America’s taste buds are craving a different kind of flavor nowadays, according to Boston Market CEO George Michel. “People are looking at ethnic food right now and looking at experience,” Michel told the FOX Business Network’s Stuart Varney, adding that mom and pop restaurants can offer variety and authenticity not always associated with national chains.
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“[Consumers] are going to [mom and pop] operations where they cook unique food or food from other countries that they present,” he said. “However, we have to remember that all of chains have started as a ma and pa operation initially and grew into chains so we do welcome initiatives and we do welcome innovation.”
However, overcrowding in the restaurant industry is starting to hurt his businesses bottom line he said.
“Our sales are down about two percent over [the] last year… There are way too many restaurants that have opened in the last few years and they are also clustered in together,” he said. “We’ve noticed lately some of the chains have started closing some of these restaurants because they are not hitting their economic criteria.”
Despite this, Michel sees one bright spot: Trump tax cuts.
“We are waiting with anticipation,” he said.