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The Bottom Line

Jonathan Maze The Bottom Line

Restaurant Business Executive Editor-in-Chief Jonathan Maze is a longtime industry journalist who writes about restaurant finance, mergers and acquisitions and the economy, with a particular focus on quick-service restaurants. He writes daily about the factors influencing the operating environment, including labor and food costs and various industry trends such as technology and delivery.

Jonathan has been widely quoted in media publications such as the New York Times and the Washington Post and has appeared on CNBC, Yahoo Finance and NPR. He writes a weekly finance-focused newsletter for Restaurant Business, The Bottom Line, and is the host of the weekly podcast “A Deeper Dive.”

Financing

The McDonald's premium? It's in the rent

 By Jonathan Maze on Oct. 05, 2023

The Bottom Line: The burger giant’s franchise charges have been below average despite the strength of its brand. But its premium comes in the leases its franchisees pay.

Financing

Restaurant stocks take a hit

 By Jonathan Maze on Oct. 05, 2023

The Bottom Line: After a strong start to 2023, industry stocks have taken a hit more recently as Wall Street worries about the consumer and higher interest rates.

Financing

Higher-end consumers may be slowing their spending

By Jonathan Maze on Oct. 02, 2023

The Bottom Line: There is some evidence that higher-income consumers may be cutting back. Or maybe there was just some pent-up demand.

Financing

Stake your claim to the low-price market at your own risk

By Jonathan Maze on Sep. 28, 2023

The Bottom Line: Subway and Burger King have staked their claims as value leaders in their respective segments. Recent events have highlighted the difficulties of that position.

Financing

The Fed is almost done raising interest rates. Maybe

By Jonathan Maze on Sep. 26, 2023

The Bottom Line: Minneapolis Federal Reserve President Neel Kashkari suggested a 60% chance of a soft landing with one more rate hike. But "meaningfully higher" rates are also possible.

Financing

Executives' franchisee profitability comments are pointless until they report the data

By Jonathan Maze on Sep. 25, 2023

The Bottom Line: McDonald’s and its franchisees differ on the profitability of restaurants, but we can’t judge for ourselves because the company doesn’t release the data, like most franchise businesses.

Financing

Will Subway make Roark Capital too dominant? Not really

By Jonathan Maze on Sep. 21, 2023

The Bottom Line: The addition of the sandwich giant will make Roark a bigger player than McDonald's in the U.S. But its position in the sandwich market will not be all that unusual.

Financing

Restaurants still look expensive, and consumers are reacting

By Jonathan Maze on Sep. 20, 2023

The Bottom Line: Restaurants have stepped off the pricing gas. But sales are slowing and traffic is weak, and more operators are turning to price promotions.

Financing

California's fast-food bill will affect more companies, but not many

By Jonathan Maze on Sep. 19, 2023

The Bottom Line: Fewer than 200 restaurant chains will be affected by the lowered threshold included in the compromise fast-food legislation.

Financing

Why more franchise executives should become franchisees

By Jonathan Maze on Sep. 15, 2023

The Bottom Line: Some executives of franchise chains are also franchisees. “I feel the pain when I make a decision to bring something in.”

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