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With all the so-called "dire economic news" of the last six months, or so, how is it possible that this rather pricey restaurant chain, The Red Lobster, doesn't figure into this equation? Has anyone else out there taken note of this?
If we were indeed in such dire economic straights (as we've all been led to believe), how is it even remotely possible that families and individuals somehow, somewhere, can come up with the available money to dine at such an expensive establishment?
And even stranger, why have there (apparently) been no cut-backs with this restaurant chain involving closing some of there stores in order to "survive" this so-called "grave economic down-turn"?
Not that this high-end restaurant chain is the prime indicator of the U.S. economy, but let's be realistic....if things were all as "bad" as the news would indicate with our economy....how is it possible this lobster restaurant continues to apparently do well?
Perhaps all is not as serious as the news would like us all to believe, eh? Or is there an enormous percentage of U.S. residents that can afford to dine at this lobster house with no apparent risk other than, perhaps, heartburn?
While we have personally been affected by this economic down-turn, it's quite obvious a sizeable percentage of the populace has no problem affording to dining out at this expensive eatery.
The conclusion must be that things are NOT nearly as serious as our news and government would have us believe. Anyone out there able to shed any light on this "economic mystery"? I'm sure I'm not alone in my wonderment....
are you seriously trying to use RL as an economic survey?!
what about places like el paso bbq that have closed their doors? chains that have pulled out of areas (think fazolis)
if you seriously wanted to look at a firm as an economic driver, look at mcdonalds ...... they do very well in bad economic times and are doing well now
however, i would step away from the restaurants and look at actual real economic indicators
Seriously, you are way off base on this. Red Lobster is far from a high end chain. They are a partner of the Olive Garden and Longhorn Steak House, all of which are middle of the road chain restaurants. Also, there are still lots of people who are middle class, and/or wealthy who can easily spend $20 for a dinner.
No matter how bad things get people will not give up their lobster....
True but I must alter your thought. No matter how bad things get people will always go out to eat. People cut back on costly eating out.
The fact that Red Lobster is doing well is up for debate. They provide an inexpensive seafood dinner for a reasonable price. So back to your thought, yea they can get their lobster fill. I personally feel most of Red Lobsters dishes are more butter then seafood.
But how are these places doing in areas with high unemployment? And, while 10% are unemployed that means 90% are employed.
My wife is from Butler, PA-it quite frankly can be the holotype for "Rust Belt city". When we started going out in the mid 70s there wasn't really anywhere to go to eat- McDonald's and Burger King, KFC, some local diners and a couple real high end places. Since the industrial collapse there in the early 80s, restaurants (including Red Lobster-2 of them), strip malls and mega box stores have mushroomed. All the while the city and surrounding area is hemorraghing young people and the area has grown older and older (as a note PA has the second oldest population in the US behind FL). The main economic driver was Pullman Standard-it closed, the steel mill has fewer employees now and makes more steel, the RRs have contracted or shut down as have most of the coal mines. Yet you can't get a seat in the restaurants.
I think that the number of folks going to Red Lobster is a pretty good indicator that there is the perception that things are getting better. I was at a Red Lobster a few months ago and was amazed at the wait list. Ditto with Bonefish last week and Outback the week before.
Since, to a large degree, perception is reality when it comes to the economy, I think it is a good sign. We have a long way to go, but I think the tide is turning. While going back to unbridled consumption should not be an option, maybe we can loosen the belts that we strapped on when we had to just hold on and survive.
Growing up, and even through to recently, it seemed like "the" place to go for many older folks after church or social function. Largely because it had bland greasy food where everyone could find something that they could eat, not upset the digestive systems of the elderly with "exotic food", and was relatively cheap compared to seafood establishments with decent food.
I've never been to Red Lobster, and don't really have any desire to go. I absolutely love fish, but there are much better local shops.
So my family does one of several things: Eat at an el cheapo place, like Taco Bell, take Papa Murphy's Pizza home, find a cool little mom & pop diner, or eat at a Chinese Buffet. More often than not, we eat at home.
That said, I don't think that the number of people eating at Red Lobster is indicative of much of anything.
Hell, it is starting to get expensive to eat fast food!!! I find some sit-down restaurants to only be a few bucks more expensive than, say Olive Garden or Red Lobster. Prices rise throughout history...fact of life.
As far as the economy figures in, people still have to eat. Going out and enjoying a nice dinner really satisfy's and can be fun and something to do. What do you want people to do? Sit in their house 7 nights a week and eat bread and water? PEOPLE LOVE FOOD!!! Plain and simple. As far as how they are paying for it...the same as they always have. Some people pay cash/debit card and some like to rack up their credit cards and pay for that dinner the rest of their lives. Of course the economy MAY NOT be as bad as the media and Washington DC want you to believe.
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