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APPLEBEE'S INTERNATIONAL /Overland Park, Kansas Restaurant Pins Hopes On Recent Dining Trend.(A)
By Kirk Shinkle
Investor's Business Daily
You might put off buying a new refrigerator as the economy heads south. But you won't stop eating out.
At least that's what Applebee's International Inc. is counting on. Analysts and company officials are betting there's been a shift in the American consumer's appetite. Restaurant food, they say, has become a standard part of everyday life.
"Our lifestyles have changed," Chief Executive Lloyd Hill said. "Restaurants, and in particular casual dining, have probably become more of a consumer staple than a consumer cyclical. You may postpone your purchase of a new automobile, (but) we're not going to change our eating habits."
Applebee's hopes to ride the wave by focusing on new locations, advertising and menu items.
It's the nation's largest casual dining chain, with nearly 1,300 restaurantsat the end of 2000. This year, it plans to add more than 100 locations and down the road it hopes to have around 1,800 up and running.
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