Yesterday, Andy sat down with Stuart Varney to discuss reports of New York City restaurant sales hitting an impressive $22 billion in 2018, how the strong economy plays a major role in achieving that number, and a statement from GrubHub’s CEO suggesting the third-party delivery industry is a bubble that will eventually pop.
“What a great economy…I’m not surprised. I think last year should have been spectacular because they [consumers] have money – they eat out,” said Andy when asked if he was surprised by the restaurant sale success in New York. “New York benefits, I think, more than other places because there are so many restaurants and people are so used to eating out… It’s a sign of the times. The economy is so good and has been so good to New York,” Andy continued.
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Next discussed was GrubHub’s CEO saying the food delivery industry is a ‘bubble.’ “The number of food delivery services out there is too high. Competition will reduce those numbers,” said Andy. “GrubHub’s problem was DoorDash and UberEats were getting all the business. GrubHub was loosing business so they had to discount. When you have to discount, your profits drop, ” he continued. Andy then went on to add that as the industry gained popularity, third-party delivery services were seeing major profits because it was a growing sector but now, due to competition, the market is getting smaller.
In closing, both Stuart and Andy agreed that all-in-all, the restaurant industry is thriving due to the tremendous strength of consumer spending and the economy.
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