There is no doubt that the restaurant industry is amongst the hardest hit industries due to COVID. These are crazy times, and going into the 9th month of restricted gatherings and operations, restaurants are struggling. Founded on conviviality and people getting together to share a meal or drink, restaurants support everything that COVID is preventing.
In fact, "The restaurant industry expects to lose up to $240 billion by the end of 2020" (National Restaurant Association). Additionally, "over 71% of restaurants had a profit margin under 10% in 2019" (Independent Restaurant Coalition). Given these horrifying statistics, it is evident that many restaurants are being forced to shut.
While this is certainly awful, those restaurants that have been able to reinvent themselves during this pandemic and stay afloat are approached with a major opportunity during this time.
Obviously, the restaurant closures are resulting in the sale of a plethora of used and new restaurant equipment. NOW has become the most opportune time for those surviving restaurants to purchase equipment.
The increased supply has caused lower prices, meaning as a restaurant owner, you can walk away with a great deal at auction. I see two paths for many restaurants, those that have been able to seize opportunity and those that are unable to reinvent themselves. As it appears the virus will be winding down soon with the release of a vaccine, NOW is the time to fix and clean-up your restaurant to make it more efficient.
Post-pandemic, customers will be looking for a seamless, clean experience (similar to that of delivery). In fact, "73% of diners say that their experience is improved by restaurant technology" (Deputy). Restaurants should be on the hunt for equipment to accelerate their operations and make it easier for both the employees and the customers.
Technology has become the wave of the future for restaurants. This wave is evident given that "95% of restaurant owners agree that technology improved business efficiency" (SevenRooms). With added services like delivery and getting on third-party platforms for menu offerings, there is no doubt that restaurants have had to rethink the way they function. This has meant adding new capabilities, possible POS systems, and even purchasing new equipment that adheres with health & safety regulations. Some restaurants have even had to rework seating and furniture in order to comply with CDC guidelines for social distancing.
This is why we are seeing an upward trend of restaurant equipment purchases. Given that "52% of restaurateurs point to the high costs of operation and food as their top challenges" (Toast), that is why Integra Asset Solutions is offering -
If you are looking to buy or sell equipment, Integra Asset Solutions offers many avenues including machinery auctions, facility turnkey opportunities, and privately negotiated sales.
From a restauranteur standpoint, now is the time to buy new equipment to get ahead of the game. Once businesses reopen and companies begin repurchasing restaurant space, everyone will be desperately looking for equipment. While they are looking, you have the potential to begin service by already having your equipment set up.
In the end, you will not only save time but money by getting this equipment when there is less competition. Tune into this auction and see how you can fast-forward your business with this state-of-the-art equipment!
Interested in Selling Equipment? Email: John Magnuson
Interested in Buying Equipment? Email: Tim Pfister