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Upscale Steak-House Restaurants We found the Beef Wheres the beef There is no lack of quantity or quality of product at upscale steak-house restaurants Who would have ever thought that people would stand in line to pay an average of 65 for a steak Not so long ago beef was taboo for the young upcoming physically fit executive Today however traffic and spending are on the increase at fine-dining steak houses Currently more than twelve companies have been successful in the big beef big check concept Many of these companies are looking to expand their product by co-branding with upscale hotelsThe return to steak started with visionary independent restaurant owners such as Arnie Morton of Mortons Steakhouse Ruths purchase of Chris Steakhouse and progressed to TGI Fridays former owner Alan Stillman introducing Smith Wolensky steak house and Don Shulas decision to franchise his line of steak housesThis segment of the restaurant industry is thriving by providing extremely high quality products for a generous price tag For now todays diner has a voracious appetite for prime well-aged beef According to the National Cattlemans Beef Association fine-dining restaurants are in a growth period Customer counts at up-scale steak houses in 1998 increased 7 percent over 1997 and 26 percent during the years 1993-1998 Customer spending at those restaurants rose 11 percent in 1998 and 59 percent over the same five-year span Frumkin 1999Even the casual steakhouse segment has experienced growth from 1993 through 1997 of about 43 percent Many of these steak houses have added new menu items to lure the no beef crowd but an overwhelming percentage of the sales continues to be tenderloin and top sirloin steaksDemographics seem to favor the growth of the up-scale steak market The median age of the US population is the highest it has ever been 352 years and older consumers are willing to pay more for a quality product It does not hurt that the US economy is
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