2 ms·
Dining out is substitutable. At some price level, people will simply eat at home. Already there is a transition to counter-service and take-out restaurants, whi
by closeparen 8y ago
Dining out is substitutable. At some price level, people will simply eat at home. Already there is a transition to counter-service and take-out restaurants, which save on labor and rent, respectively.
- jnwatson 8y agoI hadn't connected this before: all brick-and-mortar retail is descending the value chain. From JcPenney to Kohls to Wal-mart. From Applebees to Chipotle.