QSR, fast food sector posted ‘modest’ growth in past 12 months
It saw 275 store openings and 118 closures.
The restaurant and quick service sector recorded a modest growth from 1 July 2021 to 30 June 2022 after reporting a net increase of 157 stores, a recent GapMaps report showed.
Specifically, the report, which tracked 28 brands in over 6,734 locations, indicated that 275 branches opened whilst 118 stores shuttered in the past 12 months.
The report also noted that McDonald’s, KFC, Sushi Hub, and Domino’s Pizza posted an increase in expansion. With McDonald’s reporting 31 new openings, KFC with 26, Sushi Hub with 23, and Domino’s with 21.
Subway, Pizza Hut and Nando’s had the most decline with 41 store closures, 12 shutdowns, and 15 closures, respectively.
It also stated that Melbourne accounted for the highest net store growth of 47 stores.
