Global Trends and Politics
Restaurant Industry Expects Comeback in 2025 Amid Challenging Start to the Year

In like a lion, out like a lamb
That’s how restaurant executives envision 2025 after a rough start to the year, largely caused by freezing temperatures, wildfires, and consumer caution.
Many restaurant chains, like Restaurant Brands’ Burger King and Popeyes, said sales improved in the fourth quarter as value offerings brought back diners who had been cooking at home instead. Even McDonald’s domestic traffic grew, despite a 1.4% decline in U.S. same-store sales.
January blues
A customer holds a bag of food outside of a Chipotle restaurant in New York on Jan. 12, 2024.
Angus Mordant | Bloomberg | Getty Images
January always brings colder temperatures, but this year it also included wildfires in Los Angeles and new uncertainty after President Donald Trump’s inauguration.
Chipotle Mexican Grill estimates that the wildfires hurt its January same-store traffic growth by 400 basis points, or 4%.
Overall, traffic to Chipotle restaurants open at least a year fell 2% in January compared with a year ago, hurt by the weather and New Year’s Day falling on a Wednesday. Chipotle CFO Adam Rymer told analysts that the company believes its first-quarter same-store sales will be roughly flat.
Second-half comeback
For the chains plotting a comeback, sales are expected to improve later this year.
For example, McDonald’s is still waiting for its sales to rebound fully after an E. coli outbreak linked to its Quarter Pounder burgers began weighing on sales in mid-October. The fast-food giant is predicting that demand will recover by the beginning of the second quarter, McDonald’s CEO Chris Kempczinski said on the company’s conference call on Monday.
Plus, if overall consumer health strengthens, McDonald’s predicts even more sales gains.
Conclusion
The restaurant industry is expecting a comeback in 2025, following a challenging start to the year. While some chains have reported improved sales in the fourth quarter, others are still struggling with the impact of freezing temperatures, wildfires, and consumer caution. As the year progresses, industry traffic and sales growth are expected to pick up, driven by easier comparisons and a rebound in consumer spending.
FAQs
Q: What are the main challenges facing the restaurant industry in 2025?
A: Freezing temperatures, wildfires, and consumer caution are the main challenges facing the restaurant industry in 2025.
Q: Which restaurant chains have reported improved sales in the fourth quarter?
A: Burger King, Popeyes, and McDonald’s have reported improved sales in the fourth quarter.
Q: What is the outlook for the restaurant industry in 2025?
A: The industry is expecting a comeback in 2025, with sales and traffic growth expected to pick up as the year progresses.
Q: How will the restaurant industry adapt to the changing consumer landscape?
A: The industry is focusing on value offerings, quality, and portion size to attract consumers in a competitive market.
Global Trends and Politics
Amex Platinum, Chase Sapphire Get 2025 Refresh

Introduction to the Premium Credit Card Rivalry
The long-running rivalry between the country’s top premium credit cards is about to heat up again. JPMorgan Chase announced last week that a refresh of its Sapphire Reserve — the travel and dining rewards card that went viral when it arrived in 2016 — was imminent.
Response from American Express
In response, American Express on Monday said that "major" changes were coming to its consumer and business Platinum cards later this year. While short on details, the New York-based card company said that its update would be its largest ever investment in a card refresh. "We are going to double down on the things we know based on the data that our card members love," said Amex President of U.S. Consumer Services Howard Grosfield in an interview. "But more importantly, we’ll bring a whole bunch of new and exciting benefits and value that will far, far, far exceed the annual fee."
History of Premium Credit Cards
American Express pioneered the premium credit card space decades ago with cards that bundled perks at airlines and hotels with access to its own network of high-end airport lounges. But JPMorgan shook up the industry in 2016, igniting stiff competition among card issuers with a lavish sign-on bonus and other incentives for its Sapphire card.
Expected Changes and Updates
The expectation among industry experts is that both companies will offer ever-longer lists of perks in travel, dining and experiences, while potentially raising their annual fees, as has been the pattern with recent updates. The Platinum card has a $695 annual fee, while the Sapphire has a $550 fee. On Reddit and other forums, card users circulated rumors that JPMorgan was hiking the annual fee on its Sapphire product to $795. A JPMorgan spokesperson declined to comment.
Launch of the New Platinum Card
The new Platinum card will launch in the fall, Grosfield said. The updates from both companies are expected to further intensify the competition in the premium credit card market.
Conclusion
The rivalry between JPMorgan Chase and American Express is set to heat up with the upcoming refresh of their premium credit cards. With expected updates and new benefits, card users can look forward to enhanced perks and services. However, the potential increase in annual fees may be a concern for some users.
FAQs
Q: What changes can we expect from the refresh of the Sapphire Reserve and Platinum cards?
A: The changes are expected to include new benefits and perks in travel, dining, and experiences, as well as potential increases in annual fees.
Q: When will the new Platinum card launch?
A: The new Platinum card will launch in the fall.
Q: How much is the annual fee for the Platinum card?
A: The annual fee for the Platinum card is $695.
Q: How much is the annual fee for the Sapphire card?
A: The annual fee for the Sapphire card is $550.
Q: Are there rumors of a price increase for the Sapphire card?
A: Yes, there are rumors that JPMorgan may hike the annual fee on its Sapphire product to $795, but a JPMorgan spokesperson declined to comment.
Global Trends and Politics
Battle Over Jimmy Buffett Estate

A court battle over the late singer Jimmy Buffett’s $275 million estate has highlighted the growing litigation over the trillions of dollars in wealth being passed down to spouses and families, experts said. Jimmy Buffett’s widow, Jane Buffett, filed a petition last week in a Los Angeles court to remove her co-trustee, Richard Mozenter, from the marital trust created to support her after the singer’s death in 2023.
Background of the Dispute
Jane Buffett, who married Jimmy in 1977, alleged that Mozenter has been “openly hostile and adversarial” toward her and has refused to give her details on the trust and its financials. She alleged Mozenter is collecting “excessive fees” of $1.7 million a year and that he’s mismanaging the trust assets, projecting income of only $2 million, implying annual returns of less than 1%. Mozenter has filed his own lawsuit in Palm Beach County, Florida, alleging that Jane has been “completely uncooperative” in his efforts to manage the trust.
Jimmy Buffett’s Estate Plan
Jimmy Buffett planned carefully for the afterlife. His will, first written more than 30 years ago and amended in 2017 and again in 2023, directed that most of his assets be placed in a marital trust for Jane. The trust was created “for the wife’s sole benefit of her lifetime,” according to legal filings. The three children they shared — Savannah, Delaney, and Cameron — are the so-called remainder beneficiaries of the marital trust, which means they will receive any remaining assets left after Jane’s death.
Assets in the Estate
The assets Buffett left were substantial. A successful businessman and entrepreneur, Buffett built a brand empire and merchandising business that far surpassed his song rights and touring. According to the filings, the assets in the estate included $34.5 million of real property; $15 million of equity in a company called Strange Bird Inc., which held Buffett’s interest in various planes; $2 million in musical equipment; $5 million in vehicles; and $12 million in other investments. One of the largest assets is Buffett’s stake in Margaritaville, the chain of restaurants, bars, hotels, and merchandising that commercialized the Buffett lifestyle.
The Role of Co-Trustees in Estate Planning
Trust lawyers said the case is part of a growing wave of lawsuits related to inheritances and trusts. Over $100 trillion of wealth is expected to be passed down from older generations to spouses and families over the next 25 years, according to Cerulli Associates. More wealth being passed down means more litigation, since families often fight over who gets what. The Buffett case has reflected a different, but equally common, source of disputes: dueling trustees.
Potential Outcomes of the Case
Since the lawsuits were filed in different states, courts will first have to decide where the case will be heard. After that, a judge will start arguments and ultimately decide a path forward. Attorneys said judges have typically sided with the outside trustee (in this case Mozenter). Yet increasingly, they have been siding with spouses — which could mean Mozenter is removed. More likely, attorneys said, a judge will determine that the relationship between Mozenter and Jane is unworkable and name a new, professional or corporate trustee from a trust company or bank to replace them both.
Lessons for Families Planning Wealth Transfers
The Buffett case offers two important lessons for families planning wealth transfers. First, they said wealth holders should communicate the plans for their estates before they die so no one is surprised. If Buffett had explained the co-trustee roles to both Jane and Mozenter, perhaps tensions would have been minimized. The second lesson is that friends or business associates don’t always make good trustees. While today’s wealthy often name a trusted friend to a family trust, the trustee may have a different relationship with the beneficiary and can see themselves as carrying out the wishes of the descendant — which is not the job of a trustee.
Conclusion
The Jimmy Buffett estate battle highlights the importance of careful estate planning and communication. As the case moves forward, it will be important to watch how the court navigates the complex issues involved. The outcome of the case will have significant implications for the management of the Buffett estate and the distribution of its assets.
FAQs
Q: What is the estimated value of Jimmy Buffett’s estate?
A: The estimated value of Jimmy Buffett’s estate is $275 million.
Q: Who are the beneficiaries of the marital trust created by Jimmy Buffett?
A: The beneficiaries of the marital trust are Jane Buffett, Jimmy’s widow, and their three children, Savannah, Delaney, and Cameron, who are the remainder beneficiaries.
Q: What is the role of a co-trustee in estate planning?
A: A co-trustee is appointed to manage the trust alongside the beneficiary, in this case, Jane Buffett. The co-trustee is responsible for making decisions about the management of the trust assets.
Q: What are the potential outcomes of the case?
A: The potential outcomes of the case include the removal of Richard Mozenter as co-trustee, the appointment of a new professional or corporate trustee, or a continuation of the current arrangement with modifications.
Q: What lessons can be learned from the Jimmy Buffett estate battle?
A: The Jimmy Buffett estate battle highlights the importance of careful estate planning, communication, and the selection of appropriate trustees. It also emphasizes the need for clear roles and responsibilities for co-trustees and the importance of considering the impact of estate planning decisions on family relationships.
Global Trends and Politics
Employee-Focused Turnaround Plan

Introduction to Starbucks’ Turnaround Strategy
Customers order at a Starbucks in Manhattan Beach, California, on July 19, 2024. As Starbucks aims to bring back customers and assuage investors with its turnaround strategy, it is also winning over its store managers with promises to add more seating inside cafes and promote internally.
The "Back to Starbucks" Strategy
Since CEO Brian Niccol’s first week at the company, he’s been pledging to bring the company "back to Starbucks" to lift sluggish sales. That goal was in full view at the company’s Leadership Experience, a three-day event in Las Vegas for more than 14,000 store leaders this week. Starbucks unveiled a new coffee called the 1971 Roast, a callback to the year that its first location opened at Pike Place in Seattle. The finalists at Starbucks’ first-ever Global Barista Championships referred to "back to Starbucks" as they prepared drinks for judges. Even the wifi password was "backtostarbucks!".
Winning Back Customers and Investors
To investors, Niccol has already presented a multi-part strategy that involves retooling the company’s marketing strategy, improving staffing in cafes, fixing the chain’s mobile app issues and making its locations cozier. The company also laid off roughly 1,100 corporate workers earlier this year, saying it aimed to operate more efficiently and reduce redundancies. Starbucks shares have climbed nearly 20% since April, and are trading just shy of where they were after a nearly 25% spike the day Niccol was announced as CEO.
Regaining Faith Among Employees
While Starbucks has taken major steps to win back customers and Wall Street, it’s also trying to regain faith among its employees. Staffers have had concerns about hours and workloads for years, sparking a broad union push across the U.S. To excite the chain’s store managers, Starbucks executives’ pitch this week focused on giving them more control. Before launching new drinks, like a protein-packed cold foam, the company is first testing them in five stores to gain feedback from baristas.
A Culture Shift
New Initiatives
When the chain increases its staffing this summer, managers will have more input on how many baristas they need. And next year, most North American stores will add an assistant manager to their rosters. "You are the leaders of Starbucks. Your focus on the customer is critical. Your leadership is critical. And as you return to your coffeehouses, please remember: coffee, community, opportunity, all the good that follows," Niccol said on Tuesday.
Returning to Starbucks’ Roots
Niccol’s "back to Starbucks" strategy centers on the idea that the company’s culture has faltered. Its Leadership Experience, typically held every couple of years, was the first since 2019 — three CEOs ago. "We are a business of connection and humanity," Niccol said on Tuesday afternoon, addressing a crowd of more than 14,000 managers. "Great people make great things happen." As more customers order their lattes via the company’s app, its cafes have lost their identity as a "third place" for people to hang out and sip their drinks.
Promoting Internally and Adding Seating
To return to Starbucks’ prior culture, the company is unwinding previous decisions – like removing seats from its cafes. In recent years, the chain has removed 30,000 seats from its locations. Those renovations have irritated both customers and employees; the manager of Niccol’s local Starbucks in Newport Beach, California, even asked him to remove her store from its renovation list because she wanted to keep the seating, according to Niccol. "We’re going to put those seats back in," Niccol said, bringing a big wave of applause from the audience.
Staffing and Union Concerns
He earned more applause from the audience when discussing the chain’s plans to promote internally as it eventually adds 10,000 more locations in the U.S. Although historically roughly 60% of Starbucks store managers have been internal promotions, the company wants to raise that to 90% for its retail leadership roles. Thousands of new cafes means 1,000 more district managers, 100 regional directors and 14 regional vice presidents for the company – and more upward career mobility for its store leaders. Staffing more broadly has been a concern for Starbucks and its employees, fueling a wave of union elections across hundreds its stores.
Schultz’s Stamp of Approval
Underscoring the challenges Niccol faces in recapturing the company’s brand, the two speakers who scored the most applause from store managers are no longer actively involved in the company. Former chairwoman Mellody Hobson scored standing ovations during both her entry and exit onto the arena’s stage. Hobson, wiping tears from her eyes, thanked the Starbucks employees whom she said always made her feel welcome in their stores. Former Starbucks CEO Howard Schultz also earned standing ovations from store managers. Schultz, the three-time CEO who grew Starbucks from a small chain into a coffee powerhouse, made a surprise appearance at the Leadership Experience on Wednesday morning.
Conclusion
In conclusion, Starbucks is taking significant steps to regain its footing and win back customers, investors, and employees. The company’s "back to Starbucks" strategy, led by CEO Brian Niccol, aims to recapture the company’s culture and identity as a "third place" for people to connect and enjoy their coffee. With promises to add more seating, promote internally, and improve staffing, Starbucks is working to address concerns and criticisms from all stakeholders.
FAQs
Q: What is Starbucks’ "back to Starbucks" strategy?
A: The "back to Starbucks" strategy is a plan to recapture the company’s culture and identity as a "third place" for people to connect and enjoy their coffee. It involves retooling the company’s marketing strategy, improving staffing, fixing mobile app issues, and making locations cozier.
Q: How is Starbucks planning to promote internally?
A: Starbucks wants to raise the percentage of internal promotions for retail leadership roles to 90%. The company plans to add 10,000 more locations in the U.S., which will create more opportunities for upward career mobility for store leaders.
Q: What is the Green Apron labor model?
A: The Green Apron labor model is a new staffing model that Starbucks is rolling out to improve service times and boost traffic. As part of the model, managers will have more input on how much labor their store needs.
Q: Who is Howard Schultz and what is his role in Starbucks?
A: Howard Schultz is the former CEO of Starbucks who grew the company from a small chain into a coffee powerhouse. He made a surprise appearance at the Leadership Experience and expressed his support for Niccol’s "back to Starbucks" strategy.
Q: What is the significance of the 1971 Roast coffee?
A: The 1971 Roast coffee is a new coffee launched by Starbucks as a callback to the year that its first location opened at Pike Place in Seattle. It is part of the company’s efforts to reconnect with its heritage and culture.
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