IRI Launches Daily On-Premise Tracking Solution to Provide Market Measurement
Data provider IRI has launched a Daily On-Premise Tracking Solution, which can provide restaurant suppliers with daily point-of-sale data drawn from 10,000 restaurants across the country within four days. The platform reports critical indices, such as dollars per venue and percentage of sales recovered, enabling restaurant industry suppliers to track restaurant openings and capacity, and plan the most effective distribution strategy.
The IRI Daily On-Premise Tracking solution offers two full-service restaurant segments: casual and upscale/fine dining, representing nearly 40% of the commercial restaurant industry. Data is reported by day and day-part and has been tracked since Jan. 1, 2019, enabling suppliers to compare today’s environment with historical averages. Indices are reported through IRI’s Unify interface, enabling fast insights and graphic visualization.
“The COVID-19 pandemic has upended the nearly $800 billion restaurant industry,” said Jeanne Livelsberger, executive vice president of IRI Product Management. “While restaurants seek recovery, the differing local laws, state mandates and rapidly changing public health dynamics have made it challenging to track and predict restaurant performance. As a result, suppliers are struggling to develop effective business and distribution strategies. To stay on top of this swiftly changing environment, restaurant suppliers need fast, accurate daily reporting on the performance of full-service restaurants.”
Key insights from the Daily On-Premise Tracking solution for the month of September include:
• Total U.S. casual and upscale/fine dining venues recovered 54% of pre-COVID sales.
• Casual and upscale/fine dining venues in New Jersey, Texas, and Arizona are showing the most recovery. New York, Ohio and Washington state are showing the lowest recovery.
• While total restaurant sales are down, the average check size is up. At the total U.S. level, average check size in casual and upscale/fine dining venues is up 14% versus pre-COVID-19.