US-based Sullivan’s Steakhouse has announced the opening of its first restaurant in Michigan, located in the city of Detroit.
Situated at 1128 Washington Boulevard, the restaurant encompasses 9,300 square feet and is housed within the recently renovated Westin Book Cadillac Detroit.
With its main patio and private dining sections, the fresh restaurant venue will be capable of hosting over 285 guests.
Sullivan’s Steakhouse, a member of the Dividend Restaurant Group, specializes in serving bone-in and hand-cut steaks, along with fresh seafood and signature cocktails.
Within the menu of the new restaurant, you’ll find a range of appetizers like Cheesesteak Eggrolls, as well as an assortment of luxurious steak cuts, including the exceptionally rare A5 Wagyu Strip.
The indoor bar will feature a selection of signature cocktails, including the Knockout Martini, which takes its inspiration from the steakhouse’s namesake, the legendary boxer John Sullivan.
This Michigan restaurant marks the 15th establishment for the brand in the United States, and it will showcase live, local jazz performances.
Dividend Restaurant Group president and CEO Nishant Machado said, “Detroit is such a unique city with rich traditions and a storied history. It cannot be matched and we are excited to be a part of this community.
“When it came time to decide on where to open our newest Sullivan’s Steakhouse the choice was simple. We look forward to serving up our world-class dining experience to the fine people of the Motor City for years to come.”
In April 2022, Sullivan’s opened a new restaurant in Little Rock, Arkansas.
On Friday, Foodpanda, a food delivery service headquartered in Singapore, officially announced its ongoing round of layoffs, emphasizing the continued importance of becoming “more agile” in response to evolving needs.
“Our company priority right now is to become leaner, more efficient and even more agile. To do this, we need to streamline our operations so we can take on a more structured approach for the coming days,” Jakob Sebastian Angele, APAC CEO of Foodpanda, said on Thursday in a letter shared with employees.
He refrained from specifying the number of affected employees or the departments involved.
According to media reports, Foodpanda is now undergoing its third round of layoffs, following previous job cuts in February and September of the previous year due to macroeconomic challenges. Additionally, both Grab and Deliveroo have also implemented workforce reductions this year.
“While we already implemented some measures earlier this year, there is more we have to do to create the right set-up for our operations,” said Angele.
Angele stated that these measures encompass a review of the organizational structure within both regional and country teams. Additionally, there will be a realignment of certain functional reporting lines to different leaders to enhance consistency and concentration.
The layoffs coincide with Delivery Hero, the parent company of Foodpanda, engaging in initial talks with potential buyers regarding the sale of a portion of its Southeast Asian food delivery operations, as confirmed by the Berlin-based company.
On Wednesday, a report from the German media outlet WirtschaftsWoche revealed that Delivery Hero is divesting its operations operating under the Foodpanda brand in Singapore, Cambodia, Malaysia, Myanmar, the Philippines, Thailand, and Laos.
“Delivery Hero confirms negotiations with several parties regarding a potential sale of its foodpanda business in selected Southeast Asia markets. Any discussions or plans are in their preliminary stages,” the company stated without specifying the markets involved.
According to the German media report, competitor Grab was mentioned as a potential buyer. When contacted for a response, Grab chose not to comment on the matter.
“Grab’s competitors whether Gojek or Foodpanda are losing market share. Grab is gaining market share in deliveries from Foodpanda who might even exit few markets in due course. Foodpanda is dis-advantaged due to its stand-alone delivery model,” said Sachin Mittal, head of telecom, media and technology research at DBS Bank, in a Sept. 21 note.
In 2022, according to a report from the tech research firm Momentum Works, Grab emerged as the dominant force in Southeast Asia’s food delivery sector, securing a 54% share of the region’s gross merchandise value. In comparison, Foodpanda claimed 19%, while Gojek held 12%.
Amid challenging economic conditions, food delivery companies are striving to maintain their operations. Grab has taken measures to reduce costs in recent quarters, prioritizing profitability. Delivery Hero has reiterated its commitment to building a sustainable, profitable business as its primary focus.
Delivery Hero, which was founded in 2011, has not achieved profitability to date. In the first half of 2023, the company reported a net loss of 832.3 million euros ($886.9 million), marking an improvement compared to the loss of 1.495 billion euros recorded in the same period the previous year.
According to Jonathan Woo, a senior research analyst at Phillip Securities Research, the potential sale of Foodpanda’s Southeast Asia businesses represents a common occurrence in the market, often seen as a form of consolidation following intense competition, particularly in light of the heightened focus on profitability.
“Only a few market players — Grab, GoTo — in Southeast Asia could buy out Foodpanda,” said Woo, adding that such an acquisition would be “most appealing to Grab” which is more entrenched in the region compared to GoTo or Deliveroo.
GoTo is the result of a merger between Indonesia’s Gojek, known for its ride-hailing and food delivery services, and the e-commerce behemoth Tokopedia.
Back in December 2021, Foodpanda revealed plans to reduce its presence in Germany and exit the Japanese market. As consumer behavior shifts towards resuming daily routines and dining out more frequently, both Foodpanda and Grab have also expanded their offerings to include dine-in services.
According to a report by CNBC on Friday, McDonald’s is increasing the royalty fees for new franchise operators in the United States for the first time in nearly 30 years. This adjustment was communicated through a message from Joe Erlinger, the President of McDonald’s U.S. division.
The company plans to raise these fees from 4% to 5%, effective January 1st, as reported.
According to the report, this alteration will have no impact on current franchisees who maintain their existing footprint or those who acquire a franchised location from another operator.
Additionally, the adjustment will not be applicable to refurbished existing locations or to restaurants transferred within the same family, as per the report.
McDonald’s has not yet provided a comment in response to the request.
In July, the company had announced its anticipation of a slowdown in revenue growth during the second half of the year. This adjustment was prompted by indications of decreasing inflation, leading McDonald’s to exercise caution in adjusting menu prices, despite reporting quarterly profits that exceeded expectations.
Myntra, the online fashion retailer, has outlined its intentions to bolster its supply chain and enhance its contact center operations. Furthermore, the company aims to elevate its female workforce representation to more than 21%, compared to the previous festival season.
Leading up to the festival season, Myntra organizes its signature annual event, the Big Fashion Festival. This initiative aims to recruit women from economically challenged backgrounds and provide them with opportunities for sustainable livelihoods.
Recruitment will take place in rural areas within states like Haryana, Telangana, West Bengal, and Karnataka.
In-house specialists and external professional trainers will deliver training to ensure that these women not only secure employment but also excel in their assigned roles, which encompass tasks such as picking, packing, sorting, and unpacking.
“Our preparations for Big Fashion Festival are in full swing to cater to the high demand from our customers eagerly waiting to shop on Myntra for festive needs. We are particularly excited about onboarding the on-ground staff, where women will play a pivotal role in offering optimal experience to customers and adding to their joy in the festive season,” said Nupur Nagpal, CHRO – Myntra.
Apart from strengthening the supply chain, Myntra aims to have 45 percent of its total hires in the contact center for this festive season be women. Myntra offers various incentives to these female employees, including availability bonuses, festival bonuses, and performance-based special rewards. Additionally, they have access to a supportive work environment that includes late-night transportation, nap rooms, and period leave options.
Miniklub has opened a new store in Rajasthan, marking its entrance into the vibrant retail landscape of the state. Located in Jhunjhunu, this recently unveiled store showcases an extensive range of safe and comfortable apparel and non-apparel items designed for newborns to 8-year-olds.
Miniklub’s diverse range of offerings encompasses everything from newborn essentials and baby clothing to children’s fashion, footwear, toys, travel gear, baby care products, and beyond. With all these options conveniently available in one location, it has become the top choice for discerning parents in the city who value both quality and variety.
Founded in 2013, Miniklub, a brand operating under First Steps Babywear, has experienced swift growth, evolving into a successful omni-channel entity. Its reach spans over 450 multi-brand outlets, major e-commerce platforms, and an array of exclusive brand stores, both in physical locations and online. Covering 26 cities and boasting 45 exclusive brand stores, Miniklub prioritizes product design centered on providing unparalleled comfort and safety for infants. Additionally, the brand takes great pride in its dedication to sustainable manufacturing practices, guaranteeing the market’s access to high-quality, environmentally responsible products.
Presently, Miniklub is operational in an extensive network of over 450 multi-brand outlets and maintains a robust presence on prominent e-commerce platforms such as Amazon, Myntra, Flipkart, and Ajio. Furthermore, Miniklub provides nationwide delivery services through its dedicated e-commerce platform.
Retail sales in August 2023 indicated a 9% growth in comparison to sales levels during the corresponding period in August 2022, as reported by the Retailers Association of India (RAI).
In July, retail sales across various categories experienced a 9% year-on-year growth, with apparel sales seeing an 8% increase.
“QSR and Jewellery showed a growth at 14% each, while food & grocery has shown a 13% growth. It looks as if consumers are going out for shopping. In order to understand the complete impact of the festival season on retail sales, it is essential to see the figures of September, October and November. Retailers are foreseeing the double-digit growth in the coming months as the festive season is closer,” said Kumar Rajagopalan, CEO, Retailers Association of India (RAI).
Retail establishments in various regions have reported increased sales in comparison to August 2022 levels, with the most significant growth observed in South India at 15%. West India followed with an 8% growth, while East India and North India saw growth rates of 7% and 6%, respectively.
The robust double-digit growth in South India can be attributed to several factors, including a higher number of auspicious Muhurtham Days in August, a significant number of weddings taking place across the four Southern states, and the celebration of the Onam festival, which commenced on August 20th and extended until August 31st, 2023.
Within various categories, Quick Service Restaurants (QSR) and jewelry both experienced a substantial 14% growth, trailed closely by food & grocery at 13% and beauty at 10%, in comparison to the sales levels witnessed in August 2022.
The Delhi government excise department has invited applications for hotel, club and restaurant licences, ahead of the expiry of the existing excise policy on September 30.
According to a recent departmental order issued last week, the issuance of new hotel, club, and restaurant (HCR) licenses will be contingent upon approval from the excise commissioner, and applicants are required to submit their applications online.
Applicants must provide essential documentation, which includes health and trade licenses, a no-objection certificate from the Delhi Fire Services, as well as a registration certificate for an eating house license issued by DCP (licensing), among other requirements.
On March 15, a government spokesperson announced that the Delhi Government has opted to prolong the existing excise policy by six months due to the absence of a newly formulated policy.
The government had returned to its old excise policy after scrapping its new excise policy after Lieutenant Governor V K Saxena in July 2022 recommended a CBI probe into alleged irregularities in its implementation.
The existing excise policy was implemented on September 1, 2022 as a stopgap arrangement till a new policy was prepared and implemented by the Delhi government. This policy was scheduled to expire on March 31 but the Delhi government has extended it for six months until September 30.
The excise department is yet to announce the extension of the current policy or replace it with a new one as was originally planned.
The American pork industry is currently making strides towards its first-ever pork exports to India, as shared by an industry leader with lawmakers.
During a Congressional hearing, Randy Spronk, a pork producer from Minnesota, represented the National Pork Producers Council in his address.
“Currently, the US pork industry is working on exporting its first shipments of pork to India. While the threat of removing GSP benefits can induce countries to improve market access conditions for US pork, the possibility of being added to the eligibility list is another mechanism for countries to remove long-standing barriers,” he said.
GSP was successfully used as leverage to obtain market access for US pork producers in India, he said.
Earlier, Spronk said, India was the number one recipient of preferential trade benefits under the US GSP programme but restricted the import of many US agricultural products including pork.
“The list of restrictions was quite extensive but through the leverage created by GSP, the US government was able to successfully negotiate away a long list of issues,” he said.
In today’s digital age, social media has become an integral part of any business’s marketing strategy. It’s not just about having a presence on popular platforms like Facebook, Instagram, Twitter, and LinkedIn; it’s about using these platforms strategically to achieve your business goals and maximize your return on investment (ROI).
Here are some of the strategies with business objectives that provide actionable tips to help you do just that:
1. Define Your Business Goals
Before diving into the world of social media, it’s crucial to have a clear understanding of your overall business objectives. Are you looking to increase brand awareness, drive website traffic, generate leads, boost sales, or enhance customer engagement? Your social media strategy should align with these specific goals.
2. Choose the Right Platforms
Not all social media platforms are created equal, and they cater to different demographics and interests. Research and identify which platforms are most relevant to your target audience. For instance, if you’re in the B2B space, LinkedIn might be more effective, while visually appealing products could shine on Instagram.
3. Craft a Consistent Brand Image
Your social media profiles should reflect your brand’s identity consistently. Use the same logo, colors, and messaging across all platforms to create a cohesive brand image. Consistency not only reinforces brand recognition but also builds trust with your audience.
4. Content is King
High-quality, relevant content is the backbone of any successful social media strategy. Create content that resonates with your audience and provides value. Use a mix of visuals, videos, infographics, and blog posts to keep your content fresh and engaging.
5. Engage and Interact
Social media is a two-way street. Engage with your audience by responding to comments, messages, and mentions promptly. Building meaningful relationships with your followers fosters brand loyalty and customer satisfaction.
6. Set Measurable KPIs
Key Performance Indicators (KPIs) are essential for tracking your social media ROI. Define metrics that align with your business goals, such as website traffic, conversion rates, click-through rates, or social shares. Regularly analyze these metrics to evaluate your strategy’s effectiveness.
7. Paid Advertising
Consider allocating a portion of your budget to paid social media advertising. Platforms like Facebook and Instagram offer highly targeted ad options that can help you reach a specific audience and drive desired actions.
8. Monitor and Adjust
Social media trends and algorithms are constantly evolving. Regularly monitor your analytics and stay updated on industry trends. Be willing to adapt your strategy as needed to stay ahead of the curve.
9. ROI Analysis
The ultimate goal is to see a positive ROI. Calculate the cost of your social media efforts, including content creation, advertising spend, and manpower. Compare this to the revenue generated through social media channels. If the ROI is favorable, it’s a clear indication that your strategy is on the right track.
A well-aligned social media strategy can be a powerful tool for achieving your business objectives and maximizing ROI. By setting clear goals, choosing the right platforms, creating valuable content, engaging with your audience, and continually analyzing and adapting your approach, you can harness the full potential of social media to drive success for your business. Remember, it’s not just about being on social media; it’s about using it strategically to make a meaningful impact on your bottom line.
When it comes to making strategic investment decisions, savvy investors understand that there’s more to consider than just revenue figures. While a healthy top line is undoubtedly important, it’s just one piece of the puzzle. So, let’s explore the key sales metrics that investors analyze to make informed investment decisions, with a focus on maximizing return on investment (ROI).
1. Gross Profit Margin
Investors often look at a company’s gross profit margin to assess its profitability. This metric measures how efficiently a company generates profit from its direct costs of production or goods sold. A higher gross profit margin indicates better cost management and pricing strategies, which can translate to a more attractive investment opportunity.
2. Customer Acquisition Cost (CAC)
Understanding how much it costs to acquire a new customer is vital for investors. A lower CAC suggests that a company can acquire customers efficiently, which is a positive sign for scalability and profitability. It’s also important to compare the CAC to the Customer Lifetime Value (CLTV) to ensure the investment in customer acquisition is worthwhile over the long term.
3. Churn Rate
Investors pay close attention to a company’s churn rate, especially in subscription-based or recurring revenue business models. A high churn rate can erode revenue gains, making it crucial to assess customer retention strategies and the quality of the customer base.
4. Sales Growth Rate
Investors seek companies with sustainable and consistent sales growth. Rapid, exponential growth may be appealing, but it’s essential to evaluate whether it’s achievable in the long run. Sustainable growth indicates market demand and a scalable business model.
5. Average Revenue Per User (ARPU) or Average Order Value (AOV)
ARPU or AOV metrics help investors understand the value generated from each customer or transaction. Increasing ARPU or AOV can boost revenue without significantly increasing customer acquisition costs, leading to improved ROI potential.
6. Sales Efficiency Metrics
Metrics like the Sales-to-Expense Ratio or Sales Efficiency Score assess how efficiently a company converts sales efforts into revenue. Lowering sales expenses while maintaining or increasing revenue is a positive signal for investors.
7. Customer Lifetime Value (CLTV)
Investors want to know the long-term value of a customer to assess the sustainability of revenue streams. A high CLTV indicates strong customer loyalty and potential for recurring revenue, which can enhance ROI over time.
8. Sales Pipeline and Conversion Rates
Understanding the health of the sales pipeline and conversion rates helps investors gauge the scalability and efficiency of the sales process. A well-managed pipeline with high conversion rates suggests a more predictable and profitable future.
9. Market Segmentation and Expansion
Investors analyze a company’s market segmentation strategy and potential for market expansion. A diverse customer base and opportunities for entering new markets can contribute to revenue diversification and reduce risk.
10. Competitive Positioning
Lastly, investors consider a company’s competitive position in its industry. Market share, brand strength, and the ability to differentiate from competitors all play a role in assessing revenue potential and ROI.
While revenue is a critical factor in investment decisions, investors look beyond the top line to evaluate a company’s profitability, scalability, and long-term potential. By understanding and optimizing these key sales metrics, businesses can not only attract investors but also maximize their ROI and long-term success. Ultimately, a holistic approach to sales metrics can lead to more informed investment decisions and greater confidence from investors.
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