Netflix is my biggest competitor, restaurant owner says about food delivery
Delivery doesn’t quite cut it for Boston Chops' restaurant owner Chris Coombs.
Coombs told FOX Business' Stuart Varney on Varney & Co. that delivery accounts for “less than 0.5 percent of total revenue in the restaurant space,” making it “not a big segment” of his business. He did, however, note that for “the more fast-casual segments, it’s really important.”
"My largest competition right now is not other restaurants, it’s actually Netflix and the Netflix economy," Coombs said.
Online food delivery has been a growing industry in the United States in recent years. Revenue in this sector has increased from $18.3 billion in 2017 to $22 billion in 2019, according to Statista.com. Revenue estimates by Statista suggest in 2023, this industry will bring in over $28 billion annually.
Statista data indicates a little more than 37% of online food delivery customers are between the ages of 25 and 34. Individuals in this same group, according to the statistics website, are more likely than not to be Netflix subscribers.
“The reality is two of my four restaurants in Boston do delivery, but it doesn’t move the needle on the top line” Coombs said.
He went on to say that he has been “pretty resistant to delivery” at his fine-dining restaurant.
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Coombs said he makes perfection the goal of his food.
“I just don’t believe that once someone takes food into a to-go container and puts it in a car that it can be perfect," Coombs said.