- Menu prices and restaurant employee turnover are on the rise, according to new Lightspeed Commerce (TSX:LSPD) data
- Employee turnover is on the rise, with a 75.78 per cent jump when comparing this data from April-June 2022 to April-June 2023
- Restaurant prices are still rising, but the rate increase has slowed since the first calendar quarter (January-March 2023), with a 4.73 per cent year-over-year increase in median item price
- Lightspeed Commerce Inc. opened trading at C$20.09 per share
Menu prices and restaurant employee turnover are on the rise, according to new Lightspeed Commerce (TSX:LSPD) data.
Key findings from the Lightspeed restaurant data gathering:
- Employee turnover is on the rise, with a 75.78 per cent jump when comparing this data from April-June 2022 to April-June 2023
- Restaurant prices are still rising, but the rate increase has slowed since the first calendar quarter (January-March 2023), with a 4.73 per cent year-over-year increase in median item price and a 6.96 per cent year-over-year increase in median burger price
- People are dining out more frequently, with total transactions rising 3.60 per cent year-over-year for fine dining and 3.53 per cent for fast casual
The data, which is based on a sample of thousands of restaurants that use Lightspeed’s platform across North America, echoes recent Consumer Price Index findings that the cost of food away from home is still rising, though the rate of inflation has slowed.
Lightspeed’s GM of hospitality, Peter Dougherty, said in a news release that given the challenges bars and restaurants are facing, his company wants to give them the tools, insights and expert guidance they need to streamline operations and work more efficiently.
“Technology like Lightspeed Restaurant helps hospitality businesses increase speed of service and table turnover while reducing time spent on manual tasks, so they have more time to spend with guests – even when they’re short-staffed,” he said.
The company added that Lightspeed’s Advanced Insights can help bars and restaurants navigate inflation and staffing shortages by identifying their most profitable hours, servers, and menu items so they can optimize scheduling and menu planning.
Lightspeed Commerce Inc. provides an omnichannel commerce-enabling SaaS platform. Its software platform provides customers with the functionality it needs to engage with consumers, manage their operations, accept payments, and grow their business.
Lightspeed Commerce Inc. opened trading at C$20.09 per share and its stock is up 3.3 per cent year to date.
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