Nine out of the top ten restaurants in the United States by revenue come from this category. In many cases, the ingredients used are scarce, forcing premium restaurants to accept prevailing market prices. Also, premium restaurants do not have strong bargaining power with their suppliers. However, the fragmented nature of this market means customers can easily find substitutes and new restaurants can enter the market relatively easily. The main advantages in this category are that customers are willing to pay premium prices for the high-quality dining experience on offer. Even if they can afford to expand and open new restaurants, they are often reluctant to because it may negatively affect this reputation in the perception of customers. Market players strive to maintain a reputation for delivering a unique, satisfying and memorable customer experience. Premium restaurants represent 48% of the industry but it is a highly fragmented market, consisting of many small businesses rather than a few big ones. The restaurant industry can be segmented into three major categories: 1. These include the traditional fast food outlets like McDonald’s and also the newer category of gourmet fast food outlets – like Panera Bread and Shake Shack. The limited-service restaurant sector represented US$223 billion of sales. US$259 billion was attributed to the full-service restaurant sector, which includes premium restaurants and fine dining. Restaurant industry sales in the United States have been growing over the past decade and exceeded US$536 billion in 2016.
The Restaurant Industry in the United States
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