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In-store Retail Sales Rise to Pre-pandemic Levels, as E-Commerce Growth Slows, Reports NPD
The steady, gradual growth of e-commerce dramatically accelerated during the pandemic, elevating the amount consumers spent shopping online to almost equal the amount consumers spent in stores. Now, with brick-and-mortar stores open across the U.S., online revenue growth is slowing down. At the same time, physical store sales have increased, rising to 64% of all retail sales in September 2021, according to The NPD Group.
“Physical stores are more relevant today than they were before the pandemic,” said Marshal Cohen...
Impossible Foods Closes $500M in New Funding Amid Record Growth
California-based Impossible Foods announced today that it has secured approximately $500 million in its latest funding round, led by existing investor Mirae Asset Global Investments with participation from other existing Impossible Foods investors.
Impossible Foods is now the fastest-growing plant-based meat company in retail, outpacing the next 10 leading plant-based meat companies combined, according to custom IRI research analyzing U.S. dollar sales for the most recent 13-week period compared to one year ago. This funding round will enable its continued growth in retail...
Freddy's Frozen Custard & Steakburgers Accelerates Growth With New Multi-Unit Deals
Leading fast-casual restaurant concept Freddy's Frozen Custard & Steakburgers announced today it has signed four new multi-unit agreements with new and existing operators to bring more than a dozen new restaurants to New Jersey, Texas, Indiana, Kentucky, Tennessee and South Dakota. Year-to-date, Freddy's has executed a total of 13 multi-unit agreements adding nearly 70 new restaurants to the brand's overall development pipeline. This surge in franchise development is a reflection of the brand's aggressive growth strategy and will continue to accelerate expansion over the...
Foodservice Industry Improved Slightly in September, According to Technomic’s Latest TIndex Release
In September, Technomic’s TIndex, the index on the total foodservice industry, improved slightly to 98.9 from 98.1 in August. According to this data, the industry declined 1.1% over a two-year basis but has grown by 17% when compared to the same month in 2020.
“A few key drivers are to thank for this small uptick,” explains Joe Pawlak, managing principal at Technomic. “Among the explanations are continued price increases on menus, a strong Labor Day weekend for restaurants and the return to live classroom education..."
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