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<v Speaker 1>Welcome back to another episode of the Restaurant Report. My

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<v Speaker 1>name is Paul Baron. I'll be your host today. We're

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<v Speaker 1>going to really break into some of the industry news

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<v Speaker 1>today that I think you guys are going to be

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<v Speaker 1>interested in when it comes to trends and how consumers

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<v Speaker 1>are going to be facing possibly a downturn in the

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<v Speaker 1>restaurant industry, and there's a lot happening. I'll do a

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<v Speaker 1>whole slew of screen shares for you guys today. So

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<v Speaker 1>if you are listening to the audio version of this

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<v Speaker 1>podcast over on Spotify or on Apple Podcast, make sure

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<v Speaker 1>and jump over to the YouTube channel, and of course

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<v Speaker 1>just search saver Fm. You'll find us there, and of

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<v Speaker 1>course you'll get a chance to see.

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<v Speaker 2>The full visuals.

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<v Speaker 1>So let's get right into it today. All right, let's

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<v Speaker 1>break into a couple of points I want to add in,

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<v Speaker 1>and one of the things I want to jump into

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<v Speaker 1>is this right here, stocks tumbling Wall Street of course

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<v Speaker 1>gets a little bit of an AI way up call.

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<v Speaker 1>This is the longest streak of a less than two

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<v Speaker 1>percent decline since two thousand and seven, so a pretty

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<v Speaker 1>significant time in terms of the you know, the markets

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<v Speaker 1>in general for US to get almost twenty years without

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<v Speaker 1>a greater than two percent decline, So this is a

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<v Speaker 1>pretty big deal. I've been talking with a lot of

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<v Speaker 1>people in the industry, and I'll zoom in on this

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<v Speaker 1>right here. Sell off in most of this has been

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<v Speaker 1>in big tech, and when you look at big tech

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<v Speaker 1>as being the kind of the focus of where the

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<v Speaker 1>industry has been faced with. When I say industry meaning

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<v Speaker 1>the just where investing is going, obviously AI has been

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<v Speaker 1>one of the biggest areas of that. So sell off

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<v Speaker 1>in big tech sent the S and P five hundred

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<v Speaker 1>down to its worst day since December twenty twenty two,

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<v Speaker 1>ending the best stretch without a two percent drop since

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<v Speaker 1>the start of the global financial crisis. So losses were

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<v Speaker 1>also pronounced in then, as Tek one hundred tumbled over

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<v Speaker 1>three point five percent, alphabet Google slid five. We also

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<v Speaker 1>saw Tesla miss numbers which was pretty big, including the

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<v Speaker 1>Robotaxi delay by Elon, which spurred a twelve percent stock plunge.

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<v Speaker 1>I think that's kind of be expected with what Elon

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<v Speaker 1>does out there in the market, for sure. The other

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<v Speaker 1>thing that plays into this, I think when you look

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<v Speaker 1>at just where the industry, meaning the restaurant industry is going.

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<v Speaker 1>The key here is is that if the stock market

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<v Speaker 1>starts to see a full regression, typically that is going

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<v Speaker 1>to be in the high net worth individuals that usually

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<v Speaker 1>drives into consumables, and restaurant industry typically is on the

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<v Speaker 1>front edge of consumables. One of the things that I'm

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<v Speaker 1>watching all the time is what other things are happening

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<v Speaker 1>out there right now? One table restaurant brand filed for

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<v Speaker 1>Chapter eleven bankruptcy protection. And I think when you look

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<v Speaker 1>at remember this is the company a pair of company

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<v Speaker 1>of Tens and Takaya. This is a problem right here, guys,

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<v Speaker 1>because remember tender Greens at one times, at one time

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<v Speaker 1>was probably the number one fast casual sector restaurant out there.

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<v Speaker 1>And I think when you look at what's happening right

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<v Speaker 1>now with one table, this represents a shift in upscale

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<v Speaker 1>dining reduction. And I think that's the key here is

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<v Speaker 1>we see more and more pressure from not only high

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<v Speaker 1>interest rates you know, the FED higher for longer, and

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<v Speaker 1>also the CPI. And when you look at where inflation

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<v Speaker 1>is right now, even though it has started to regress

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<v Speaker 1>down to around three percent, the biggest problem is the

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<v Speaker 1>lagging effect on the economy. And I think this is

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<v Speaker 1>the thing that a lot of people do not really

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<v Speaker 1>look at when it comes to the restaurant industry. This

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<v Speaker 1>is one of the nice to haves, the entertainment layer

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<v Speaker 1>of expenditures for most consumers. Credit card debt, now it's

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<v Speaker 1>high credit card failures or excuse me, lack of being

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<v Speaker 1>able to make payments, one of its highest mortgage demand

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<v Speaker 1>lowest ever. We're seeing all the indicators that are really

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<v Speaker 1>pushing the market into a bad position. And here's the

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<v Speaker 1>thing when you look at what could be happening here

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<v Speaker 1>on the restaurant industry. This is a good example, and

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<v Speaker 1>I'll kind of showcase what restaurant Dive focused on right here.

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<v Speaker 1>And I thought this was kind of interesting. Both brands

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<v Speaker 1>never saw their sales volume recover, never came back. Tender

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<v Speaker 1>Greens average in a volume falling from three point four

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<v Speaker 1>million in twenty nineteen to two point nine million twenty

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<v Speaker 1>twenty three, so a big drop in terms of overall sales.

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<v Speaker 1>AUV slid from three four to two one in twenty

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<v Speaker 1>twenty three. So now that's even more cause for ARM

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<v Speaker 1>and of course falling sales four wall profits. This is

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<v Speaker 1>inside the restaurant now from sixteen percent of Tender Greens

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<v Speaker 1>and thirteen percent to Coyo, both before the pandemic now

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<v Speaker 1>present a level of nine to four and one point respectively.

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<v Speaker 1>These are horrendous numbers. And this is the concern I

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<v Speaker 1>have right now is I believe that we have been

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<v Speaker 1>in a recession for quite some time. This is just

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<v Speaker 1>the validation point that we continue to see. And I'm

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<v Speaker 1>going to show you some data on sentiment, consumer sentiment

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<v Speaker 1>around some of our brands that get into this a

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<v Speaker 1>little bit further. The other thing I want to hit

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<v Speaker 1>on is this right here is Chipotle had an eight

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<v Speaker 1>percent boost in traffic, their ltos increase, their labor deployment,

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<v Speaker 1>boosted Chipotle's transactions and throughput in Q two, driving increase

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<v Speaker 1>in safe store sales of eleven point one percent. I

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<v Speaker 1>don't think that's the whole story here. I think right

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<v Speaker 1>now Chipotle has been able to ride on the cotails

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<v Speaker 1>of digital and what it's been able to do over

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<v Speaker 1>the last several years. This has started to change and

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<v Speaker 1>I want to showcase something for you guys that is

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<v Speaker 1>pretty significant. One is this right here, and this is

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<v Speaker 1>a problem because Chapottle has been really tagged hard by

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<v Speaker 1>the consumer and the guests that basically say, hey, everybody

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<v Speaker 1>notices the portion sizes have started to reduce. They are

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<v Speaker 1>trying to focus on portion sizes as some of their

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<v Speaker 1>outlier restaurants to address this. And remember these are huge

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<v Speaker 1>Internet complaints and this is something that I think a

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<v Speaker 1>lot of people don't necessarily understand, is the impact of

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<v Speaker 1>sentiment on these brands. In fact, if you follow the

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<v Speaker 1>sentiment trail on our RPI, which is our Restaurant Power Index,

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<v Speaker 1>you start to see a lot of the problems paint

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<v Speaker 1>out before the market actually sees it. Let me give

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<v Speaker 1>you an example of this. We're going to go over

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<v Speaker 1>here to the RPI, and of course, if you guys

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<v Speaker 1>are not checking out the Restaurant Power indecks, just go

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<v Speaker 1>over to savor dot fm and you can learn a

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<v Speaker 1>little bit more about it. But it is something that

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<v Speaker 1>we've built and it continues to be I think one

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<v Speaker 1>of the most powerful tools out there and being able

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<v Speaker 1>to track down what's happening with the industry. Chipotle will

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<v Speaker 1>jump to them real quickly. And this is coming in

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<v Speaker 1>from the June numbers twenty twenty four. We'll have the

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<v Speaker 1>July numbers finished up here in a moment, so we'll

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<v Speaker 1>have another record. What I can tell you is Chipotle

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<v Speaker 1>has continued their slide, but this is a huge slide

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<v Speaker 1>from seventy eight. Let me zoom in on that for

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<v Speaker 1>you guys. This is probably one of the most I

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<v Speaker 1>think concerning areas that I continue to see is just

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<v Speaker 1>the amount of consumer sentiment that is falling off. Now remember, yes,

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<v Speaker 1>Chipotle has been one that has gone. This is the

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<v Speaker 1>overall market sentiment for fast casual from a seventy eight

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<v Speaker 1>down to seventy two. Here's Chipotle started the year to

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<v Speaker 1>sixty seven, came back up, and then right here back

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<v Speaker 1>up to sixty seven, and then have just continued for

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<v Speaker 1>a double dip in the last two months. And July

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<v Speaker 1>shows a number again that is not consistent with growth,

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<v Speaker 1>meaning we're going to see continued downtrend here, I think

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<v Speaker 1>for for Chipotle, and if you look at some of

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<v Speaker 1>the other you know, fast casuals, we'll go into a handful.

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<v Speaker 1>Here's Cava, which has been face somewhat pacing with the

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<v Speaker 1>overall sentiment of the market, but now starting to dip

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<v Speaker 1>slightly under and then kind of right where market is

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<v Speaker 1>trending right now, and they are of course one of

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<v Speaker 1>the top you know, fast casuals out there. This is

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<v Speaker 1>some of the categories that we track right now. If

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<v Speaker 1>you guys want to learn a lot more about this,

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<v Speaker 1>you can, of course again just go over and check

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<v Speaker 1>savor dot fm and you'll learn how you can get

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<v Speaker 1>into this. I want to go on to one other thing,

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<v Speaker 1>and this is one of the concerns I continue to see,

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<v Speaker 1>and that is this kind of stuff right here, the

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<v Speaker 1>pizza category is absolutely getting murdered. Mod announces a new owner.

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<v Speaker 1>They're trying to stave off bankruptcy. This of course came

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<v Speaker 1>in from CNN. But the point being is Mod has

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<v Speaker 1>been a brand that we have been looking at for

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<v Speaker 1>the last several years. I don't know what happened here.

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<v Speaker 1>This brand was flying and was doing so well, and

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<v Speaker 1>then all of a sudden last year we started seeing signals,

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<v Speaker 1>at least on consumer sentiment that just absolutely destroyed what

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<v Speaker 1>we had been expecting from the industry. And I think

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<v Speaker 1>this is one of those things that you and I know,

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<v Speaker 1>Scott and Ali, I've met them, we've done interviews with

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<v Speaker 1>them before. I think this is I don't know if

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<v Speaker 1>they took their eye off the ball, tried to grow

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<v Speaker 1>too fast, funding got to be a problem, couldn't penetrate

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<v Speaker 1>markets in terms of competition with other fast casuals. Maybe

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<v Speaker 1>it was just a too fast, too soon kind of scenario,

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<v Speaker 1>and obviously COVID kind of delayed.

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<v Speaker 2>A lot of that.

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<v Speaker 1>But man, the team over at MOD have absolutely just

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<v Speaker 1>been getting destroyed, and of course Beth Scott she departed

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<v Speaker 1>from MOD all of that began. We saw the entire

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<v Speaker 1>executive team pretty much gutted by this acquisition by Elite

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<v Speaker 1>Restaurant Group, which was earlier this month. So I think

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<v Speaker 1>this is a problem. It's going to be a big

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<v Speaker 1>comeback story if MOD can recover from this. It does

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<v Speaker 1>put a huge black eye back in the pizza fast

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<v Speaker 1>casual category, which I believe is still one of the

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<v Speaker 1>most struggling categories in fast casual even though the entire

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<v Speaker 1>fast casual sector right now is in trouble, and this

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<v Speaker 1>is a problem I think that may not get alleviated

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<v Speaker 1>for any time to come. And there's many reasons why.

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<v Speaker 1>I think it is all lagging indicators from an economic

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<v Speaker 1>position that we study constantly over on our finance channel,

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<v Speaker 1>which if you guys have never checked that out. Go

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<v Speaker 1>over to Paul Baron Network on YouTube. You'll find us there.

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<v Speaker 1>We just hit four hundred and fifty thousand subscribers. It

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<v Speaker 1>is blowing up with there. We cover a lot of

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<v Speaker 1>crypto topics, but we also get into a lot of

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<v Speaker 1>macroeconomics and a lot of study of that. The other

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<v Speaker 1>thing that is kind of interesting is a consolidation. Consolidation

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<v Speaker 1>continues to be one of the things that I'm looking at. Darden,

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<v Speaker 1>of course buying Chewies for more than six hundred million.

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<v Speaker 1>This is a big deal because I think with Darden,

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<v Speaker 1>you know, one of the things you have to look

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<v Speaker 1>at is the potential for casual dining to possibly reposition

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<v Speaker 1>in the market. QSR is struggling. Fast casual is struggling.

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<v Speaker 1>Casual dining has been struggling. Fine dining, I think is

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<v Speaker 1>about to get hit for the first time with high

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<v Speaker 1>income and high net worth individuals maybe pulling back. Luxury

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<v Speaker 1>goods have already started to decline. A handful of things

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<v Speaker 1>that are are already pushing into this area. If you

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<v Speaker 1>look at the dive brief from Restaurant Dive on this deal.

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<v Speaker 1>Let me share my screen to you guys. The interesting

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<v Speaker 1>point right here is it's one hundred and one unit.

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<v Speaker 1>You know, it's full service text max Change. But they

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<v Speaker 1>bought this at about thirty seven to fifty a share.

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<v Speaker 1>This was a pretty good deal, all cash transaction worth

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<v Speaker 1>the enterprise value of about six hundred and five million.

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<v Speaker 1>I mean you think about that basically at six million

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<v Speaker 1>dollars a store and not bad, you know when you

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<v Speaker 1>look at the opportunity here of what this category could be.

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<v Speaker 1>Remember this is a second transaction. Darden is pulled off

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<v Speaker 1>the other one. They bought Ruth Chris Ruth Chris Hospitality

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<v Speaker 1>Group seven or fifteen million, and you guys know, I

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<v Speaker 1>mean this is Long Corner Olive Garden Steakhouse and then

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<v Speaker 1>Yardhouse in Bahama, Brieze.

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<v Speaker 2>Listen.

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<v Speaker 1>The bigger picture here is this consolidation. Consolidation continues to

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<v Speaker 1>be I think one of the key factors here. But

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<v Speaker 1>here is another factor that I think a lot of

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<v Speaker 1>people are not following when it comes to just where

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<v Speaker 1>these these brands are going. And I'm going to share

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<v Speaker 1>a trading view chart and we do this all the

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<v Speaker 1>time on our shows. I'm on the weekly right now,

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<v Speaker 1>and what I'm looking at right now is Diagio. This

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<v Speaker 1>is Diagio, one of the biggest brands out there in

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<v Speaker 1>the alcoholic section. But you can kind of see alcohol brands.

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<v Speaker 1>You can kind of see this massive fall off on

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<v Speaker 1>the weekly really since what we saw back in December

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<v Speaker 1>of twenty twenty one, which was its high, and now

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<v Speaker 1>we started to see a complete adjustment with negative downtrends

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<v Speaker 1>continuing on a sentiment side. But I want to go

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<v Speaker 1>over and look at Chipotle. This is Chipotle, which has

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<v Speaker 1>been on a tear for gosh almost five six years,

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<v Speaker 1>absolutely just killing it in terms of stock price. Look

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<v Speaker 1>at this growth right here. Let me give you a

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<v Speaker 1>kind of just an insight. This was in March of

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<v Speaker 1>twenty twenty. Remember that that's the called the Chipotle or

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<v Speaker 1>excuse me, the COVID dip. And up here to the high.

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<v Speaker 1>That is a five hundred and forty eight percent gain,

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<v Speaker 1>five and forty eight percent gain from March twenty through

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<v Speaker 1>June twenty twenty four. Here's the difference. Just in the

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<v Speaker 1>last month, we have seen a correction here from the

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<v Speaker 1>high down to here of almost thirty percent. Does this

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<v Speaker 1>mean that Chapote starts its decline going back into possibly

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<v Speaker 1>you know the twenty five to thirty dollars stock range.

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<v Speaker 1>This is huge for where Chipotle will be. McDonald's also

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<v Speaker 1>kind of going sideways a little bit, but still on

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<v Speaker 1>the uptrend. I think they have an opportunity here to

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<v Speaker 1>continue to perform Wendy's sideways. Not seeing a lot of

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<v Speaker 1>attraction here sentiment wise, also kind of the same thing.

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<v Speaker 1>Not a lot of traction in terms of consumers. And

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<v Speaker 1>if you look at Darden, it's been pretty much uptrend

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<v Speaker 1>from here, even though they've had a little bit of

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<v Speaker 1>a downtrend here recently. This may be a play here.

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<v Speaker 1>I'm watching this one very closely for sure. Here's Starbucks.

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<v Speaker 1>This one right here worries me because I think star

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<v Speaker 1>Bucks continues to be challenged by what's happening with the industry,

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<v Speaker 1>and they are also falling into the same problem in

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<v Speaker 1>terms of how the consumer interfaces with the restaurant industry,

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<v Speaker 1>and that is high noworth individuals and people who have

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<v Speaker 1>expendable income. And the biggest problem right here is jen

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<v Speaker 1>Z and also jen A. They have yet to be

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<v Speaker 1>able to connect to that kind of consumer, and I

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<v Speaker 1>think this is a problem going forward. I'm going to

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<v Speaker 1>play a clip for you right now. That is the

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<v Speaker 1>Starbucks CEO talking about this very thing, Jim.

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<v Speaker 3>When we look at the biggest loser today, it's going

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<v Speaker 3>to be Starbucks. It's among the worst performers in the

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<v Speaker 3>S and P. Five hundred. It's one of the bigger

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<v Speaker 3>guidance because I've seen in a long time. I checked

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<v Speaker 3>with all the major both public and private companies that

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<v Speaker 3>are in a similar business to you, and no one

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<v Speaker 3>saw a three percent decline in comm stores because of weather,

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<v Speaker 3>and none of them saw a negative number except for you.

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<v Speaker 4>We have not been able to communicate to them the

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<v Speaker 4>value that we provide. What we're doing for that is

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<v Speaker 4>we are making it attractive for them to come back into.

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<v Speaker 2>The Stopbucks app and join it. On the app.

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<v Speaker 4>What you will see is you will see value that

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<v Speaker 4>they haven't seen.

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<v Speaker 2>There are drops that are going to happen every Monday.

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<v Speaker 4>There are bundles that we're putting in place that are

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<v Speaker 4>attractive for.

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<v Speaker 2>Them, for example, a beverage and a drink at a

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<v Speaker 2>certain price.

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<v Speaker 4>What you're seeing there is the effort we're making in

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<v Speaker 4>order to ensure that our occasional customers get to see.

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<v Speaker 2>The value that we provide.

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<v Speaker 3>A loyal customer ly program go from thirty four point

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<v Speaker 3>three to thirty two point thirty two point eight in

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<v Speaker 3>link quarter. I mean those people are not occasional. Those

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<v Speaker 3>people are hardcore. Not the occasional, but the hardcore drop off.

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<v Speaker 4>It's at the tail of the laynty program, particularly those

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<v Speaker 4>that are you know, in the ninety day active as

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<v Speaker 4>we call it, the folks that didn't come back. They

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<v Speaker 4>again are very similar to the occasional customers. We have

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<v Speaker 4>an action plan in place right now to communicate directly

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<v Speaker 4>with them.

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<v Speaker 2>If you look at some of the metrics that.

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<v Speaker 3>We have done, and Tim Wharton said you were not

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<v Speaker 3>holding share, sir, I regard them as being seminal companies

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<v Speaker 3>that are just as good when it comes to McDonald

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<v Speaker 3>says you are losing share.

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<v Speaker 4>The thing we didn't do enough off is really attack

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<v Speaker 4>the occasional customer with delivering and communicating value to them

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<v Speaker 4>in a more aggressive manner. That's what the plan we

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<v Speaker 4>have does.

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<v Speaker 3>Is it not time to pause, sir, and figure out

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<v Speaker 3>what's really going wrong and spend a deep dive and

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<v Speaker 3>making it so that this decline in comp store numbers

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<v Speaker 3>does not continue because it is perilous to the actual

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<v Speaker 3>existential existence of Starbucks.

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<v Speaker 1>All right, So as you can see, I mean, they

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<v Speaker 1>don't really have a plan in place, and I think

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<v Speaker 1>this is the problem. The loyalty system continues to fall,

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<v Speaker 1>and we've continued to see potentially a issue I think

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<v Speaker 1>with maybe the ability for them to truly connect to

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<v Speaker 1>the next generation consumer. I think that is the bigger

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<v Speaker 1>problem that lies in Starbucks' situation right now. So a

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<v Speaker 1>lot really pushing forward here, and I was talking about

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<v Speaker 1>Diagio just a minute ago. Obviously we've seen the downturn here.

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<v Speaker 1>One of the things that concerns me here if you

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<v Speaker 1>look at the brands that are available here. Let me

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<v Speaker 1>share this screen with you guys, and the brands that

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<v Speaker 1>are available here, Tanger Ray Againnis, Johnny Walker, Smeirnoff, Bailey's, Buchanans, Sirock,

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<v Speaker 1>Don Julio, Kettle, I, Crown Royal, Captain Morgan. You can

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<v Speaker 1>see this is the core of what I call the

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<v Speaker 1>everyday man's liquor cabinet. And for this to see continue

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<v Speaker 1>downturn and for us to see a huge downturn in

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<v Speaker 1>where the industry is going around just overall beverage sales,

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<v Speaker 1>especially in the situation with whiskey, American whiskey. This is

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<v Speaker 1>a concerning problem because America Whiskey, I think, is the

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<v Speaker 1>bell weather of how all of this plays forward. And

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<v Speaker 1>if you look at just some of the things here

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<v Speaker 1>in terms of the data, this iswsr's recently published analysis,

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<v Speaker 1>and this is the global industry alcohol sales decline in

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<v Speaker 1>twenty twenty three for the first time in nearly three decades,

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<v Speaker 1>and they're continuing to face a soft market in twenty

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<v Speaker 1>twenty four. And recent data coming in on this right

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<v Speaker 1>now is that twenty twenty four could be a bigger

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<v Speaker 1>decline this year than even what we've seen in twenty

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<v Speaker 1>twenty three. All of that being said, this aligns with

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<v Speaker 1>one of the most profitable centers in a restaurant and

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<v Speaker 1>that of course is the bar business. So I want

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<v Speaker 1>you guys to think about that and really understand what

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<v Speaker 1>this means. The other thing that you have to consider

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<v Speaker 1>is where is the customer going If they're not going

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<v Speaker 1>to restaurants anymore, what is the angle that could be

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<v Speaker 1>playing in here. Well, one that you have to consider

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<v Speaker 1>is what's happening in the sea store category. Look at

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<v Speaker 1>this crazy stuff. Seastorees now seeing higher loyalty retention than

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<v Speaker 1>QSRs quick serve restaurants fast food. They sign up new

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<v Speaker 1>members much more slowly than QSR, but they are getting

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<v Speaker 1>higher loyalty retention. So it's just a matter of time,

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<v Speaker 1>people before we start to see the C store kind

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<v Speaker 1>of move in. Look at here, I'm going to show

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<v Speaker 1>you some of the data hear from restaurant dive. Great

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<v Speaker 1>side by the way they do a good job. Seastore's

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<v Speaker 1>upper half of loyalty Transactions Share see at least eighty

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<v Speaker 1>percent of their members returning eighty that's right, I said,

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<v Speaker 1>eight zero percent of their members returning.

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<v Speaker 2>Every mind.

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<v Speaker 1>According this is twenty twenty four loyalty report that rose

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<v Speaker 1>to eighty five percent for retailers in the ninetieth percentile

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<v Speaker 1>and above. By comparison, in the ninetieth percentile and above

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<v Speaker 1>ninetieth percentile, Transactions Share saw sixty two percent of their

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<v Speaker 1>loyalty memory in the QSR sector, So a big, big problem.

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<v Speaker 1>And then you look further into this other convenience store

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<v Speaker 1>significantly trail both restaurant types when it came to acquiring

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<v Speaker 1>new members, but top performing QSR loyalty programs brought in

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<v Speaker 1>an average one hundred and ten new members. This to

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<v Speaker 1>me is not good. You bring in a lot of

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<v Speaker 1>new people, but you're not able to retain them. The

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<v Speaker 1>competition is very strong in the restaurant industry and much

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<v Speaker 1>more broad than what we see in the QSR space,

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<v Speaker 1>or at least in the C store space, I mean,

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<v Speaker 1>and when you look at that and where this may

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<v Speaker 1>be leaning, is a lot less occasions going into QSR

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<v Speaker 1>and fast casual which could be coming to a problem

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<v Speaker 1>near you in the restaurant industry. So anyway, hopefully guys,

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<v Speaker 1>this will give you a little bit of more insight

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<v Speaker 1>to what is happening on the industry. We'll try to

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<v Speaker 1>do more of the restaurant reports to give you rundowns.

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<v Speaker 1>I don't know if you like the charting or if

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<v Speaker 1>you like some of the stock analysis on this, but

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<v Speaker 1>let me know if you're in the comments right now,

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<v Speaker 1>this drops some comments down below. We love to get

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<v Speaker 1>your feedback there. And of course, if you're over on

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<v Speaker 1>the podcast, make sure and subscribe give us five stars,

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<v Speaker 1>and make sure if you are not subscribed on the

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<v Speaker 1>YouTube channel, get over there and subscribe as well. We

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<v Speaker 1>will catch you next week right here on the restaurant

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<v Speaker 1>report