Fast-food chains are targeting cash-strapped patrons of
casual-dining restaurants with premium products that are blurring
the line between the two dining categories.
One chain boosting its high-end offerings is Burger King
Holdings Corp. (BKC). The No. 2 burger chain has installed a new
broiler at over 60% of its stores in the U.S. and Canada that can
cook foods like thicker burgers, ribs, kebabs and a host of other
items that could give sit-down chains like DineEquity Inc.'s (DIN)
Applebee's, Brinker International Inc. (EAT) Chili's or Ruby
Tuesday Inc. (RT) a run for their money.
"The lines between a QSR and a casual diner, from a product
standpoint, are starting to blur," Goldman Sachs restaurant analyst
Steven Kron said, referring to quick-service restaurants, jargon
for fast-food chains.
In the same vein, Jack in the Box Inc. (JACK) soon plans to roll
out miniature sirloin burgers, which Chief Executive Linda Lang on
Wednesday said are intended to rival the mini burgers sold at
casual-dining restaurants.
While premium products can give a tasty boost to sales at
fast-food restaurants and can help them stand out among their
direct competitors, introducing them during an economic downturn
may seem counterintuitive.
Consumers, strained with mounting job losses and dwindling
wealth, are responding to low prices right now, with chains like
Yum Brands Inc.'s (YUM) KFC and Sonic Corp. (SONC) trotting out
national value menus for the first time. Higher-priced items could
change the perception of the chains offering them, and send
value-seeking customers elsewhere.
But Burger King is drawing a circle around the subset of the
dining public that can no longer afford the casual-dining
experience. With its latest product, a "Steakhouse XT" burger set
to hit stores equipped with its new broiler next month, Burger King
is hoping a thicker burger patty at a lower price could reel in
some new customers.
For "someone who was having a premium burger at an Applebee's or
a Chili's that's paying $9 to $11 dollars and can come to Burger
King for a Steakhouse Extra Thick burger and pay $5 to $6 dollars,
that's value to them," Burger King Chief Executive John Chidsey
said at a Deutsche Bank conference last week.
Premium products are nothing new for Burger King, McDonald's
Corp. (MCD) and other fast-food chains, who have sold premium
products alongside value items in so-called barbell or multi-tiered
pricing strategies. While the value-menus get customers in the
door, higher-priced items beef up bills.
To hold onto the value image, chains are adding lower-priced
products as well as premium meals. Burger King, for instance, has
also added a line of mini-burgers as it plans its premium
burger.
McDonald's, meanwhile, is experimenting with its own thicker
burger. It has expanded tests of three varieties of an angus
burger, a one-third pound burger patty on a higher-end bun, to
1,100 stores, and it's pleased with results thus far, spokeswoman
Danya Proud said.
McDonald's has not set a time for a systemwide rollout, partly
as it finishes installing premium-coffee capabilities at its
stores, although some analysts suggested that the company pushed
back the launch of the product due to the economy. Proud would not
address that contention, although she said that McDonald's sheer
size, with nearly 14,000 U.S. locations, would let the company
introduce the sandwich at a good value.
"We have to find a balance because we can't alienate our core
customers but we recognize the opportunity to bring in new
customers with these items," Proud said.
Fast-food chains may only have a temporary window to use premium
products to woo diners who are trading down. Tom Forte, restaurant
analyst with Telsey Advisory Group, said casual-dining chains got a
boost in sales from last year's stimulus checks. He said there may
be some pent-up demand for a meal with waiter service and menus,
and that the dining dollars could shift back fast once the economy
rebounds.
A meal at a fast-food joint isn't soon going to replicate the
dining experience at a sit-down chain, which is one reason that
operators in that sector are holding firm.
Susan Lintonsmith, chief marketing officer at Red Robin Gourmet
Burgers Inc. (RRGB), said the company is not looking at fast-food
places as a greater competitive threat any more than it did before
the downturn. Instead, the company is playing up its own value
message, which includes offering unlimited steak fries with each
classic burger.
"We're trying to make sure they know about our value
proposition," Lintonsmith said. "People are still looking for the
experience and the quality of the food when they go out."
For the time being, analysts think that fast-food chains will
continue to have the edge.
"Given an increasingly difficult consumer environment, we
question whether more consumers may be willing to sometimes
sacrifice the full service experience with respect to atmosphere
and service, particularly when (fast-food) competitors are
responding with appealing and premium offerings to meet their
needs," Wachovia Capital Markets restaurant analyst Jeff Omohundro
said in a recent note.
-By Paul Ziobro, Dow Jones Newswires; 201-938-2046;
paul.ziobro@dowjones.com