Formation and Implementation of a Strategy for Increasing the Competitiveness of a Restaurant Business Entity

Topicality. In the current crisis conditions of unstable but still dynamic development of the restaurant services market, the problem of strengthening the competitiveness of restaurant busi­ness entities is becoming particularly relevant. The restaurant industry is one of the most sensi­tive to changes in consumer sentiments, modern tendencies, economic fluctuations and techno­logical innovations. Success in this market is determined by the ability of companies to quickly respond and adapt to new challenges, offer a unique product and provide high-quality service. In conditions of pandemic, military activity and further transformations of consumer behaviour, it is competitiveness that becomes a key factor in the survival and development of restaurant business entities. Special attention should be given to the study of strategies for increasing the competitiveness of network operators of the restaurant market, that have significant resources and potential for implementing innovations. At the same time, the scale of activity and the com­plexity of business processes pose additional challenges in managing service quality and oper­ational efficiency. As a result, the elaboration of scientifically sound approaches to forming and implementing strategies to enhance competitiveness of restaurant business entities is an urgent and ongoing task of modern economic science and management practice. The aim of the article and research methods. The aim of the article is to study the essence of the issue, to ground theoretical bases, to work out methodological approaches and practical recommendations for the formation of the strategy for increasing the competitiveness of restaurant business enterprises. The interpreted research topic requires the use of general economic, analytical and statistical methods, which allow to determine theoretical approaches, to ground a hypothetical research toolkit, to form an appropriate system of the strategy for strengthening the competitiveness of the restaurant business entities. Results. The obtained results are analysed. They consist in the development of theoretical foundations and in the elaboration of practical recommendations concerning the formation of the strategy for increasing the competitiveness of restaurant busi­ness enterprises. The definition of the concept of “competitiveness of a restaurant business enti­ty” is studied and improved, taking into account the specifics of the industry and modern market development trends. A methodological approach to the comprehensive assessment of the com­petitiveness of a restaurant chain, based on the integral indicator, is offered. It takes into account financial and non-financial aspects of the restaurant business entity’s activities. The feasibility of using a digital transformation strategy as an optimal direction for strengthening the com­petitiveness of a restaurant chain in modern conditions is substantiated. The perspectives for further research are a thorough study of the methodology and testing the strategy for increasing the competitiveness of the restaurant business entities, which can be supplemented by practical modern insights into this sphere and external factors. Conclusions and discussion. The study demonstrates the relevance of the offered measures in order to increase the competitiveness of the restaurant business entities, develops the strategy for the “!FEST” restaurant chain, and also grounds the choice of the optimal strategic approach. The sources used in this study confirm the importance of forming and implementing the strategy for increasing the competitiveness of the restaurant business entities.