Today in restaurant and grocery tech news, Sweetgreen announces initial public offering (IPO) share pricing above its previous projections, and Amazon partners with Starbucks for frictionless checkout. Plus, CEO and Co-founder Abhi Ramesh of Misfits Market explains how the company has turned pricing and trust barriers into a business model that’s resilient in the face of food inflation, and Uber lures online grocery shoppers away from competitors with its new membership program.
Sweetgreen Inc. has unveiled the price of its IPO, with the salad chain saying it would sell 13 million shares of Class A common stock at $28 per share, higher than earlier projections. Those shares were due to begin trading on Thursday (Nov. 18) on the New York Stock Exchange, with the IPO expected to close on Nov. 22, subject to customary closing conditions, Sweetgreen said in a news release.
The rumors are true: Amazon is making moves into the quick-service restaurant (QSR) space, partnering with Starbucks to bring its “Just Walk Out” frictionless checkout technology into the latter’s stores. The coffeehouse chain announced on Thursday (Nov. 18) that it has launched a new concept in midtown Manhattan in which consumers, after checking into the store by inserting their credit card, scanning a code in Amazon’s app or hovering their palm over the Amazon One device, can grab their items and leave, with their purchases automatically charged to their card or account.
As a notable trend toward online grocery shopping grows, Market Misfits CEO Ramesh argues that the cost of on-demand delivery and even of pickup can keep these consumers from shifting their food spending to restaurants, allowing his company some protection from these changes in grocery habits.
Uber announces a membership program featuring grocery perks; Buyk taps a quick service restaurant (QSR) veteran as its new CEO; Canada’s Goodfood launches on-demand delivery; and the U.K.’s Asda rolls out loyalty rewards.