Choppin’ It Up by Bloomberg Intelligence

Where we were with trade talks six weeks ago and where we are now are very different and that trajectory will continue over the next six weeks to six months, Align Public Strategies’ Founding Partner Joe Kefauver tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Kefauver sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss why he thinks the worst of the tariff showdown is behind us. He also comments on tax cuts, the MAHA movement’s progress and a recent study on the impact of the FAST Act.See omnystudio.com/listener for privacy information.

Poor order accuracy is a fast way to lose customers and gain one-star reviews, Ovation’s CEO and Founder Zack Oates tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Oates sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss why even though most customer complaints are about food, it’s more important for restaurants to address grievances about accuracy and service. He also comments on why a bad review is a gift. See omnystudio.com/listener for privacy information.

Authentic Restaurant Brands wants to be national, but it’s going to get there by being regional across the country, CEO Alex Macedo tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Macedo sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss the company’s unique strategy of acquiring strong regional brands and helping them improve sales and profit instead of supercharging unit growth. He also comments on the M&A market and why it’s become increasingly difficult to scale up national brands in a cost-effective way. Find this and other Bloomberg Intelligence podcasts at BI PODCASTS . See omnystudio.com/listener for privacy information.

Chili’s accelerated sales growth is sustainable because the company is working with the fundamentals of casual dining — the food, service and atmosphere are all better and team members are having more fun and making more money — Brinker’s CEO Kevin Hochman tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Hochman sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss why he believes Chili’s turnaround remains in the early innings. He also comments on menu simplification, strategic pricing and the importance of the Turbo Chef oven rollout, as well as improving sales and profitability at Maggiano’s.See omnystudio.com/listener for privacy information.

El Pollo Loco has some of the lowest turnover in the industry, CEO Liz Williams tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Williams sits down with BI’s senior restaurant and food-service analyst Michael Halen to discuss the company’s plans to implement technology to improve the employee and customer experience. She also comments on El Pollo Loco’s brand relaunch, remodels, margin expansion and new food items, including quesadillas.See omnystudio.com/listener for privacy information.

It’s imperative for restaurant brands to use guest data to become more efficient with their marketing and drive profitable traffic, Olo’s CEO and Founder Noah Glass tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Glass sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss the company’s plans to grow with new and existing customers in its three product suites: online ordering, payment and personalized marketing. He also comments on Olo’s new partnership with FreedomPay and a sizable opportunity in catering order management.See omnystudio.com/listener for privacy information.

Consumers need to be able to count on restaurant brands for a great value proposition, Denny’s CEO Kelli Valade tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Valade sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss the importance of everyday value amid some US consumer weakness to start the year. She also comments on Denny’s remodels and loyalty program changes as well as growth plans for Keke’s Breakfast Café.See omnystudio.com/listener for privacy information.

Dairy Queen’s international development team seeks to expand into countries where they can quickly grow market share, the customers can afford the product, a sizable limited-service market already exists and strong potential franchisee partners operate, Chief Operating Officer Nicolas Boudet tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Boudet sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss the company’s sizable overseas operations and development strategy. He also comments on recoveries in China and the Middle East.See omnystudio.com/listener for privacy information.

Any time you go through a disaster, the first thing you want to do is find your family and hug them, Main + Main’s CEO and Los Angeles resident Kyle Kavanaugh tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Kavanaugh sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss how the wildfires will affect Californians and the state’s restaurant industry. He also comments on the coming 2026 World Cup, Super Bowl and 2028 Summer Olympics in the city, and hot markets for restaurant development, including the sun belt and Texas.See omnystudio.com/listener for privacy information.

Twin Peaks’ first conversion of a Smokey Bones restaurant is generating run rate sales of $8.3 million, up from $3 million before the switch, CEO Joe Hummel tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Hummel sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss the company’s unit-growth strategy, including plans to convert half of its Smokey Bones locations. He also comments on the importance of balancing data analytics with restaurant visits, and plans for excess cash.See omnystudio.com/listener for privacy information.

At its core Tom’s Watch Bar is a “super sports bar,” cofounder and co-CEO Brooks Schaden tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Schaden sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss how hundreds of screens and an upscale menu separate its sports-entertainment venues from the competition. He also comments on the impact of sports betting, Formula 1 and emerging leagues like the WNBA on the business.See omnystudio.com/listener for privacy information.

Cracker Barrel’s innovation team is “on fire” and just getting started, CEO Julie Masino tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Masino sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss the company’s approach to menu enhancement. She also comments on Cracker Barrel’s value, changes to its marketing program and a 17 percentage-point improvement in employee turnover in 1Q.See omnystudio.com/listener for privacy information.

Leaning into the wood fired grills, bringing fine-dining elements to a more casual environment and an affinity for families are points of differentiation for Firebirds Wood Fired Grill, CEO Steve Kislow tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Kislow sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss the drivers of the chain's same-store sales outperformance vs. casual dining peers. He also comments on employee turnover, one-to-one marketing and his outlook for inflation in 2025.See omnystudio.com/listener for privacy information.

Fast-food chains have lost their value and convenience advantages over competitors, Restaurant Insight Monitor Founder and Partner Tom Wagner tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Wagner sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss how lower cost of goods sold and the proliferation of mobile apps have hurt quick-service industry sales. He also comments on McDonald's $5 Meal Deal and why it's so important for restaurant chains to attract millennials and Gen Z.See omnystudio.com/listener for privacy information.

The No. 1 issue behind the spread of foodborne illnesses is food handling and handwashing practices, making up 89% of outbreaks, PathSpot CEO and cofounder Christine Schindler tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Schindler sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss what restaurant chains can do to protect their employees and customers. She also comments on the importance of tracking food temperatures throughout the supply chain and monitoring expiration dates, as well as the impact of food-safety issues on brands like McDonald's.See omnystudio.com/listener for privacy information.

Cava's brand awareness has gotten a boost from the 2023 IPO, social media and its growing consumer packaged goods business, Chief Experience Officer Andy Rebhun tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Rebhun sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss how the chain's marketing strategy is boosting same-store sales. He also comments on the success of its grilled steak and how the connected kitchen initiative can improve quality, consistency, order accuracy and speed of service.See omnystudio.com/listener for privacy information.

Shake Shack's food speaks for itself, but marketing can help reinforce the qualities that make it special like brisket in the burgers and shakes made with custard, CEO Rob Lynch tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Lynch sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss how changes to the company's marketing program -- including plans to highlight its premium ingredients, create a strategic calendar for limited-time offers and increase spending -- can boost customer frequency. He also comments on kitchen and operational improvements and his vision for Shake Shack's loyalty program. See omnystudio.com/listener for privacy information.

Guests are very willing to adopt kiosks as a part of their ordering process, and the technology can boost check averages 20% or more for some restaurants, Bite CEO Brandon Barton tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Barton sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss how kiosks are being used for upselling and can ease staffing challenges. He also comments on voice AI, facial recognition and McDonald's new kiosks that accept cash.See omnystudio.com/listener for privacy information.

The US presidential race is between Vice President Kamala Harris, former President Donald Trump and the couch, according to Bloomberg Intelligence senior policy analyst Nathan Dean. In this episode of the Choppin' It Up podcast, Dean sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss why strong voter turnout may help Harris. He also comments on how turnout could decide which party controls the US House of Representatives, why Republicans have an inside track at a Senate majority, tariffs, M&A, price gouging, consumer-facing company regulation, tax reform and why he doesn't think tips will be made nondeductible.See omnystudio.com/listener for privacy information.

It's a battle for restaurants to become top of mind with consumers, so generating cultural relevance is imperative, Chili's Chief Marketing Officer George Felix tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Felix sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss how ad campaigns with Brian McKnight, Boyz II Men and Jenna Fischer and Angela Kinsey from The Office, as well as investments in TikTok and influencer marketing, are driving Chili's same-store sales and traffic gains. He also comments on operational improvements, fajita enhancements, Ziosk tablets and the loyalty program revamp. See omnystudio.com/listener for privacy information.

Restaurants can't just raise prices, they need to use data to make real-time decisions to cut waste and excess costs, says Craftable CEO and co-founder Samuel Zats. In this episode of Bloomberg Intelligence's Choppin' It Up podcast, Zats sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss how artificial intelligence can help project sales, reduce costs and help inform labor and purchasing decisions. He also comments on digital sales, commodity inflation and what types of functions are best solved by AI.See omnystudio.com/listener for privacy information.

More and more ranchers are transitioning to regenerative practices, Hibar Hospitality CEO Jeff Chandler tells Bloomberg Intelligence, and he is hoping 100% of the beef Hopdoddy sells will be raised this way in the next couple of years. In this episode of the Choppin' It Up podcast, Chandler sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss why the decision to source the burger chain's ingredients from regenerative farms and ranches was a no-brainer. He also talks about loyalty programs, the growing popularity of chicken and the company's unique approach to dealing with general manager turnover and burnout. See omnystudio.com/listener for privacy information.

American consumers are getting squeezed and spending their restaurant dollars on indulgent snack times and value plays, Savory Fund Managing Partner and Co-Founder Andrew Smith tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Smith sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss what's working and what isn't in a difficult economic environment. He also comments on hot culinary trends, restaurant tech, CosMc's and his bullish growth outlook for Asian concepts in the US.See omnystudio.com/listener for privacy information.

Many restaurant companies could cut guidance this year as low-income consumers and industry sales remain challenged, Guggenheim Partners Director and Lead Restaurant Analyst Greg Francfort, tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Francfort sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss aggressive US coffe- shop development, quick-service discounting and strong demand for chicken brands. He also shared which companies he thinks have a moat on pricing and traffic including Chipotle, Domino's Pizza, Texas Roadhouse and Wingstop.See omnystudio.com/listener for privacy information.

It is becoming clear that delivery in the US isn't working for anyone, Empower Delivery CEO Meredith Sandland, tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Sandland sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss why consumers, restaurant owners and drivers are unhappy with the current state of delivery and what can be done to improve the experience for all parties. She also comments on the state of ghost kitchens and Amazon.com's decision to take a bigger stake in GrubHub and add GrubHub+ to its Prime membership. See omnystudio.com/listener for privacy information.

Restaurant real estate is expensive and vacancy is low, motivating chains to pivot to alternative formats and omni-channel development including nontraditional units, Full Course Founder and CEO Lauren Fernandez tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Fernandez sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss smart growth strategies for emerging brands. She also comments on lending weakness, opportunities in the M&A market and the benefits of contract manufacturing. See omnystudio.com/listener for privacy information.

Cultivated meat can give customers a product they love without the negative impact to the environment, Meatable Founder and Chief Technical Officer Daan Luining tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Luining sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss how cultivated meat is produced and why it may be more attractive to consumers than plant-based options. He also comments on adoption rates, distribution models and regulatory issues.See omnystudio.com/listener for privacy information.

The volume of restaurant mergers and acquisitions remains well below 2019-21 levels, but private-market activity is starting to pick up, Harrington Park Advisors Founder and Managing Director Ashish Seth tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Seth sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss the state of the M&A market, including investors' preference for franchised brands over company-owned ones. He also comments on valuations and the lending market and describes the matchmaking process between acquirers and target companies. See omnystudio.com/listener for privacy information.

No-shows remain in the 20% range in the fine-dining industry, Head of Tock Matt Tucker tells Bloomberg Intelligence, despite demand that far outstrips supply, hurting unit profitability. In this episode of the Choppin' It Up podcast, Tucker sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss how the prepayment of reservations can help fine-dining establishments maximize revenue. He also comments on the shift to earlier dinner reservations, the state of the M&A market for restaurant-tech companies and unique ways restaurants are implementing dynamic pricing. See omnystudio.com/listener for privacy information.

Puttshack owns a global concept patent on automatic scoring in miniature golf, CEO Joe Vrankin, tells Bloomberg Intelligence, creating a barrier to entry for its competitors. In this episode of the Choppin' It Up podcast, Vrankin sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss how the company has used technology to reinvent the game and paired it with a food and cocktail menu to attract the coveted 21-39 year-old demographic. He also comments on Puttshack's unit economics, marketing strategy and development plans. See omnystudio.com/listener for privacy information.

Foodservice distribution capacity is very tight, Datum FS Founder and President David Maloni tells Bloomberg Intelligence, contributing to higher prices for their restaurant customers. In this episode of the Choppin' It Up podcast, Maloni sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss how higher distribution and labor expenses are contributing to inflation in the restaurant supply chain. He also comments on feed costs, Section 204 of the the FDA Food Safety Modernization Act and his outlook for several commodities including cattle.See omnystudio.com/listener for privacy information.

Global bubble-tea sales could double or triple to more than $5 billion in the next 5-6 years, Gong cha Global President of the Americas Geoff Henry tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Henry sits down with BI's senior restaurant and foodservice analyst Michael Halen to explain how the company is capitalizing on shifts in the global beverage landscape. He comments on Gong cha's customer demographics and unit economics, as well as its shift to a direct franchising model in the US.See omnystudio.com/listener for privacy information.

The Israel-Hamas war is a bigger issue for McDonald's and Starbucks than many other food chains due to reputational risk, deeper sales declines and greater exposure to high-impact countries like Jordan, Egypt and Morocco, Shatranj Capital Partners co-founder and general partner Brandon Guthrie tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Guthrie sits down with BI's senior restaurant and foodservice analyst Michael Halen to explain how the war has affected sales in the Middle East and how long the recovery might take. He also comments on the wealth of opportunities for private equity investors in the region, Chipotle's partnership with Alshaya, Wendy's UK expansion and dynamic pricing. See omnystudio.com/listener for privacy information.

Restaurant chains are revamping loyalty programs this year because they aren't working, Thanx CEO and Founder Zach Goldstein tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Goldstein sits down with BI's senior restaurant and foodservice analyst Michael Halen to explain what loyalty programs must accomplish to successfully drive traffic. He also comments on AI, dynamic pricing and the cycles of all-in-one tech. See omnystudio.com/listener for privacy information.

Salad and Go's mission -- to make fresh, nutritious food affordable and convenient for all -- is unique in the restaurant industry, CEO Charlie Morrison tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Morrison sits down with BI's senior restaurant and foodservice analyst Michael Halen to explain how the company's vertically integrated approach allows it to sell salads and wraps for under $7. He also comments on this year's plans to boost brand awareness as well as its expansion into catering and delivery.See omnystudio.com/listener for privacy information.

Collaboration and alignment between restaurant operations and marketing teams is critical to driving traffic without hurting the guest experience, Ray Johnson, Founder of ReCee's Leadership Consulting Group, tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Johnson sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss how better employee retention and ease of execution can generate long-term, sustainable sales growth. He also commented on depressed productivity levels, the importance of team-member training and how a greater mix of off-premise sales has hurt restaurant-level execution. See omnystudio.com/listener for privacy information.

Fogo de Chao doesn't build a site pipeline until it has three years of visibility into the development of general managers, CEO Barry McGowan tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, McGowan sits down with Michael Halen, BI's senior restaurant and food service analyst, to explain how the company's investments in its employees are fueling strong sales and traffic growth. McGowan also comments on Fogo de Chao's acquisition by Bain Capital and explains how a unique service model drives best-in-class restaurant-level margin.See omnystudio.com/listener for privacy information.

Mexican fast casual is the only dining category that doesn't have a list of 20 mature competitors slugging it out for market share, CEO of Modern Restaurant Concepts John Cywinski tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Cywinski sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss Qdoba Mexican Eats' growth opportunity and plans to accelerate new-store development to 100 restaurants a year. He also comments on Qdoba's move to national marketing, margin-expansion opportunities, the health of the US consumer and the emerging Modern Market Eatery fast-casual chain. See omnystudio.com/listener for privacy information.

 Great franchisees will make Potbelly stronger for 20, 30 or 40 years, CEO and President Bob Wright tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Wright sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss how attracting the right franchisees should enable the company to achieve 10% net unit growth this year. He also comments on the Potbelly Digital Kitchen and margin-expansion opportunities and explains what has fueled the chain's same-store sales gains since 2019. See omnystudio.com/listener for privacy information.

A record number of restaurant-tech companies could shut their doors for good in 2024, Juan George, co-founder of 858 Partners, tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, George sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss difficulties facing companies that make “nice to have” restaurant technology, including raising capital, stalling top-line growth and falling valuations. He also comments on all-in-one solutions and explains why building proprietary tech isn't a serious consideration for most restaurant chains.See omnystudio.com/listener for privacy information.

Patients taking GLP-1 drugs reduce their snacking and alcohol consumption, but the overall impact on the restaurant industry will be minimal, Allan Hickok, senior advisor at the Boston Consulting Group, tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Hickok sits down with BI's senior restaurant and foodservice analyst Michael Halen to discuss how the drugs are affecting consumer behavior. He also commented on generative AI, loyalty programs and menu pricing.See omnystudio.com/listener for privacy information.

Red Robin Gourmet Burgers' new flat-top grills make better burgers, improve efficiency and give the chain more menu optionality going forward, CEO and President G.J. Hart tells Bloomberg Intelligence. In this episode of the Choppin' It Up podcast, Hart sits down with BI's senior restaurant and foodservice analyst Michael Halen to give an update on the chain's North Star plan, which includes improved food and operations, fewer discounts and new compensation plans for market partners and single-unit operators. He also comments on marketing spending, sale-leaseback transactions and changes to the loyalty program. See omnystudio.com/listener for privacy information.