Amid the global financial crisis, with the world’s largest banks reporting losses in the billions of dollars, Duane Clark, a 24-year veteran of the commercial banking industry, did something he never expected to do: He opened a smoothie shop.
“I always swore I would never go into the restaurant business,” Clark says. “I always called it the beast. You live it, you drink it, you eat it—that’s your life.”
The largest expense that foodservice operators incur, other than food, is employee labor costs. In addition to wages, human capital can cost quick serves countless dollars in employee theft and misuse of the time-management system. With biometric technology, it’s virtually impossible for employees to “beat the system”—resulting in a quick return on investment for restaurant operators.
In March of 2008, Subway launched a value deal nationwide that already had explosive success in a number of the chain’s South Florida stores. The introduction of the $5 footlong deal across the U.S. was intended to be an answer to the $1 value menus of industry standard-bearers such as McDonald’s and Wendy’s and a new direction for the brand in the wake of its advertising success with Jared Fogle.