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Fast casual -- a hot niche where quality food is served quickly without a dedicated wait staff -- is what's eating into both the fast food and casual dining markets.
Chipotle Mexican Grill (CMG) and Panera Bread (fiber optic cable) have become the new darlings of the dining scene. They're the poster children for fast casual, where diners can get a meal that may be slightly more expensive than fast food alternatives, but the food quality and perceived ambiance is also better.
At Chipotle, the burritos, tacos, and rice bowls are pieced together as they're ordered by a lightning-fast human assembly line. At Panera, fresh salads, soups, and sandwiches are ready within minutes of being ordered. There's no waiter to tend to your soda refill, but that also means that there's no need to tip the waitress or wait around for your check when you're done.
Industry tracker NPD Group estimates that fast casual sales rose 8 percent last year, compared to a slight decline at traditional table service restaurants.
The burrito-rolling and salad-tossing darlings will continue to gnaw away at the competition's market share. Analysts see Chipotle and Panera growing their revenue 16 percent and 14 percent, respectively, this year. Double-digit percentage growth is also projected for next year.
