TableSafe, Inc., a leading innovator of pay-at-the-table technology designed for the hospitality industry, today shared that customer payment transactions indicate a recovery of the full-service restaurant industry is gaining momentum. According to TableSafe’s data gathered from across the United States, dollars spent in restaurants during the first quarter of 2021 rose to the highest level since the first quarter of 2020. Transaction revenue also increased 15% in Q1 over Q4 of 2020.
“Our data offers clear indication that full-service restaurants are recovering more quickly and substantially than many in the industry were expecting,” said Gordon Gardiner, CEO of TableSafe. “Even though some of the most populous states only allowed restaurants to re-open capacity in March, there’s been a healthy rebound in transaction revenue and volumes.”
TableSafe’s increased transaction revenue exceeds data recently reported by Restaurant Business, noting that, “restaurant sales surged 36% year-over-year in March as consumers spent their stimulus checks, enabling the industry to almost completely recover sales lost during the pandemic.” TableSafe data shows a 77% increase in dollars spent year-over-year in March, indicating that the rebound is even more sizable when measured just for full-service restaurants.
“Based on the data, it appears that the full-service restaurant industry may have hit an inflection point in its recovery from the pandemic,” Gardiner said. “This is very encouraging for the restaurant industry and we expect more progress as the full effect of restaurant re-opening comes into play in Q2.”
According to Technomic, a research and consulting firm servicing the food and foodservice industry, the restaurant industry as a whole was not expected to recover from the pandemic until 2023, and the full-service sector wasn’t expected to bounce back until 2025.
TableSafe’s pay-at-the-table platform is used in full-service restaurants across the country including in 20 of the 30 most populous states, representing approximately 75% of the country’s population.
“We’ve had to reassess every aspect of our business in response to the pandemic, creating a safer, more comfortable experience for our guests,” said James King, Founder and CEO of Titan Hospitality Group. “The payment process is no longer viewed as a mere transaction, but a critical component of guest safety, satisfaction, and ultimately our bottom line. It’s more important than ever to our business, and an important part of the recovery in our industry as a whole.”
About TableSafe, Inc.
TableSafe is transforming the way restaurants and other venues complete their hospitality service. With installations across the country, TableSafe provides a secure and innovative payment platform that enables guests to execute the payment process unassisted and at their convenience. TableSafe’s payment platform increases restaurant revenue and staff efficiency both in the front and back of the house. TableSafe’s technology also provides comprehensive analytics on customer behavior and restaurant operations. www.tablesafe.com
About Titan Hospitality Group
Titan Hospitality Group is a premier restaurant management group in the Mid-Atlantic region with over 25 years of restaurant management experience. Headquartered in Crofton, Maryland, Titan Hospitality owns, operates and is affiliated with five restaurants in Maryland and Virginia, including Blackwall Hitch, Blackwall Barn & Lodge as well as Smashing Grapes locations in Annapolis and Gambrills, Maryland. www.titanhospitality.com