NOW WE ARE CLOSE TO 12% YEAR
OVER YEAR. BRIAN: LET’S BRING IN SOMEONE
BRIAN: LET’S BRING IN SOMEONE
WHO KNOWS THE NS AND -- THE INs
OUTS OF THE FOOD INDUSTRY.
I WANT TO HEAR FROM A GUY ON THE
GROUND IN A SPACE GETTING NAILED
BY INFLATION.
WHAT WAS YOUR REACTION TO THE
INFLATION REPORT?
TIGHT WASN’T TOO MUCH OF A
SURPRISE.
YOU TALKS TO AN ECONOMIST IS
LIKE PINEAPPLE ON PIZZA FOR ME.
ALL THE FEDERALLY FUNDED
AGENCIES TELLING US NOT TO WORRY
ABOUT IT, IT WON’T BE AN ISSUE.
WE SAID NO, WE CAN’T HIRE PEOPLE
AND IT WILL COMPOUND INTO THE
SITUATION WE HAVE NOW.
I DON’T WANT TO SIT ON YOUR SHOW
AND WAX POETICALLY ON HOW I FEEL
ABOUT IT.
BUT THERE ARE WAYS HEDGE AGAINST
THESE ISSUES.
IF WE ALL KINDS OF GET TOGETHER
AND WE SAY TO OURSELVES, WE WANT
TO SUPPORT OUR LOCAL
RESTAURANTS.
YOU CAN DO THAT BY ACTUALLY
PARTNERING UP WITH THE LOCAL
RESTAURANTS.
WE ARE BUYING THINGS AT
WHOLESALE.
SO WE GET THINGS BELOW WHAT YOU
SEE ON THE RETAIL CHEF.
CAN I JUST GIVE YOU A LITTLE BIT
WITH A PREMIUM AND BUY IT
THROUGH YOU, AND I’M GIVING THEM
A COUNT ON WHAT I’M BUYING AND I
AM BRINGING REVENUES I CAN
MIGRATE THERE.
BRIAN: BREAKING DOWN THE FOOD
INFLATION.
IT’S BASED ON FOOD YOU ARE GOING
TO EAT OUT AND GET AND GOOD YOU
ARE GOING TO BRING HOME.
THE OVERALL NUMBER IS 10.1%
INFLATION AT HOME.
BUT THE EATING OUT NUMBER IS 7.4
7.4%.
ARE RESTAURANTS ACTUALLY
SHIELDING CONSUMERS FROM A LOT
OF THIS INFLATION BECAUSE THEY
DON’T WANT TO LOSE THOSE
CONSUMERS?
>> THAT’S EXACTLY WHAT IT IS.
WE HAVEN’T TAKEN THE PRICE
INCREASES ACROSS THE BOARD
BECAUSE WE WANT TO MAINTAIN OUR
CUSTOMER BASE.
WHAT WE DO TO BREAK EVEN IS TO
SEE CONFIGURE THE LABOR MODEL OR
NEGOTIATE PRICING WITH OUR
LANDLORDS OR VENDORS.
ALSO ANOTHER TIP IS THE THIRD
PARTY DELIVERY APP.
THEY ARE TAKING 30% FROM THE
BUSINESS AND CONSUMER.
I’M NOT SAYING DON’T USE THEM.
BUT IF YOU CAN GET TO THE
RESTAURANT AND DO A TAKEOUT,
EVERYBODY WILL SAVE MONEY.
BRIAN: JUST OTHER NIGHT ON JIMMY
KIMMEL THE PRESIDENT OF THE
UNITED STATES WAS SAYING WE HAVE
THE FASTEST GROWING ECONOMY IN
THE WORLD AND WE ARE IN A STRONG
POSITION.
I HEAR THAT ONE WAY BECAUSE I’M
IN THE MEDIA AND I THINK THESE
THINGS AT A HIGH LEVEL.
YOU HAVE PEOPLE AT GROUND LEVEL
TRYING TO SCRAPE BY.
THEY ARE HEARING THIS FROM THE
PRESIDENT.
AND THEY ARE THINKING THAT’S NOT
CONSISTENT WITH THE DATA.
HOW ARE FOLKS ON THE GROUND LIKE
TO YOURSELF HEARING THAT MAN
WHAT DOES IT MAKE THEM THINK
ABOUT THEIR HOPE FOR THINGS
GETTING BETTER IN THE FUTURE
WHEN THEY HEAR THE PRESIDENT SAY
THAT TO A COMEDIAN ON
TELEVISION.
>> I THINK IT AMPLIFIES THE
DISTRUST FROM WHAT WE HEAR FROM
THESE AGENCIES AND THE EXECUTIVE
OFFICE ITSELF.
IT DOESN’T SURPRISE ME WHETHER
IT’S THIS ADMINISTRATION OR
PREVIOUS ADMINISTRATIONS, SMELL
TRY TO SPIN THINGS AS POSITIVELY
AS THEY CAN.
BUT WE ARE AT A LEVEL OF GAS
LIGHTING THAT’S ALMOST HUMOROUS
BECAUSE WE ALL SEE WHAT’S
HAPPENING.
NOW IT’S A WHOLESALE PRICE
INCREASE.
TALK TO YOUR LOCAL BUSINESSES.
TALK TO YOUR NEIGHBORS BEFORE
YOU START TURNING TO -- I DON’T
WANT TO SAY -- I WANTED PEOPLE
TO WATCH YOUR SHOW.
BUT TAKE EVERYTHING YOU ARE
GETTING FROM PERHAPS THE
ADMINISTRATION WITH A GRAIN OF
SALT.
BRIAN: ON THE SUPPLY CHAIN ISSUE
AND LABOR SUPPLY.
DO YOU EXPECT RESTAURANTS TO
PULL BACK AND START HIRING A
BIT?
REAL QUICK ON THAT ONE.
>> IT’S HAPPENING.
WE ARE PULLING BACK ON HIRING.
RESTAURANTS ARE TRYING TO MAKE
MASSIVE SWITCHES IN TERMS HOW
THEY OPERATE THEIR BUSINESSES SO
THEY ARE NOT AS LABOR INTENSIVE.
A LOT OF KOA -- A LOT OF CO-PACK
AND WE HAVE LABOR ISSUES.
BRIAN: WE HAVE HAD STRONG HIRING
UP TO THIS POINT.
BUT AT SOME POINT PRICE INCREASE
ALWAYS TRANSLATE INTO BUSINESSES
HAVING TO FIND MONEY ANYWHERE
THEY CAN.
IN SOME CASES THAT MEANS NO MORE