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Quick Service Restaurants - US - August 2009

This report explores the quick service restaurant market—identifying key developments that are changing consumer habits and usage of fast food. The concepts of quality and value, which have become more important during the recession, emerge as key themes throughout the report.

Mintel explores overall restaurant usage as well as usage by restaurant segment to see how QSRs compare. Mintel then takes an in-depth look at the QSR consumer in terms of usage and usage frequency, race/ethnicity, kids and teens, and restaurant selection factors.

You will also find thoughtful analysis of topics such as:

  • Opportunities for fast food to enhance menu and chain positioning by legitimately focusing on the fresh factor, much like popular fast casual concepts do. Further, by adding health to the menu, operators can eliminate the veto factor and increase ticket sales
  • Exploring family value meals, which may be a worthwhile expansion to typical burger value menus given the more aggressive campaigns from casual eateries and chicken QSRs that clearly provide a total family price
  • Insight into how the trade-down phenomenon is impacting the QSR market as well as the implications of rising prices for QSR entrées
  • A look into how the industry is responding with premium and unexpected menu items to retain consumers and provide trade-up potential among its most value-conscious consumers
  • Analysis of market competitors by channel, discussing key propositions for each that provides an edge over fast food
  • Discussion and analysis of market drivers: evaluation of economic spending and its negative impact on foodservice; how the recession is reshaping the family dynamic and its impact on fast food; and analysis of key demographics including kids, teens and Hispanics
  • Assessing how the use of technology can advance convenience perception and expectations among the important 18-34 demographic

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Table of contents

  1. Scope and Themes

    • What you need to know
      • Definition
        • Figure 1: QSR companies comprising market size, by segment, 2009
      • Changes to 2009 QSR market size
        • Data sources
          • Sales data
            • Mintel Menu Insights
              • Consumer survey data
                • Advertising creative
                  • Abbreviations and terms
                    • Abbreviations
                      • Terms
                      • Executive Summary

                        • The challenge of a recession
                          • QSRs continue growth
                            • Competitors are going for the bulls-eye
                              • Burger restaurants dominate QSR sales
                                • Influential demographics
                                  • QSR chain profiles
                                    • Brand focus: Jack in the Box’s maverick mentality
                                      • Advertising and promotion activity
                                        • Menu innovation stepping it up
                                          • Health on the menu—a long way to go
                                            • Technology expectations
                                              • Where consumers go to eat
                                                • How consumers use fast food
                                                  • Fast food and the Hispanic consumer
                                                    • QSRs and the quintessential child consumer
                                                      • How consumers make the choice between QSRs
                                                      • Insights and Opportunities

                                                        • Key points
                                                          • Embrace health for “real”
                                                            • Analyze the competition: fast casual doing fresh right
                                                              • Eliminate the veto factor
                                                                • Good news—there’s money in health
                                                                  • Hey burger guys, where’s the family meal deal?
                                                                  • Inspire Insights

                                                                      • Premium and Cutthroat
                                                                        • What's it about?
                                                                          • What we’ve seen
                                                                            • A funny thing happened on the way to recession
                                                                              • A funny thing happened on the way through the recession
                                                                                • But will a (not-so-) funny thing happen after the recession?
                                                                                • Market Size and Forecast

                                                                                  • Key points
                                                                                    • Trading down to QSR
                                                                                      • Rising retail prices suggest underlying traffic issues
                                                                                          • Figure 2: Average price per entrée, by restaurant segment, 2007, 2008, and 2009
                                                                                        • Time is of the essence—future QSR sales potential
                                                                                            • Figure 3: Total U.S. QSR sales and forecast, at current prices, 2004-12
                                                                                            • Figure 4: Total U.S. QSR sales and forecast, at inflation-adjusted prices, 2004-12
                                                                                        • Competitive Context

                                                                                          • The quest for the dining out dollar
                                                                                            • Casual restaurants not going down without a fight
                                                                                              • Family/midscale not giving in during breakfast
                                                                                                • Coffeehouses and donut shops branching out
                                                                                                  • Fast casual trumps QSRs from a fresh/health perspective
                                                                                                    • Can QSRs compete with a premium platform?
                                                                                                      • Value remains an essential component to the QSR competitive strategy
                                                                                                      • Segment Performance

                                                                                                        • Overview
                                                                                                          • Burgers, burgers everywhere…
                                                                                                            • … but not at other QSRs
                                                                                                                • Figure 5: U.S. sales of leading QSR chains, by “food” segment, 2006-08
                                                                                                            • Segment Performance—Burger Restaurants

                                                                                                              • Key points
                                                                                                                • The war is on
                                                                                                                  • Going for the unexpected
                                                                                                                    • Dropping the price bomb
                                                                                                                        • Figure 6: U.S. sales of leading burger QSR chains, 2006 and 2008
                                                                                                                    • Segment Performance—Sandwich Restaurants

                                                                                                                      • Key points
                                                                                                                        • Striking the balance between QSR and fast casual
                                                                                                                          • Maintaining the QSR value mentality
                                                                                                                            • Health via freshness
                                                                                                                                • Figure 7: U.S. sales of leading sandwich QSR chains, 2006 and 2008
                                                                                                                            • Segment Performance—Chicken Restaurants

                                                                                                                              • Key points
                                                                                                                                • Finding a niche
                                                                                                                                  • Chick-fil-A: the original chicken sandwich
                                                                                                                                    • El Pollo Loco: ethnic menu inspiration
                                                                                                                                      • Bojangles: Differentiating by daypart
                                                                                                                                        • KFC: Rebranding for health
                                                                                                                                          • Figure 8: U.S. sales of leading chicken QSR chains, 2006 and 2008
                                                                                                                                      • Segment Performance—Mexican Restaurants

                                                                                                                                        • Key points
                                                                                                                                          • Strategic value pricing
                                                                                                                                            • Taco Bell remains focused on value
                                                                                                                                              • Del Taco—made to order, customizable
                                                                                                                                                  • Figure 9: U.S. sales of leading mexican QSR chains, 2006 and 2008
                                                                                                                                              • Segment Performance—“Other” Restaurants

                                                                                                                                                • Key points
                                                                                                                                                  • Ethnic cuisine fuels growth
                                                                                                                                                    • Unit expansion driven by demand for ethnic flavors
                                                                                                                                                      • Figure 10: U.S. sales of leading “other” QSR chains, 2006 and 2008
                                                                                                                                                  • Market Drivers

                                                                                                                                                    • Restaurant industry recession continues, but the bottom may be in sight
                                                                                                                                                      • Figure 11: Restaurant Performance Index, current situation, and expectations, May 2007-May 2009
                                                                                                                                                    • Consumer confidence undermines willingness to spend at restaurants
                                                                                                                                                        • Figure 12: Consumer Sentiment Index, by quarter, 2001-09
                                                                                                                                                        • Figure 13: QSR restaurant spend compared to last year, by selected demographics, May 2009
                                                                                                                                                      • Recession reshapes the family dynamic
                                                                                                                                                        • Increasing number of potential child diners in the U.S.
                                                                                                                                                            • Figure 14: Population by age, 2004-14
                                                                                                                                                          • Fewer jobs for teens means less spending
                                                                                                                                                            • Hispanics—the essential QSR patron
                                                                                                                                                                • Figure 15: Child population (0-12), by ethnicity/race, 2004-14
                                                                                                                                                              • Appealing to Hispanics
                                                                                                                                                              • Restaurant Analysis: McDonald’s

                                                                                                                                                                  • Continued success
                                                                                                                                                                    • Targeting adults: Premium beverages
                                                                                                                                                                      • Losing traction with Hispanics
                                                                                                                                                                        • Figure 16: McDonald’s usage, by race/ethnicity, October 2007-December 2008
                                                                                                                                                                      • McDonald’s and kids: The power of the brand
                                                                                                                                                                          • Figure 17: Children’s self-reporting restaurant usage, by restaurant, by age, March 2009
                                                                                                                                                                      • Restaurant Analysis: Burger King

                                                                                                                                                                          • Growth momentum
                                                                                                                                                                            • BK’s future focus
                                                                                                                                                                              • Remaining focused on young males
                                                                                                                                                                                • Figure 18: Burger King usage, by selected demographics, October 2007-December 2008
                                                                                                                                                                            • Restaurant Analysis: Wendy’s

                                                                                                                                                                                • Attempting a rebound
                                                                                                                                                                                  • Menu changes
                                                                                                                                                                                    • Future focus
                                                                                                                                                                                      • Premium brand quality attracts select demographics
                                                                                                                                                                                          • Figure 19: Wendy’s usage, by select demographics, October 2007-December 2008
                                                                                                                                                                                      • Restaurant Analysis: Taco Bell

                                                                                                                                                                                          • Marketing the trifecta: Value; freshness; bold flavors
                                                                                                                                                                                            • Focused on value
                                                                                                                                                                                              • Associating with freshness
                                                                                                                                                                                                • Signature bold flavors
                                                                                                                                                                                                  • Taco Bell—a hot spot for young consumers
                                                                                                                                                                                                      • Figure 20: Taco Bell’s usage, select demographics, October 2007-December 2008
                                                                                                                                                                                                  • Restaurant Analysis: Sonic

                                                                                                                                                                                                      • Keeping up with the Joneses
                                                                                                                                                                                                        • Playing to its strengths
                                                                                                                                                                                                          • What’s in store for the future
                                                                                                                                                                                                            • Southern regional footprint creates strong consumer base
                                                                                                                                                                                                              • Figure 21: Sonic’s usage, by region, October 2007-December 2008
                                                                                                                                                                                                          • Restaurant Analysis: Chick-fil-A

                                                                                                                                                                                                              • Cultivating loyalty
                                                                                                                                                                                                                • Chick-fil-A core consumer—30-something, Southern, and high income
                                                                                                                                                                                                                    • Figure 22: Chick-fil-A’s usage, by select demographics, October 2007-December 2008
                                                                                                                                                                                                                • Restaurant Brand Qualities: Jack in the Box Study

                                                                                                                                                                                                                    • Sales performance
                                                                                                                                                                                                                      • Remaining true to its reputation as a “menu maverick”
                                                                                                                                                                                                                          • Figure 23: Jack in the Box’s usage, by age, May 2009
                                                                                                                                                                                                                        • Updating Jack
                                                                                                                                                                                                                          • Reimaging its stores for modern appeal
                                                                                                                                                                                                                            • New logo goes casual
                                                                                                                                                                                                                              • Marketing mania: Capitalizing on Jack
                                                                                                                                                                                                                                • A brand for Hispanics
                                                                                                                                                                                                                                  • Figure 24: Jack in the Box’s usage, by Hispanic origin, May 2009
                                                                                                                                                                                                                              • Advertising and Promotion

                                                                                                                                                                                                                                • Overview
                                                                                                                                                                                                                                  • Figure 25: Top ten QSR advertisers, 2007 and 2008
                                                                                                                                                                                                                                • Promoting quality
                                                                                                                                                                                                                                  • Spinning value
                                                                                                                                                                                                                                    • Marketing the value menu
                                                                                                                                                                                                                                      • Discount deals
                                                                                                                                                                                                                                          • Figure 30: Popeyes television ad, Feed 4 for $4, February 2009
                                                                                                                                                                                                                                        • Providing the “economical” answer
                                                                                                                                                                                                                                          • Pushing the boundaries
                                                                                                                                                                                                                                            • Burger King
                                                                                                                                                                                                                                              • CKE Restaurants: Hardee’s and Carl’s Jr.
                                                                                                                                                                                                                                                • Quizno’s
                                                                                                                                                                                                                                                • Innovations and Innovators: Menu Innovation

                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                    • The QSR food menu—move towards unique and premium fast food
                                                                                                                                                                                                                                                      • Figure 32: Top 5 cuisine types, top quick service restaurants, 2007, 2008, and 2009
                                                                                                                                                                                                                                                      • Figure 33: Interest in trying burgers made with Angus beef, by gender, May 2009
                                                                                                                                                                                                                                                    • Breakfast: A point of differentiation
                                                                                                                                                                                                                                                        • Figure 34: Interest in trying all-day breakfast, by age, May 2009
                                                                                                                                                                                                                                                      • The QSR beverage menu—focus on premium beverages
                                                                                                                                                                                                                                                        • Figure 35: Non-alcoholic beverage types, top quick service restaurants, Q2 2007-Q2 2009
                                                                                                                                                                                                                                                      • Tea
                                                                                                                                                                                                                                                        • Coffee
                                                                                                                                                                                                                                                            • Figure 36: Interest in trying selected beverage options, by gender, May 2009
                                                                                                                                                                                                                                                          • Blurring the line between shakes, smoothies and frozen beverages
                                                                                                                                                                                                                                                              • Figure 37: Interest in trying selected beverage options, by gender, May 2009
                                                                                                                                                                                                                                                          • Innovation and Innovators: Health on the Menu

                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                              • Health: Consumers’ perceptions
                                                                                                                                                                                                                                                                • Figure 38: Consumer diet self-perceptions, degree of healthfulness, May 2009
                                                                                                                                                                                                                                                                • Figure 39: Importance of eating healthfully, degree of importance, May 2009
                                                                                                                                                                                                                                                                • Figure 40: Restaurant segment usage, by diet healthfulness, May 2009*
                                                                                                                                                                                                                                                              • Defining health
                                                                                                                                                                                                                                                                • Is health on the menu all smoke and mirrors?
                                                                                                                                                                                                                                                                    • Figure 41: Top quick service restaurant menu items, by nutritional claim, Q2 2008-Q2 2009
                                                                                                                                                                                                                                                                  • Making legitimate statements regarding health on the menu
                                                                                                                                                                                                                                                                  • Innovation and Innovators: Technology

                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                      • Using technology to enhance convenience
                                                                                                                                                                                                                                                                        • Online ordering
                                                                                                                                                                                                                                                                          • Mobile messaging
                                                                                                                                                                                                                                                                            • Interest in on-site internet access
                                                                                                                                                                                                                                                                              • Figure 42: Interest in trying new options, 2007, 2008 and 2009
                                                                                                                                                                                                                                                                          • Restaurant Usage Overview

                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                              • Restaurant usage
                                                                                                                                                                                                                                                                                • Figure 43: Restaurant usage in last year, by selected demographics, May 2009
                                                                                                                                                                                                                                                                              • Restaurant usage, by segment
                                                                                                                                                                                                                                                                                • Demographic analysis
                                                                                                                                                                                                                                                                                  • Figure 44: Usage of restaurant segments in past three months, by gender, May 2009
                                                                                                                                                                                                                                                                                  • Figure 45: Usage of restaurant segments in past three months, by selected HH income groups, May 2009
                                                                                                                                                                                                                                                                                • Addendum: Consumer question explanation
                                                                                                                                                                                                                                                                                • QSR Restaurant Usage and Usage Frequency

                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                    • Overview
                                                                                                                                                                                                                                                                                      • Figure 46: QSR usage and usage frequency, by restaurant, May 2009
                                                                                                                                                                                                                                                                                    • Demographic analysis
                                                                                                                                                                                                                                                                                      • Figure 47: QSR usage and usage frequency, top ten restaurants, by gender, May 2009
                                                                                                                                                                                                                                                                                      • Figure 48: QSR usage and usage frequency, top ten restaurants, by HH income, May 2009
                                                                                                                                                                                                                                                                                  • QSR Restaurant Usage—Race and Ethnicity

                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                      • QSR usage by race/ethnicity
                                                                                                                                                                                                                                                                                          • Figure 49: Top 10 QSR usage, by race/ethnicity, October 2007-December 2008
                                                                                                                                                                                                                                                                                        • Acculturated versus non-acculturated Hispanics
                                                                                                                                                                                                                                                                                          • Figure 50: Top ten QSR Hispanic usage, by degree of English spoken in home, October 2007-December 2008
                                                                                                                                                                                                                                                                                      • QSR Usage and Kids

                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                          • How often kids go to fast food restaurants with parents
                                                                                                                                                                                                                                                                                              • Figure 51: Likelihood of children going with parents to fast food restaurants, by gender, May 2009
                                                                                                                                                                                                                                                                                            • Kids’ and teens’ usage of specific fast food restaurants in past month
                                                                                                                                                                                                                                                                                                • Figure 52: Children’s self-reporting restaurant usage, by restaurant, by age, March 2009
                                                                                                                                                                                                                                                                                              • Teen and kid usage of fast food restaurants by daypart
                                                                                                                                                                                                                                                                                                  • Figure 53: Teen use of fast food restaurants, by daypart and race/ethnicity, October 2007-December 2008
                                                                                                                                                                                                                                                                                                  • Figure 54: Kids’ use of family restaurant/steakhouses and fast food restaurants, by daypart and race/ethnicity, October 2007-December 2008
                                                                                                                                                                                                                                                                                              • QSR Attitudes and Kids

                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                  • Overview
                                                                                                                                                                                                                                                                                                      • Figure 55: Kids’ attitudes toward fast food, by gender, May 2009
                                                                                                                                                                                                                                                                                                  • QSR Restaurant Selection Factors

                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                      • Historical trends
                                                                                                                                                                                                                                                                                                          • Figure 56: Reasons for selecting a QSR, 2007, 2008, and 2009
                                                                                                                                                                                                                                                                                                        • Demographic analysis
                                                                                                                                                                                                                                                                                                          • Figure 57: “Important” reasons for selecting a QSR, by gender, May 2009
                                                                                                                                                                                                                                                                                                          • Figure 58: “Important” reasons for selecting a QSR, by age, May 2009
                                                                                                                                                                                                                                                                                                      • Cluster Analysis

                                                                                                                                                                                                                                                                                                          • Statics
                                                                                                                                                                                                                                                                                                            • Who they are
                                                                                                                                                                                                                                                                                                              • Opportunity
                                                                                                                                                                                                                                                                                                                • Dynamos
                                                                                                                                                                                                                                                                                                                  • Who they are
                                                                                                                                                                                                                                                                                                                    • Opportunity
                                                                                                                                                                                                                                                                                                                      • Dealers
                                                                                                                                                                                                                                                                                                                        • Who they are
                                                                                                                                                                                                                                                                                                                          • Opportunity
                                                                                                                                                                                                                                                                                                                            • Cluster characteristics
                                                                                                                                                                                                                                                                                                                              • Figure 59: QSR clusters, May 2009
                                                                                                                                                                                                                                                                                                                              • Figure 60: Important limited service characteristics, by quick service restaurant clusters, May 2009
                                                                                                                                                                                                                                                                                                                              • Figure 61: QSR restaurant spend compared to last year, by QSR clusters, May 2009
                                                                                                                                                                                                                                                                                                                              • Figure 62: Interest in trying new options, by QSR clusters, May 2009
                                                                                                                                                                                                                                                                                                                              • Figure 63: Interest in trying new options II, by QSR clusters, May 2009
                                                                                                                                                                                                                                                                                                                              • Figure 64: Reasons for selecting a QSR, by QSR clusters, May 2009
                                                                                                                                                                                                                                                                                                                              • Figure 65: Restaurant segment visits, by QSR clusters, May 2009
                                                                                                                                                                                                                                                                                                                            • Cluster demographics
                                                                                                                                                                                                                                                                                                                              • Figure 66: QSR clusters, by gender, May 2009
                                                                                                                                                                                                                                                                                                                              • Figure 67: QSR clusters, by age, May 2009
                                                                                                                                                                                                                                                                                                                              • Figure 68: QSR clusters, by HH income, May 2009
                                                                                                                                                                                                                                                                                                                              • Figure 69: QSR clusters, by race, May 2009
                                                                                                                                                                                                                                                                                                                              • Figure 70: QSR clusters, by Hispanic origin, May 2009
                                                                                                                                                                                                                                                                                                                            • Cluster methodology
                                                                                                                                                                                                                                                                                                                            • Appendix: Additional Consumer Tables

                                                                                                                                                                                                                                                                                                                              • Parents of kids aged 1-5
                                                                                                                                                                                                                                                                                                                                • Figure 71: Parents of kids aged 1-5 dining out attitudes and behaviors, by gender, March 2009
                                                                                                                                                                                                                                                                                                                              • Parents of kids aged 6-11
                                                                                                                                                                                                                                                                                                                                  • Figure 72: Parents of kids aged 6-11 dining out attitudes and behaviors, by gender, March 2009
                                                                                                                                                                                                                                                                                                                                • Parents of kids aged 12-17
                                                                                                                                                                                                                                                                                                                                  • Figure 73: Parents of kids aged 12-17 dining out attitudes and behaviors, by gender, March 2009
                                                                                                                                                                                                                                                                                                                              • Appendix: Trade Associations

                                                                                                                                                                                                                                                                                                                                Companies Covered

                                                                                                                                                                                                                                                                                                                                • A&W All-American Food Restaurants
                                                                                                                                                                                                                                                                                                                                • ABP Corporation
                                                                                                                                                                                                                                                                                                                                • AFC Enterprises Inc.
                                                                                                                                                                                                                                                                                                                                • Applebee's International Inc.
                                                                                                                                                                                                                                                                                                                                • Arby's Restaurant Group
                                                                                                                                                                                                                                                                                                                                • Blimpie International Inc.
                                                                                                                                                                                                                                                                                                                                • Bojangles Restaurants, Inc.
                                                                                                                                                                                                                                                                                                                                • Boston Market Corporation
                                                                                                                                                                                                                                                                                                                                • Brinker International Inc.
                                                                                                                                                                                                                                                                                                                                • Burger King Corporation
                                                                                                                                                                                                                                                                                                                                • Captain D's Inc.
                                                                                                                                                                                                                                                                                                                                • Caribou Coffee Company Inc.
                                                                                                                                                                                                                                                                                                                                • Chipotle Mexican Grill Inc.
                                                                                                                                                                                                                                                                                                                                • Church's Chicken
                                                                                                                                                                                                                                                                                                                                • CKE Restaurants Inc.
                                                                                                                                                                                                                                                                                                                                • Coca-Cola Company (The) (USA)
                                                                                                                                                                                                                                                                                                                                • Darden Restaurants Inc.
                                                                                                                                                                                                                                                                                                                                • Del Taco, Inc.
                                                                                                                                                                                                                                                                                                                                • Denny's Corporation
                                                                                                                                                                                                                                                                                                                                • Dunkin' Brands
                                                                                                                                                                                                                                                                                                                                • Einstein Noah Restaurant Group Inc.
                                                                                                                                                                                                                                                                                                                                • El Pollo Loco Holdings, Inc.
                                                                                                                                                                                                                                                                                                                                • Facebook, Inc.
                                                                                                                                                                                                                                                                                                                                • Food Distributors International
                                                                                                                                                                                                                                                                                                                                • Food Marketing Institute
                                                                                                                                                                                                                                                                                                                                • GE Capital
                                                                                                                                                                                                                                                                                                                                • Golden Corral Corporation
                                                                                                                                                                                                                                                                                                                                • Greenfield Online
                                                                                                                                                                                                                                                                                                                                • Hardee's Food Systems, Inc.
                                                                                                                                                                                                                                                                                                                                • International Food Information Council Foundation (IFIC)
                                                                                                                                                                                                                                                                                                                                • International Foodservice Distributors Association (IFDA)
                                                                                                                                                                                                                                                                                                                                • International Foodservice Manufacturers Association (IFMA)
                                                                                                                                                                                                                                                                                                                                • International Franchise Association (IFA)
                                                                                                                                                                                                                                                                                                                                • Jack in the Box Inc.
                                                                                                                                                                                                                                                                                                                                • KFC Corporation
                                                                                                                                                                                                                                                                                                                                • Little Caesar Enterprises Inc.
                                                                                                                                                                                                                                                                                                                                • Long John Silver's Inc.
                                                                                                                                                                                                                                                                                                                                • McAlister's Corporation
                                                                                                                                                                                                                                                                                                                                • McDonald's U.S.A.
                                                                                                                                                                                                                                                                                                                                • National Council of Chain Restaurants (NCCR)
                                                                                                                                                                                                                                                                                                                                • National Nutritional Foods Association
                                                                                                                                                                                                                                                                                                                                • National Restaurant Association (NRA)
                                                                                                                                                                                                                                                                                                                                • National Retail Federation (NRF)
                                                                                                                                                                                                                                                                                                                                • Organic Trade Association
                                                                                                                                                                                                                                                                                                                                • Panda Restaurant Group Inc.
                                                                                                                                                                                                                                                                                                                                • Panera Bread Company
                                                                                                                                                                                                                                                                                                                                • Papa John's International, Inc.
                                                                                                                                                                                                                                                                                                                                • Pizza Hut Inc
                                                                                                                                                                                                                                                                                                                                • Potbelly Sandwich Works
                                                                                                                                                                                                                                                                                                                                • Reuters Group PLC
                                                                                                                                                                                                                                                                                                                                • River Ranch Fresh Foods LLC
                                                                                                                                                                                                                                                                                                                                • Sonic Corp.
                                                                                                                                                                                                                                                                                                                                • Starbucks Corporation
                                                                                                                                                                                                                                                                                                                                • Subway
                                                                                                                                                                                                                                                                                                                                • Taco Bell Corp.
                                                                                                                                                                                                                                                                                                                                • TGI Friday's
                                                                                                                                                                                                                                                                                                                                • The Quiznos Master LLC
                                                                                                                                                                                                                                                                                                                                • The Wendy's Company
                                                                                                                                                                                                                                                                                                                                • U.S. Bureau of Labor Statistics
                                                                                                                                                                                                                                                                                                                                • U.S. Bureau of the Census
                                                                                                                                                                                                                                                                                                                                • U.S. Department of Agriculture
                                                                                                                                                                                                                                                                                                                                • University of Michigan, The
                                                                                                                                                                                                                                                                                                                                • Walt Disney Company, The
                                                                                                                                                                                                                                                                                                                                • White Castle System, Inc.
                                                                                                                                                                                                                                                                                                                                • Yum! Brands Inc.

                                                                                                                                                                                                                                                                                                                                Quick Service Restaurants - US - August 2009

                                                                                                                                                                                                                                                                                                                                £3,277.28 (Excl.Tax)