This article was written by Kristi Turner, CMO of Compeat
May brings continued growth for restaurant sales across the country as the recovery continues. The month of May gave us two nice growth spikes with 20% week over week growth the week of May 10th and 15% week over week growth the week of May 24th among Compeat restaurants that have stayed open. Our open restaurant locations are now down to a -40% for year over year same store sales, which is a significant improvement compared to the -69% year over year for open locations we saw at the end of March.
For data thru May 30th, our restaurant locations in “opened” states have experienced ~150% growth in restaurant sales since our rock bottom week of Mar 28th and those in “closed” states have seen a 60% growth in the same time frame. The states with the highest growth since Mar 28th week include South Carolina at 370%, West Virginia at 306%, Iowa at 291% and Wyoming at 289%. There are 28 states with over 100% growth since week of Mar 28th.
The other inspiring statistic we are seeing is the percent of closed locations among the Compeat base has improved. We are down to ~30% of restaurant locations across the Compeat base closed. This is a significant improvement from the peak of 46% we saw in April.
In mid- April we saw the first blip of restaurant sales growth as many restaurants were getting both scrappy and innovative as they figured out the takeout model. Now in May, we are seeing another bubble of significant growth with states reopening and consumer demand increasing in both opened and closed states.
Continued signs of restaurant sales growth through May are very encouraging for our industry on the continued road to recovery. However, we expect in the first week of June, we will see a setback in growth at least in our metropolitan cities given the protests, riots and curfews that have been set across the country and the obvious impact on restaurants within the area.
As we continue to say, the restaurant industry and restaurant peeps are resilient and strong. Our industry will come back to a new normal and we have faith the road to recovery will continue. Out of every crisis, comes innovation, creativity and an opportunity to rethink restaurant operations. We will continue to support our customers, our partners and our industry during recovery. #restaurantstrong
You can find all the latest industry data and tips for best practices on our Compeat COVID-19 resource page.
Sources and Disclaimers: The source for COVID-19 cases data as a percent of population as well as reopen vs closed states is the CDC website as of 6.3.20. Restaurant sales data is derived from all Compeat customers across the United States as of 5.30.20. Compeat has customers across different types of restaurants from fine dining to fast casual to quick service. However, we are heavily weighted toward fast casual concepts. There are certain states that have less restaurant locations than others. As such, data shared above should be taken with the above considerations.