Leary said. 'But now, these consumers are comfortable requesting Chinese from their living room couches.'Meanwhile, a lot of the workers who moved to work from home during COVID are yet to fully return to the office.
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