From
USA Today's Bruce Horovitz: The recession that brought back $2 gasoline is about to bring back to casual dining another retro price point: $5 meals.
Today, T.G.I. Friday's — which, like most
casual-dining chains, has taken a hit during the recession — will
unveil plans to sell all salads and sandwiches for $5 all day in May.
The move follows a recent rollout by Chili's of 10 entrees for less
than $7.
A $5 price tag at sit-down restaurants hasn't
been seen in quite awhile. "It's a magic number," says Malcolm Knapp, a
researcher who tracks the $75 billion casual-dining industry, which saw
same-store sales drop 4.9% in March. The $5 meal, he says, "is
affordable to everyone."
The question: Can Friday's afford it? A steak
sandwich that usually fetches $11.75 will go for $5, as will a
pecan-crusted chicken salad, normally $9.69. All are full-size
portions. The chain hasn't had such low prices on its menu since it
opened in 1965.
Friday's executives insist that beyond being a
recession response, the $5 menu is a way to drum up interest in nine
new salads and sandwiches. "The consumer needs something that gives
them permission to experiment — and this is it," says Andrew Jordan,
marketing chief at Friday's USA. Go to Full Story