First Tennessee releases 2017 Restaurant Review
August 23 2017 - 3:10PM
Chicken and snack chains outperformed all other segments in
year-over-year comparisons and fast casual has changed the
restaurant industry landscape since 2007, according to First
Tennessee’s Franchise Finance 2017 Restaurant Review. The
annual review of the restaurant industry is published by First
Tennessee Bank, the regional bank of First Horizon National Corp.
(NYSE:FHN).
The nation’s Top 100 restaurant chains accounted for nearly half
of total restaurant sales last year, and quick-service restaurants
continued to steal market share from full-service restaurants.
Consumer spending increased for the seventh consecutive year.
“Since 2007 fast casual restaurants have led market share
growth, fueled by consumers’ lifestyles, dining preferences and
spending habits,” said Todd Jones, managing director and group head
of franchise finance at First Tennessee Bank. “Leading the way in
system-wide sales and average unit volume were chicken and snack
chains, which have exploded in popularity and in 2016 outpaced all
other segments.”
Of the Top 100 chains, nearly 80 percent were franchised, and
seven chains were completely franchised systems. Within the top 10
chains, 88 percent of units were franchised. And while chicken and
snack segments posted top gains, pizza remains a steady favorite
led by No. 10 Domino’s. Sandwich is the largest segment, with 30
chains representing more than $110 billion.
When evaluating segments, even those that have had slower gains
since 2007 have remarkable brand success stories that continue to
resonate with consumers. While some competitors retreated, they
have increased sales and units, proving response to customer
preferences can separate a brand from the pack.
About First Tennessee franchise finance
First Tennessee franchise finance, a unit of First Tennessee
Bank, is a national restaurant lender that provides flexible access
to capital backed by best-in-class customer service. As an
experienced team of professionals with market insights and unique
access to brands, First Tennessee franchise finance serves
operators as they buy, build, remodel and grow. More information is
available at www.ftb.com/franchisefinance.
About First Horizon
The 4,300 employees of First Horizon National Corp. (NYSE:FHN)
provide financial services through more than 160 First Tennessee
Bank locations in Tennessee and across the southern U.S. and 28 FTN
Financial offices across the nation. The company was founded during
the Civil War in 1864 and has the 14th oldest national bank charter
in the country. First Tennessee has one of the highest customer
retention rates of any bank in the country, and FTN Financial is a
capital markets industry leader in fixed income sales, trading and
strategies for institutional customers in the U.S. and abroad.
First Horizon has been recognized as one of the nation's best
employers by Working Mother and American Banker magazines and the
National Association for Female Executives. More information is
available at www.FirstHorizon.com.
FHN-G
Contact:
James Dowd (901) 523-4305 JEDowd@FirstTennessee.com
Kim Cherry (901) 523-4380 KCherry@FirstHorizon.com
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