Rounding Out the Decade
It looks like 7.84 was a popular number this month. On the plus side, alcohol sales on New Year’s Eve saw a sparkling 7.84% increase compared to New Year’s Eve 2018, a nice start to the new decade. On the other side of the equation, total restaurant sales for December in the Twin Cities were down -7.84%. While not in positive territory, it’s important to note this year’s calendar, with a compressed holiday season after Thanksgiving and only three December Saturdays before Christmas, compared to 2018’s four, meant December’s sales would be subdued.
Overall, the local restaurant business has been slowing for the year, with the trailing 12-month average down to -4.74%, compared to a trailing 12-month average at the beginning of the year of -1.84%. Looking ahead, Minneapolis is a growth spot, with employment forecast to pick up in 2020 and plenty of large development projects on the horizon, hopefully translating into local dining receipts.
About these metrics: The MarginEdge monthly snapshot of Minneapolis/St. Paul restaurant sales is based on a sampling of 50+ area restaurants ranging from fast-casual to full-service.