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The restaurant industry in the United States is large and quickly growing, with 10 million workers. 1 in every 12 U.S. residents work in the business, and during the 2008 recession, the industry was an anomaly in that it continued to grow. Restaurants are known for having low wages, which they claim are due to thin profit margins of 4-5%.
[13] [14] The "Sonneborn model" of real-estate ownership within the franchise persists to this day, and may be the most important financial decision in the company's history. McDonald's present-day real-estate holdings represent $37.7 billion on its balance sheet, about 99% of the company's assets and 35% of its annual gross revenue.
The oldest operating McDonald's restaurant is the third one built, opened in 1953. It is located at 10207 Lakewood Blvd. at Florence Ave. in Downey, California (at . Siblings Richard and Maurice McDonald opened the first McDonald's at 1398 North E Street at West 14th Street in San Bernardino, California, on May 15, 1940.
Not many trainees actually finished. You had to know the restaurant inside and out. [14] — Former Valle's manager. Valle's business model emphasized food over liquor with food accounting for over 85% of the company's revenues. [11] "We haven't been in the business since 1933 from selling liquor but good food and good service."
The second restaurant opened in February 1963. [3] Bill Miller Bar-B-Q was a family business. Faye Miller served as a cashier and hostess while raising their four children. The children were raised learning the operations of the business. They later worked in the restaurant during the summers and on weekends.
In 1959, Butler changed the name from Danny's Coffee Shops to avoid confusion with the Los Angeles restaurant chain Coffee Dan's to Denny's Coffee Shops. In 1961, Denny's Coffee Shops was renamed Denny's. [4] The business continued to expand, and by 1981, there were over 1,000 restaurants in all 50 U.S. states.
An Arby's restaurant with a vintage sign in Midland, Michigan (2006). Arby's was founded in Boardman Township, Ohio, on July 23, 1964, by brothers Forrest (1922–2008) [15] and Leroy Raffel (1927–2023), [16] owners of a restaurant equipment business who thought there was a market opportunity for a fast food franchise based on a dish other than hamburgers.
Howard Johnson's restaurant entrance with emblematic weather vane. Johnson wanted to expand his company, but the stock market crash of 1929 prevented this. After waiting a few years and maintaining his business, Johnson persuaded an acquaintance in 1935 to open a second Howard Johnson's restaurant in Orleans, Massachusetts. [16]