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For example, the Harvard Business School reports that increasing customer retention rates by just 5% increases profits by at least 25% and up to 95%. So, customer retention is key.
Profitability is a business's ability to generate earnings compared to its costs over a certain period of time. [12] This is possibly the most important aspect of any business idea in the long term, as this is what makes a business survive in order to keep having the impact that it has.
The United States restaurant industry was projected at $899 billion in sales for 2020 by the National Restaurant Association, the main trade association for the industry in the United States. [1] [2] An estimated 99% of companies in the industry are family-owned small businesses with fewer than 50 employees. [3]
Pinstripes is an American restaurant established in 2007 by founder and CEO Dale Schwartz. Pinstripes features Italian-American cuisine as well as bowling, bocce court, and event spaces at each location. [1] The chain has grown to 17 locations across 9 states in the last decade and plans to expand to over 100 locations in the coming years. [2]
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Ruby Tuesday was born out of a $10,000 endowment Sandy Beall had received from a friend and operator of several Pizza Huts to open his own restaurant. [citation needed] Beall took the name from The Rolling Stones song "Ruby Tuesday", after a suggestion by one of several fraternity brothers who were co-investors. [11]
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