They cook your French entrée, your Italian pasta, your American nouvelle cuisine. There are 54 million Hispanic people in America. By 2060, there will be nearly 129 million Hispanics, comprising 31% of the U.S. population. Many toil in restaurants. Few own them.
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:
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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!
