Restaurant sales rose 4.2 percent to $425.6 billion in 2012 and are projected to increase nearly 4 percent to 441.9 billion this year, according to a new report by GE Capital’s Franchise Finance unit.
The 23rd annual Chain Restaurant Industry Review also showed merger activity increased to $3.9 billion in 2012 from $3.7 billion in 2011.
“In contrast to the slow but promising recovery in the global financial markets, the U.S. restaurant industry has been very focused on growing and expanding,”  Agustin Carcoba, president and CEO of the Franchise Finance unit, said in a prepared statement.
Carcoba said the increase in activity “has been driven by the improving economy, changing consumer habits and shifting U.S. demographics.”
The top 100 restaurant chains outperformed the rest, according to the report. Systemwide sales of the top 100 chains grew 4.7 percent to nearly $210 billion in 2012. Notably, the top 100 chains grew their market share 0.5 percent from 2011.
Full-service restaurant sales increased 3.1 percent to $202.2 billion, while quick-service restaurant sales increased 5.6 percent to $179.3 billion, according to the report. The latter raised menu prices at a 3.2 percent annual rate in 2012 after raising prices 2.2 percent the previous year, while full-service restaurants raised menu prices 2.6 percent after upping prices 2.2 percent in 2011.
GE Capital, a unit of General Electric Co., is based in Stamford.
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