Customers say this restaurant chain offers the worst value for money.

When it comes to dining out, customers say Shake Shack SHAK,
+0.09%
has become too expensive for what it offers. And this despite the fact that it is not even the most expensive of fast casual and fast food chains.

This is the big takeaway from a new study by Stifel SF.
-0.49%,
asset management and investment banking firm. The report looked at menu prices at several popular chains, as well as how customers rated these restaurants in terms of value, and pointed out which ones left them hungry for more.

So, which chain is the most expensive, based on the average cost of a popular dish in 20 cities? This is Panera Bread and is priced at $14.76. Shake Shack finished in fourth place at $13.50. The others in the top five were Chipotle CMG,
+1.87%
for $14.34, Blaze Pizza for $13.72, and Jersey Mike’s for $13.23.

The 1,280 survey respondents were then asked, “Which restaurant(s) do you think has become too expensive for what you’re getting?” Shake Shack topped the list by a wide margin.

Stifel gave Shake Shack a numerical rating of 97 based on survey responses, indicating high dissatisfaction with what could be called the “give for your money” department. The rating weighted the number of responses in relation to the number of chain restaurants in the United States.

When it comes to how consumers feel about a restaurant chain, it’s not just about price.

Rounding out the top five restaurants that diners thought had gotten too expensive for what you get were Blaze Pizza, rated 48; MOD Pizza with a rating of 31; Panera Bread rated 29; and Chick-fil-A with a rating of 16.

On the other hand, consumers seem to have embraced the value offered by chains like McDonald’s MCD,
+0.15%
and Taco Bell UM,
-1.28%,
Both are rated 4.

The Stifel study had its limitations: it did not look at every chain of fast food outlets or fast food outlets in the country. The study notes that Five Guys, for example, was even more expensive than the Panera, with an average meal price of $16.33. But Five Guys was not included in the performance review, so consumer satisfaction with the chain is not included in the report.

For Stifel managing director Chris O’Kull, the research makes it clear that when it comes to how consumers view restaurant chains, it’s not just about price.

“Some of them are considered too expensive, despite the fact that the prices for their food are lower,” O’Kull said.

MarketWatch reached out to a number of restaurant chains for comment on the Stifel report, but not all responded immediately.

Chipotle CFO Jack Hartung responded. In a statement, he pointed to the brand’s value proposition, noting that the average online price of a chicken burrito is less than $9, placing Chipotle “way below our fast-casual counterparts.” (The Stifel survey looked at prices for a full meal.)

Regarding Shake Shack, the spokesperson referred to the following statement from the company’s recent earnings report: “In menu innovation, we continue to lead the way with dynamic and fun products, providing our guests with premium, high-quality ingredients they won’t find in traditional fast food.” other fast casual concepts or even casual dinners. A Shack burger, fries and drinks average less than $14, which is quite reasonable and often below the cost of other lunch or dinner options nearby.”

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