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Quick Service Restaurants - US - September 2011

This report builds on the analysis presented in Mintel’s Quick Service Restaurants—U.S., August 2010, August 2009, June 2008, May 2007, January 2006, and May 2004 reports.

This report examines quick-service (or fast-food) commercial chain dining in the U.S. QSRs are a form of limited-service restaurant (LSR) that provide inexpensive food and quick service, defined by the absence of table service.

Typically, food is ordered and paid for at the counter or drive-thru window at the time of ordering, prior to eating, and is either eaten on the premises or taken out. Typical check sizes for this segment are $8 or less.

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Table of contents

  1. Scope and Themes

    • What you need to know
      • Definition
        • Data sources
          • Sales data
            • Mintel/Menu Insights
              • Consumer survey data
                • Advertising clips
                  • Abbreviations and terms
                    • Abbreviations
                      • Terms
                      • Executive Summary

                        • Restaurants are recovering slowly from the recession
                          • QSR usage remains very strong, although some customers have reduced their spending
                            • QSRs face a new challenge from the rising popularity of mobile food trucks and carts
                              • Consumers use QSRs all day, and often stick with their favorite foods
                                • Recession effect lingers: Dollar/value menus remain important draws for QSRs
                                  • The ongoing obesity epidemic has nutritionists and legislators seeking changes in QSR menus
                                    • Kids and teens learn to love QSRs in the company of their parents
                                    • Insights and Opportunities

                                        • Consumers are open to but are not demanding healthier foods from QSRs
                                          • Figure 1: Consumer attitudes toward healthier fast food, by gender, October 2009-December 2010
                                        • QSRs can make effective use of new nutrition-labeling rules’ “LTO exemption”
                                          • Figure 2: Reasons for spending more at fast-food restaurants, by gender, June 2011
                                        • QSRs have additional opportunities to build breakfast sales
                                          • Figure 3: Eating attitudes and influences, by gender, October 2009-December 2010
                                        • There are opportunities to mine on the QSR beverage menu
                                        • Inspire Insights

                                            • Inspire Trend: “A Simple Balance for Health”
                                              • Inspire Trend: “Let’s Make a Deal”
                                              • Market Size and Forecast

                                                • Key points
                                                  • Fast food is on a bright path
                                                    • Figure 4: U.S. sales at quick-service restaurants, at current prices, 2006-16
                                                    • Figure 5: U.S. sales at quick-service restaurants, at inflation-adjusted prices, 2006-16
                                                  • Fan chart forecast
                                                      • Figure 6: Fan chart of market value for quick-service restaurants, at current prices, 2006-16
                                                      • Figure 7: Best- and worst-case forecast for quick-service restaurants, at current prices, 2011-16
                                                  • Market Drivers

                                                    • Key points
                                                      • Recession, recovery and resilience
                                                          • Figure 8: Adjusted foodservice and drinking place sales, January 2008-July 2011
                                                        • A disappointing performance
                                                          • Figure 9: NRA Performance Indices, January 2009-July 2011
                                                        • Confidence is a rare commodity
                                                          • Figure 10: University of Michigan Consumer Sentiment Index, March 2007-August 2011
                                                        • Repossessed dreams
                                                          • Figure 11: Unemployment and underemployment rates, January 2007-July 2011
                                                        • Less money to spend
                                                          • Figure 12: Real Personal Disposable Income, January 2007-May 2011
                                                        • Supply and demand
                                                          • Figure 13: Consumer spending on food away from home and food at home, 1950-2010
                                                        • The obesity crisis shines a brighter light on QSRs
                                                          • Figure 14: Trends in overweight, obesity, and extreme obesity among U.S. adults aged 20-74 years old, 1988-2008
                                                          • Figure 15: Health/diet habits, by gender, October 2009-December 2010
                                                        • Obesity and transparency
                                                          • Ownership changes add to the uncertainty
                                                            • Figure 16: Quick-service restaurant brand acquisitions, 2006-11
                                                        • Competitive Context

                                                          • Key points
                                                            • Keep on truckin’
                                                              • Convenience stores are catching up
                                                                • Daily-deal discounting trims QSRs’ price advantage
                                                                • Segment Analysis

                                                                  • Key points
                                                                    • Hamburger
                                                                      • Figure 17: Fast-food restaurant brands used for breakfast, lunch, and dinner, by hamburger outlets, June 2011
                                                                    • Sub/sandwich
                                                                      • Figure 18: Fast-food restaurant brands used for breakfast, lunch, and dinner, by sub/sandwich units, June 2011
                                                                    • Chicken
                                                                      • Figure 19: Fast-food restaurant brands used for breakfast, lunch, and dinner, by chicken units, June 2011
                                                                    • Mexican and other
                                                                      • Figure 20: Fast-food restaurant brands used for breakfast, lunch, and dinner, by Mexican and other units, June 2011
                                                                  • Leading Companies

                                                                    • Key points
                                                                      • McDonald’s
                                                                        • Overview
                                                                            • Figure 21: Use of McDonald’s for breakfast, lunch, and dinner, June 2011
                                                                          • Brand positioning
                                                                            • Analyzing the customer base
                                                                              • Figure 22: McDonald’s patronage, by gender, October 2009-December 2010
                                                                              • Figure 23: McDonald’s patronage, by age, October 2009-December 2010
                                                                              • Figure 24: McDonald’s patronage, by household income, October 2009-December 2010
                                                                              • Figure 25: McDonald’s patronage, by race, October 2009-December 2010
                                                                              • Figure 26: McDonald’s patronage, by region, October 2009-December 2010
                                                                            • On the menu
                                                                              • Jack in the Box
                                                                                • Overview
                                                                                    • Figure 27: Fast-food restaurant brands used for breakfast, lunch, and dinner, June 2011
                                                                                  • Brand positioning
                                                                                    • Analyzing the customer base
                                                                                      • Figure 28: Jack in the Box patronage, by gender, October 2009-December 2010
                                                                                      • Figure 29: Jack in the Box patronage, by age, October 2009-December 2010
                                                                                      • Figure 30: Jack in the Box patronage, by annual household income, October 2009-December 2010
                                                                                      • Figure 31: Jack in the Box patronage, by race/Hispanic origin, October 2009-December 2010
                                                                                      • Figure 32: Jack in the Box patronage, by region, October 2009-December 2010
                                                                                    • On the menu
                                                                                      • Chick-fil-A
                                                                                        • Overview
                                                                                            • Figure 33: Fast-food restaurant brands used for breakfast, lunch, and dinner, June 2011
                                                                                          • Brand positioning
                                                                                            • Analyzing the customer base
                                                                                              • Figure 34: Chick-fil-A patronage, by gender, October 2009-December 2010
                                                                                              • Figure 35: Chick-fil-A patronage, by age, October 2009-December 2010
                                                                                              • Figure 36: Chick-fil-A patronage, by annual household income, October 2009-December 2010
                                                                                              • Figure 37: Chick-fil-A patronage, by race, October 2009-December 2010
                                                                                              • Figure 38: Chick-fil-A patronage, by region, October 2009-December 2010
                                                                                            • On the menu
                                                                                            • Marketing Strategies

                                                                                              • Key points
                                                                                                  • Figure 39: Top 10 advertising categories: Full year 2010 vs. Full year 2009
                                                                                                • Television Hooks
                                                                                                  • Quality first
                                                                                                    • Figure 40: McDonald’s Quarter Pounder with Cheese TV ad, 2011
                                                                                                    • Figure 41: Subway’s Fresh Fit menu TV ad, 2011
                                                                                                  • Selling on price
                                                                                                    • Figure 42: Church’s Chicken “Serving the food you love...” TV ad, 2011
                                                                                                  • Combine quality and price
                                                                                                    • Figure 43: KFC “A cook in every restaurant” TV ad, 2011
                                                                                                  • “Buy local” is trendy
                                                                                                    • Figure 44: Culver’s “100% Midwest beef” TV ad, 2011
                                                                                                  • Rapid fire
                                                                                                    • Figure 45: Captain D’s “Flavored un leashed” TV ad, 2011
                                                                                                  • Social media
                                                                                                    • Taco Bell learns the hard way
                                                                                                      • QSRs out in front
                                                                                                        • Figure 46: Percentage of restaurateurs likely to use social-media tools in the next two years, 2010
                                                                                                      • McDonald’s leads
                                                                                                        • Figure 47: McDonalds.com monthly visitors, December 2010-June 2011
                                                                                                      • Wendy’s success with old and new media
                                                                                                        • Figure 48: Wendy’s email marketing, August 2011
                                                                                                      • Coupons
                                                                                                        • Figure 49: Behaviors regarding fast-food restaurants, by annual household income, June 2011
                                                                                                      • Wendy’s email coupons
                                                                                                        • Figure 50: Wendy’s email with coupon, July 2011
                                                                                                      • Arby’s combines old and new product
                                                                                                        • Figure 51: Arby’s new-product announcement with free offer, June 2011
                                                                                                      • Chick-fil-A lets consumers in on a deal
                                                                                                        • Figure 52: Chick-fil-A couponed announcement of upcoming product, January 2011
                                                                                                      • Tuning in all the channels
                                                                                                          • Figure 53: Still from Carl’s Jr. TV commercial with Kim Kardashian, December 2009
                                                                                                      • Menu Insights Analysis—The QSR Menu

                                                                                                        • Key points
                                                                                                          • Top QSR menu item sections
                                                                                                              • Figure 54: Top 10 QSR menu item sections, by incidence, Q2 2009-Q2 2011
                                                                                                              • Figure 55: Top 10 QSR menu item sections, by incidence and average price, Q2 2009-Q2 2011
                                                                                                            • Menu item dishes
                                                                                                                • Figure 56: Top 10 QSR menu item dishes, by incidence, Q2 2009-Q2 2011
                                                                                                                • Figure 57: Top 10 QSR menu item dishes, by incidence and average price, Q2 2009-Q2 2011
                                                                                                            • Menu Insights Analysis—Marketing the QSR Menu

                                                                                                              • Key points
                                                                                                                • Menu ingredient marketing claims
                                                                                                                  • Figure 58: Top 10 QSR menu ingredient marketing claims, by incidence, Q2 2009-Q2 2011
                                                                                                                • Menu nutritional boasts
                                                                                                                    • Figure 59: Top 10 QSR menu ingredient nutritional marketing claims, by incidence, Q2 2009-Q2 2011
                                                                                                                • Menu Insights Analysis—The Beverage Menu

                                                                                                                  • Key points
                                                                                                                    • Top beverage types
                                                                                                                        • Figure 60: Top 10 beverage types on QSR menus, by incidence, Q2 2009-Q2 2011
                                                                                                                      • Beverage price trends
                                                                                                                        • Figure 61: Top 10 beverage types on QSR menus, by incidence and average price, Q2 2009-Q2 2011
                                                                                                                    • Menu Insights Analysis—The Kids’ Menu

                                                                                                                      • Key points
                                                                                                                        • Top kids’ menu items
                                                                                                                            • Figure 62: Top 10 menu items on kids’ menus at QSR restaurants, by incidence, Q2 2009-Q2 2011
                                                                                                                          • Kids’ menu price points
                                                                                                                            • Figure 63: Top 10 menu items on kids’ menus at QSR restaurants, by incidence and price, Q2 2009-Q2 2011
                                                                                                                        • Quick-Service Restaurant Usage and Usage Frequency

                                                                                                                          • Key points
                                                                                                                            • Who goes there?
                                                                                                                              • Figure 64: Fast-food restaurant patronage, by gender, October 2009-December 2010
                                                                                                                              • Figure 65: Fast-food restaurant patronage, by age, October 2009-December 2010
                                                                                                                            • What’s the frequency?
                                                                                                                                • Figure 66: Fast-food restaurant visits, by gender, October 2009-December 2010
                                                                                                                                • Figure 67: Fast-food restaurant visits, by age, October 2009-December 2010
                                                                                                                              • Where are we going?
                                                                                                                                • Figure 68: Ten most frequently visited fast-food restaurants, by gender, October 2009-December 2010
                                                                                                                                • Figure 69: Fast-food restaurant brands used for breakfast, lunch, and dinner, June 2011
                                                                                                                              • Family gatherings
                                                                                                                                  • Figure 70: Fast-food restaurant visits, by household size, October 2009-December 2010
                                                                                                                                  • Figure 71: Fast-food restaurants visits, by region, October 2009-December 2010
                                                                                                                                • Keeping company
                                                                                                                                    • Figure 72: Restaurant visits, October 2009-December 2010
                                                                                                                                • Consumer Behavior and Attitudes Within Quick-Service Restaurants

                                                                                                                                  • Key points
                                                                                                                                    • Fast food purchasing behaviors
                                                                                                                                        • Figure 73: Behaviors regarding fast-food restaurants, by gender and number of children in the household, June 2011
                                                                                                                                        • Figure 74: Behaviors regarding fast-food restaurants, by age, June 2011
                                                                                                                                      • Menu item purchase behaviors
                                                                                                                                          • Figure 75: Quick-serve ordering behaviors, by gender and age, June 2011
                                                                                                                                        • Attitudes toward fast-food restaurants
                                                                                                                                            • Figure 76: Attitudes toward fast-food restaurants, by gender and number of children in the household, June 2011
                                                                                                                                            • Figure 77: Attitudes toward fast-food restaurants, by age, June 2011
                                                                                                                                          • Eating attitudes and influences
                                                                                                                                              • Figure 78: Eating attitudes and influences, by gender, October 2009-December 2010
                                                                                                                                            • Health and diet habits
                                                                                                                                                • Figure 79: Health/Diet habits, by gender, October 2009-December 2010
                                                                                                                                              • Fast-food wish lists
                                                                                                                                                  • Figure 80: Items consumers desire to see more of at fast-food restaurants, by gender and age, June 2011
                                                                                                                                              • Quick Service Selection Factors

                                                                                                                                                • Key points
                                                                                                                                                  • The determinants of choice
                                                                                                                                                      • Figure 81: Food and beverage reasons for choosing specific quick-serve restaurants, by gender and age, June 2011
                                                                                                                                                      • Figure 82: Food and beverage reasons for choosing specific quick-serve restaurants, by annual household income, June 2011
                                                                                                                                                      • Figure 83: Food and beverage reasons for choosing specific quick-serve restaurants, by number of children in the household, June 2011
                                                                                                                                                  • Spending Considerations and the Role of the Dollar/Value Menu

                                                                                                                                                    • Key points
                                                                                                                                                      • Spending thoughts
                                                                                                                                                        • Figure 84: Spending at fast-food restaurants compared to last year, June 2011
                                                                                                                                                        • Figure 85: Reasons for spending more at fast-food restaurants, by gender, household income and household size, June 2011
                                                                                                                                                      • Dollar/value menu purchases
                                                                                                                                                        • Figure 86: Dollar/value menu purchases, by age, June 2011
                                                                                                                                                        • Figure 87: Dollar/value menu purchases, by number of children in the household and by region, June 2011
                                                                                                                                                        • Figure 88: Dollar/value menu purchase behaviors, by gender and by number of children in the household, June 2011
                                                                                                                                                        • Figure 89: Dollar/value menu purchase behaviors, by age, June 2011
                                                                                                                                                      • Value and experience motivations
                                                                                                                                                          • Figure 90: Value and experience reasons for choosing specific quick-serve restaurants, by gender and age, June 2011
                                                                                                                                                          • Figure 91: Value and experience reasons for choosing specific quick-serve restaurants, by number of children in the household, June 2011
                                                                                                                                                      • Race and Hispanic Origin

                                                                                                                                                        • Key points
                                                                                                                                                          • Fast-food usage behaviors
                                                                                                                                                            • Figure 92: Behaviors regarding fast-food restaurants, by race and Hispanic origin, June 2011
                                                                                                                                                          • Attitudes toward fast-food restaurants
                                                                                                                                                            • Figure 93: Attitudes toward fast-food restaurants, by race and Hispanic origin, June 2011
                                                                                                                                                          • Fast-food wish list
                                                                                                                                                            • Figure 94: Items consumers desire to see more of at fast-food restaurants, by race and Hispanic origin, June 2011
                                                                                                                                                          • Dollar/value menu purchases
                                                                                                                                                            • Figure 95: Dollar/value menu purchases, by race and Hispanic origin, June 2011
                                                                                                                                                        • Kid and Teen Quick-Service Restaurant Usage

                                                                                                                                                          • Key points
                                                                                                                                                            • Teen fast-food habits
                                                                                                                                                              • Figure 96: Teens’ visits to fast-food restaurants, by gender and age, October 2009–December 2010
                                                                                                                                                              • Figure 97: Restaurant visits, October 2009–December 2010
                                                                                                                                                              • Figure 98: Teens’ attitudes regarding food and eating out, by gender and age, October 2009-December 2010
                                                                                                                                                            • Kids’ cravings for fast food
                                                                                                                                                              • Figure 99: Kids’ restaurant visits, by gender and age, October 2009-December 2010
                                                                                                                                                              • Figure 100: Restaurants child visited in the last month, by gender and age, October 2009-December 2010
                                                                                                                                                              • Figure 101: Child's favorite restaurant, by gender and age, October 2009-December 2010
                                                                                                                                                              • Figure 102: Child's favorite restaurant reasons, by gender and age, October 2009-December 2010
                                                                                                                                                          • Cluster Analysis

                                                                                                                                                              • Infrequent, Unhealthy, and Unchanged
                                                                                                                                                                • Demographics
                                                                                                                                                                  • Characteristics
                                                                                                                                                                    • Opportunity
                                                                                                                                                                      • Intermediate Cynics
                                                                                                                                                                        • Demographics
                                                                                                                                                                          • Characteristics
                                                                                                                                                                            • Opportunity
                                                                                                                                                                              • Frequent Value-Seekers
                                                                                                                                                                                • Demographics
                                                                                                                                                                                  • Characteristics
                                                                                                                                                                                    • Opportunity
                                                                                                                                                                                      • Cluster characteristic tables
                                                                                                                                                                                        • Figure 103: Quick-service restaurant clusters, June 2011
                                                                                                                                                                                        • Figure 104: Breakfast daypart usage percentage, by quick-service restaurant clusters, June 2011
                                                                                                                                                                                        • Figure 105: Breakfast daypart usage mean, by quick-service restaurant clusters, June 2011
                                                                                                                                                                                        • Figure 106: Lunch daypart usage percentage, by quick-service restaurant clusters, June 2011
                                                                                                                                                                                        • Figure 107: Lunch daypart usage mean, by quick-service restaurant clusters, June 2011
                                                                                                                                                                                        • Figure 108: Dinner daypart usage percentage, by quick-service restaurant clusters, June 2011
                                                                                                                                                                                        • Figure 109: Dinner daypart usage mean, by quick-service restaurant clusters, June 2011
                                                                                                                                                                                        • Figure 110: All three meals usage mean, by quick-service restaurant clusters, June 2011
                                                                                                                                                                                        • Figure 111: Important attributes in QSR by quick-service restaurant clusters, June 2011
                                                                                                                                                                                        • Figure 112: Items consumers desire to see more of at fast-food restaurants by quick-service restaurant clusters, June 2011
                                                                                                                                                                                        • Figure 113: Spending at fast-food restaurants compared to last year by quick-service restaurant clusters, June 2011
                                                                                                                                                                                        • Figure 114: Behaviors regarding fast-food restaurants by quick-service restaurant clusters, June 2011
                                                                                                                                                                                      • Cluster demographic tables
                                                                                                                                                                                        • Figure 115: Quick-service restaurant clusters, by gender, June 2011
                                                                                                                                                                                        • Figure 116: Quick-service restaurant clusters, by age, June 2011
                                                                                                                                                                                        • Figure 117: Quick-service restaurant clusters, by household income, June 2011
                                                                                                                                                                                        • Figure 118: Quick-service restaurant clusters, by race, June 2011
                                                                                                                                                                                        • Figure 119: Quick-service restaurant clusters, by Hispanic origin, June 2011
                                                                                                                                                                                      • Cluster methodology
                                                                                                                                                                                      • Custom Groups—Light, Medium, and Heavy Users

                                                                                                                                                                                            • Figure 120: Reasons for choosing specific quick-serve restaurants, by usage, June 2011
                                                                                                                                                                                            • Figure 121: Items consumers desire to see more of at fast-food restaurants, by usage, June 2011
                                                                                                                                                                                            • Figure 122: Spending at fast-food restaurants compared to last year, by usage, June 2011
                                                                                                                                                                                            • Figure 123: Behaviors regarding fast-food restaurants, by usage, June 2011
                                                                                                                                                                                            • Figure 124: Quick Serve ordering behaviors, by usage, June 2011
                                                                                                                                                                                            • Figure 125: Dollar/value menu purchase behaviors, by usage, June 2011
                                                                                                                                                                                        • Appendix—Trade Associations

                                                                                                                                                                                          Companies Covered

                                                                                                                                                                                          • ABP Corporation
                                                                                                                                                                                          • AFC Enterprises Inc.
                                                                                                                                                                                          • American Dietetic Association (ADA)
                                                                                                                                                                                          • Applebee's International Inc.
                                                                                                                                                                                          • Arby's Restaurant Group
                                                                                                                                                                                          • Auntie Anne's, Inc.
                                                                                                                                                                                          • Blimpie International Inc.
                                                                                                                                                                                          • Bloomberg L.P.
                                                                                                                                                                                          • Bojangles Restaurants, Inc.
                                                                                                                                                                                          • Bruegger's Enterprises Inc.
                                                                                                                                                                                          • Bureau of Economic Analysis
                                                                                                                                                                                          • Burger King Corporation
                                                                                                                                                                                          • California Pizza Kitchen Inc.
                                                                                                                                                                                          • Captain D's Inc.
                                                                                                                                                                                          • Caribou Coffee Company Inc.
                                                                                                                                                                                          • Carvel Corporation
                                                                                                                                                                                          • Centers for Disease Control and Prevention
                                                                                                                                                                                          • Checkers Drive-In Restaurants Inc.
                                                                                                                                                                                          • Church's Chicken
                                                                                                                                                                                          • Cinnabon, Inc.
                                                                                                                                                                                          • CKE Restaurants Inc.
                                                                                                                                                                                          • Coca-Cola Company (The) (USA)
                                                                                                                                                                                          • Cold Stone Creamery
                                                                                                                                                                                          • Culver Franchising System, Inc.
                                                                                                                                                                                          • Darden Restaurants Inc.
                                                                                                                                                                                          • Del Taco, Inc.
                                                                                                                                                                                          • Denny's Corporation
                                                                                                                                                                                          • Domino's Pizza LLB
                                                                                                                                                                                          • Dunkin' Brands
                                                                                                                                                                                          • Einstein Noah Restaurant Group Inc.
                                                                                                                                                                                          • El Pollo Loco Holdings, Inc.
                                                                                                                                                                                          • Facebook, Inc.
                                                                                                                                                                                          • Fazoli's Restaurants, Inc.
                                                                                                                                                                                          • Flickr
                                                                                                                                                                                          • Food and Drug Administration
                                                                                                                                                                                          • Food Distributors International
                                                                                                                                                                                          • Food Marketing Institute
                                                                                                                                                                                          • Foursquare
                                                                                                                                                                                          • GE Capital
                                                                                                                                                                                          • Groupon, Inc.
                                                                                                                                                                                          • Hardee's Food Systems, Inc.
                                                                                                                                                                                          • In-N-Out Burgers, Inc.
                                                                                                                                                                                          • International Food Information Council Foundation (IFIC)
                                                                                                                                                                                          • International Food Service Executives Association (IFSEA)
                                                                                                                                                                                          • International Foodservice Distributors Association (IFDA)
                                                                                                                                                                                          • International Foodservice Manufacturers Association (IFMA)
                                                                                                                                                                                          • International Franchise Association (IFA)
                                                                                                                                                                                          • Jamba Juice Company
                                                                                                                                                                                          • Kahala Corp.
                                                                                                                                                                                          • Kantar Media
                                                                                                                                                                                          • KFC Corporation
                                                                                                                                                                                          • Long John Silver's Inc.
                                                                                                                                                                                          • Los Angeles Times
                                                                                                                                                                                          • McDonald's U.S.A.
                                                                                                                                                                                          • MidOcean Partners
                                                                                                                                                                                          • Moe's Southwest Grill, LLC
                                                                                                                                                                                          • National Broadcasting Company, Inc. (NBC)
                                                                                                                                                                                          • National Council of Chain Restaurants (NCCR)
                                                                                                                                                                                          • National Restaurant Association (NRA)
                                                                                                                                                                                          • National Retail Federation (NRF)
                                                                                                                                                                                          • Newman's Own Inc.
                                                                                                                                                                                          • Organic Trade Association
                                                                                                                                                                                          • P.F. Chang's China Bistro Inc.
                                                                                                                                                                                          • Panda Restaurant Group Inc.
                                                                                                                                                                                          • Panera Bread Company
                                                                                                                                                                                          • Papa John's International, Inc.
                                                                                                                                                                                          • Papa Murphy's International Inc.
                                                                                                                                                                                          • Pepsi-Cola North America
                                                                                                                                                                                          • Pizza Hut Inc
                                                                                                                                                                                          • Planet Smoothie Franchises LLC
                                                                                                                                                                                          • Potbelly Sandwich Works
                                                                                                                                                                                          • Produce Marketing Association
                                                                                                                                                                                          • Qdoba Restaurant Corporation
                                                                                                                                                                                          • Reuters Group PLC
                                                                                                                                                                                          • Rubio's Restaurants Inc.
                                                                                                                                                                                          • Sbarro, Inc
                                                                                                                                                                                          • Schlotzsky's Inc.
                                                                                                                                                                                          • Sheetz, Inc
                                                                                                                                                                                          • Smashburger Master LLC
                                                                                                                                                                                          • Sonic Corp.
                                                                                                                                                                                          • Starbucks Corporation
                                                                                                                                                                                          • Subway
                                                                                                                                                                                          • Sun Capital Partners, Inc.
                                                                                                                                                                                          • Taco Bell Corp.
                                                                                                                                                                                          • Taco John's International, Inc.
                                                                                                                                                                                          • The Conference Board
                                                                                                                                                                                          • The Krystal Company
                                                                                                                                                                                          • The New York Times Company
                                                                                                                                                                                          • The Quiznos Master LLC
                                                                                                                                                                                          • The Wendy's Company
                                                                                                                                                                                          • Turner Broadcasting System, Inc.
                                                                                                                                                                                          • Twitter, Inc.
                                                                                                                                                                                          • U.S. Bureau of Labor Statistics
                                                                                                                                                                                          • U.S. Bureau of the Census
                                                                                                                                                                                          • U.S. Department of Agriculture
                                                                                                                                                                                          • University of Michigan, The
                                                                                                                                                                                          • US Department of Commerce
                                                                                                                                                                                          • USA Today
                                                                                                                                                                                          • Whataburger Restaurants LP
                                                                                                                                                                                          • White Castle System, Inc.
                                                                                                                                                                                          • Wingstop Restaurants, Inc.
                                                                                                                                                                                          • Yelp Inc.
                                                                                                                                                                                          • YouTube, Inc.
                                                                                                                                                                                          • Yum! Brands Inc.

                                                                                                                                                                                          Quick Service Restaurants - US - September 2011

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