Lightspeed Commerce Inc. (NYSE | TSX: LSPD) published a new report
sharing insights on the potential sales boost available to American
bars and restaurants who open on Thanksgiving Eve—otherwise known
as ‘Drinksgiving.’ With Advanced Insights built directly into the
Lightspeed Restaurant platform, the company is in a prime position
to turn everyday data into actionable steps that help restaurants
accelerate growth, provide the best customer experiences and become
a go-to destination in their space.
The data, which is based on a sample of thousands of restaurants
and bars powered by Lightspeed across the U.S., shows that business
owners who are keen to increase their competitive edge should stock
up on liquor, comfort foods and staffing levels for November 22,
2023 a.k.a. Drinksgiving—one of the biggest nights of the year for
bars. Highlights include:
- Last year, liquor orders grew by 156% compared to the previous
Wednesday. And “beer before wine” is more than an expression—beer
sales went up by 85%, cocktail orders surged by 69% and wine saw a
small bump at 6%
- Tequila sales in the Midwest in particular skyrocket on
Drinksgiving, with sales of tequila increasing by 864%, compared to
246% on the West Coast. Meanwhile, in the Northeast their love of
vodka proves strong, with a +427% increase in sales on Thanksgiving
Eve.
Kitchens across the U.S. should also prep for a surge, with
Lightspeed’s Advanced Insights data showing that:
- The number of takeout orders increased by 21% on Thanksgiving
Eve compared to the previous Wednesday, with a 16% increase for
dine-in orders.
- And for restaurants considering staying open on Thanksgiving
Day itself, the data shows it can be lucrative. Restaurants who
were open on the holiday saw a 36% increase in the number of
transactions and 109% increase in total sales compared to the
previous Thursday. Dine-in tip percentages for restaurants that
stay open on Thanksgiving hold steady at around 18%.
Peter Dougherty, General Manager of Hospitality at Lightspeed
Commerce, points out that beyond encouraging businesses to prep for
Thanksgiving Eve, the data also debunks the industry myth that
patrons who dine out on Thanksgiving Day are bad tippers. “This
echoes what we’ve seen in the industry overall—that people are
tipping their waitstaff more than in previous years,” notes
Dougherty. “Added to the relative increase in sales, Thanksgiving
could prove to be a profitable day for both servers and
restaurants.”
Still, Dougherty warns, given labor shortages and retention
challenges (75% jump in employee turnover year-over-year, according
to the latest Lightspeed data report), staying open on the holiday
“might not be the best for staff morale. And as we head into
December, hospitality businesses will need all hands on deck to
handle the holiday rush—especially on Saturday, December 9, which
based on last year’s numbers could be the biggest sales night after
New Year’s.”
For more insights into how restaurants and bars can jump on the
Drinksgiving trend to increase sales, visit Lightspeed’s blog.
Lightspeed powers the world’s best bars and restaurants,
including: Boulod (New York), Alinea (Chicago), Recess (Chicago),
Death & Co (Los Angeles), Mace (New York), Service Bar
(Washington, DC), Collective Arts (Toronto), Joe Beef (Montreal),
Cloakroom (Montreal), David Rocco Bar Aperitivo (Toronto), Cubitt
House (London), Maybe Sammy (Sydney), Sunshine Brewery (Gisborne)
and In den Ouden Vogelstruys (Maastricht).
Dive into the transformative features of Lightspeed Restaurant
on our website, or to witness its powerful capabilities, see
lightspeedhq.com/pos/restaurant.
*MethodologyLightspeed analyzed transactions
from thousands of hospitality businesses across North America
powered by Lightspeed Restaurant. The analysis included diverse
business categories such as bars, casual dining, upscale, fine
dining venues and fast-casual businesses. The analysis compared
various sales trends and menu items’ popularity between Wednesday
November 23, 2022 and the Wednesday in the previous week.
About Lightspeed
Powering the businesses that are the backbone of the global
economy, Lightspeed’s one-stop commerce platform helps merchants
innovate to simplify, scale and provide exceptional customer
experiences. Our cloud commerce solution transforms and unifies
online and physical operations, multichannel sales, expansion to
new locations, global payments, financial solutions and connection
to supplier networks.
Founded in Montréal, Canada in 2005, Lightspeed is dual-listed
on the New York Stock Exchange and Toronto Stock Exchange (NYSE |
TSX: LSPD). With teams across North America, Europe and Asia
Pacific, the company serves retail, hospitality and golf businesses
in over 100 countries.
For more information, see lightspeedhq.com.
Follow us on social media: LinkedIn, Facebook, Instagram,
YouTube, and Twitter.
Forward-Looking Statements
This news release may include forward-looking information and
forward-looking statements within the meaning of applicable
securities laws ("forward-looking statements"). Forward-looking
statements are statements that are predictive in nature, depend
upon or refer to future events or conditions and are identified by
words such as "will", "expects", "anticipates", "intends", "plans",
"believes", "estimates" or similar expressions concerning matters
that are not historical facts. Such statements are based on current
expectations of Lightspeed's management and inherently involve
numerous risks and uncertainties, known and unknown, including
economic factors. A number of risks, uncertainties and other
factors may cause actual results to differ materially from the
forward-looking statements contained in this news release,
including, among other factors, those risk factors identified in
our most recent Management's Discussion and Analysis of Financial
Condition and Results of Operations, under "Risk Factors" in our
most recent Annual Information Form, and in our other filings with
the Canadian securities regulatory authorities and the U.S.
Securities and Exchange Commission, all of which are available
under our profiles on SEDAR at www.sedarplus.ca and on EDGAR at
www.sec.gov. Readers are cautioned to consider these and other
factors carefully when making decisions with respect to
Lightspeed's subordinate voting shares and not to place undue
reliance on forward-looking statements. Forward-looking statements
contained in this news release are not guarantees of future
performance and, while forward-looking statements are based on
certain assumptions that Lightspeed considers reasonable, actual
events and results could differ materially from those expressed or
implied by forward-looking statements made by Lightspeed. Except as
may be expressly required by applicable law, Lightspeed does not
undertake any obligation to update publicly or revise any such
forward-looking statements, whether as a result of new information,
future events or otherwise.
For further information: Media Contacts: Canada: Victoria Baker,
NKPR - victoriab@nkpr.net; USA: Jennifer Fugel, Newsmaker Group-
jfugel@newsmakergroup.com; Lightspeed Media Relations -
media@lightspeedhq.com; Investor Relations: Gus Papageorgiou,
Lightspeed Investor Relations -
investorrelations@lightspeedhq.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/72ac43ee-4ecc-46dc-aa99-ccd11392d3c6
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