Regulatory and Legal Affairs

🛒 Revolution Bars Group announced a restructuring plan, initially set out in April and launched in May, to close 15 more loss-making sites, adding to the 8 closed earlier in the year. It will also seek rent reductions and amend lending facilities. Post-restructure, the group will operate 27 Revolution Bars, 15 Revolución de Cuba Bars, 22 Peach Pubs, and 1 Founders & Co. site, with an expected annual EBITDA increase of £3.8m. The plan includes a £12.5m fundraising supported by secured lenders and stakeholders.

💲 A new study, "The Future is Now: Technological Transformation in Corporate Travel," by the Global Business Association (GBTA) and Cvent, highlights technology's role in business travel growth. Surveying business travel professionals in North America and Europe, it found that 88% of travel management company respondents, 74% of suppliers, and 59% of travel buyers believe they manage technology well, yet integrating AI and blockchain remains an opportunity. Most suppliers expect increased internal (61%) and traveler-facing (56%) tech investment, while TMCs show even higher expectations (83% for internal, 79% for traveler-facing). Travel program technology spending averages 18% of total budgets, with 36% of buyers foreseeing increased tech spending, particularly in Europe (43% versus North America's 30%). Data for the report was collected from February 6-19, 2024, with 388 participants. The full report is available on the Cvent website, with the complete research report accessible from the GBTA Member Hub.

🌐 Strictly Necessary Cookie must remain enabled to save user preferences for cookie settings. Disabling this cookie means preferences will be lost, and the setting must be toggled on each website visit.

🍴 In New York City, the Dining Out NYC program began accepting applications in March and closed them on August 3, receiving only 3,226 submissions from over 12,000 restaurants and bars that used the temporary outdoor dining setup during COVID-19. Approved applicants have 30 days to comply with new standards or face fines starting at $500. Outdoor dining is now standardized with options for partially covered or al fresco roadways and sidewalks, costing a $1,050 four-year license fee or $2,100 for both, plus an annual fee based on size and location. The city aims to create the largest inclusive outdoor dining program in the country.

📦 GMB and Uber Eats have established a partnership to discuss courier issues quarterly in the UK, aiming to enhance health and safety, engagement, and fair pay. Couriers will have GMB representation if they lose app access. The deal builds on a 2021 agreement between GMB and Uber, which resulted in thousands of drivers gaining union representation. Couriers must join GMB separately for representation. Deliveroo made a similar deal with GMB in 2022, covering 90,000 riders.

📌 The Bank of England cut the borrowing rate by 0.25% to 5% from 5.25% on 1 August, following stable 2% inflation in June. The Night Time Industries Association (NTIA) CEO Michael Kill called it a significant step for the hospitality sector, struggling with high interest rates post-pandemic. Bank Governor Andrew Bailey cautioned against expecting large cuts soon, prioritizing low inflation for economic growth. UKHospitality urges further rate reductions and business rate reforms for the sector's recovery.

🌮 Yum! Brands plans to implement Voice AI across hundreds of Taco Bell drive-thrus in the U.S. by the end of 2024. Currently, the tech is in over 100 locations across 13 states. Benefits include improved order accuracy and reduced wait times. A two-year testing phase has shown positive results. KFC Australia is also trialing Voice AI. Yum!'s 2023 digital sales neared $30 billion, with digital channels accounting for over 50% of first-quarter sales in 2024.

💳 Integrated payment systems enhance hotel and restaurant experiences by providing seamless transactions, automatic data updates, and advanced security features. Hotels benefit from connectivity with property management systems (PMS) and point of sale (POS) systems for real-time data exchange. Guests enjoy multiple payment options, including Dynamic Currency Conversion (DCC) and tokenized card details for secure transactions. Hospitality businesses gain operational efficiency and detailed analytics for informed decisions.

🍕 PizzaForno, a 24/7 automated pizzeria, expanded in the first half of 2024 by launching in six U.S. states: Utah, California, Delaware, New York, Florida, and Maryland. In 2024, they awarded 39 new units nationwide, nearly doubling the expansion from the first half of 2023. Mexico saw 20 locations secured, aiming for over 100 units soon, while Canada installed 18 new units. The U.S. expansion included 10 units each in Utah and Michigan, 10 in Key West, Florida, plus single and double unit awards in Texas, New York, and California. Mexico City welcomed the brand's inaugural unit, with plans for expansion in major cities. PizzaForno aims for 25,000 operating units by 2028, targeting campuses and unconventional locations, offering diverse pizza options accessible via digital screens and an app.

💳 U.S. merchants paid nearly $100 billion in swipe fees in 2022 with an average credit card processing fee of 2.24%, potentially rising to 3% per transaction. Swipe fees have doubled over the last decade. Merchants incurred $72 billion in fees last year. Selection of a payment processor is critical for hotels, motels, and B&Bs to avoid high costs and payment mismanagement. Integration with property management systems enables efficient operations, while transparency, affordability, mobile payment solutions, and strong customer service are key processor features to consider.