Expect that to change as Hispanic expertise moves up the company ladder. Most studies zero in on the 18% of traffic at casual dining restaurants (QSR) that is Hispanic.
While that may be a logical target, future growth will not focus on the Hispanic population exclusively. It will be about creating value leveraging acquired expertise. And change is not only possible but overdue:
- Market size – There are 990,000 restaurants in the United States and the restaurant industry generates $683 billion each year.
- Business ownership – The number of Hispanic-owned U.S. businesses increased by 44% to 2.3 million between 2002 and 2007, more than twice the national rate of 18%. About 46% of all Hispanic-owned businesses are owned by people of Mexican origin.
- Business type – Nearly one-third, or 30%, of Hispanic-owned businesses are in construction, repair and maintenance, and personal laundry services industries:
So when will we see more Chez José restaurants? When you step up to the plate and start one, or help start one. Señor José, I would like the pâté de fois gras, s’il vous plaît!