Applebee’s International Inc., in an American company which develops, franchises and operates the Applebee’s Neighbourhood Grill + Bar restaurant chain, with a total assets of $935 million.
According to the reports of December 2015, they were operating 2033 restaurants-wide in the United States, one U.S. territory (Puerto Rico) and 15 other countries in a kingly gesture. Set up by Bill and T.J Palmer the company was basically headquartered in Kansas city, Missouri, after moving from Lenexa, Kansas, in September 2011, but is presently at Glendale California.
As the mammoth restaurant chain organization has gained immense fame and assets during their success period, recently an announcement is made that the company will cut off 130 of its restaurants by the end of this year.
Even though the casual dining chain rebranded itself in the past few years as a modern bar and grill.
The executive of Applebee’s International Inc. John Cywinski recently told investors that the company had desired, that the effort would attract a new kind of customer.
He added that the chain aimed to lure a more youthful and affluent demographic with a more independent or even sophisticated dining mindset, including a clear pendulum swing towards millennials. The dish included barbecue shrimp in a srircacha – live sauce; chicken wonton tacos; a pork, ham and bacon sandwich. But these bonaza endeavor didn’t seem to catch on with customers. Eventually this lead to a drop of sale of more than 6% from the last year.
In other words the millennials didn’t go for it and regulars got turned off. In fact, Applebee’s isn’t the only big restaurant chain struggling.
Accordingly brands like Buffalo Wild Wings and Ruby Tuesday have affronted sales crash and a numeral restaurants are ending up as casual-dining chains are facing trouble to attract customers and upgrade their sales.
In the late July, Goldman Sachs downgraded both Boston Beer Company and Constellation Brands on the analysis made that younger customers elect wine and spirits to beer, as well as the fact they’re consuming less alcohol compared to the older generations.
Beer penetration fell 1% from 2016 to 2017 in the U.S. market, while both wine and spirits were unmoved, according to Nielsen ratings.
Admitting a survey conducted by Mintel, it was found out that only 56% of the shopaholics bought napkins in the last six months. At the same time 86% purchased paper towels, which concludes that the younger consumers are opting paper towels to napkins.
Peoples ages ranging from 18 to 24 are 19% less likely to search for breasts on pornographic websites Pornhub compared to the other age groups, referring to the analysis conducted by the website.
For “breastaurants” like Hooters and Twin Peaks, a loss of interest in breasts is bad for business. The number of Hooters locations in the U.S has dropped bu more than 7% from 2012 to 2016, and sales have stagnated, according to industrial reports.
Hooters have struggled to win over millennials for some time now. In 2012, the chain attempted to revamp its image with updated décor and new menu items to attract more millennial and female customers.
According to Mintel’s survey almost 40% of millennials said cereals was an inconvenient breakfast choice because they had to clean up after eating it as per as the report is concerned to The New York Times in 2016.
Instead, younger customers are growing towards convenient options with minimal cleanup that can be eaten on the go, from yoghurt to fast-food breakfast sandwiches.
“From the golf industry statistics, we know that rounds are down,” Matt Powell of the industry-research firm NPD said in a video in 2016. “We know that millennials are not picking up the game, and boomers are aging out. The game is in decline.”
While millennials have created new fitness crazes, like SoulCycle and barre classes, golf has failed to capture their interest in the same manner.
“Our data suggests the younger Gen Y population is adopting motorcycling at a far lower rate than prior generations,” AB analyst David Beckel said in a July note downgrading its rating of Harley-Davidson shares from “outperform” to “market perform.”
Motorcycle sales at Harley-Davidson, which represents about half of the US big-bike market, were down 1.6% overall in 2016 versus the year before. US sales fell 3.9%.
The company shipped 262,221 motorcycles overall, which fell short of expectations of 264,000 to 269,000 units.
Sales of liquid softeners have downgraded by 15% in the U.S from 2007 reported by The Wall Street Journal. The market leader Downy fell 26%in the same period.
According to Downy maker Procter & Gamble’s head of global fabric care, millennials “don’t even know what the product is for.”