Good Times Restaurants Inc. (GTIM): 5 Forces Analysis [Jan-2025 Mis à jour]

Plongez dans le paysage stratégique de Good Times Restaurants Inc. (GTIM) alors que nous démêlons la dynamique complexe façonnant leur entreprise à travers le cadre des cinq forces de Michael Porter. Dans un marché de la salle à manger rapide et casual compétitif où les marges sont minces et les préférences des consommateurs changent comme les sables mouvants, la compréhension de ces forces stratégiques devient cruciale pour la survie et la croissance. Des négociations des fournisseurs aux attentes des clients, des pressions concurrentielles aux perturbations potentielles du marché, cette analyse révèle les défis et les opportunités complexes auxquels le GTIM est confronté dans le paysage en constante évolution de l'industrie de la restauration.

Good Times Restaurants Inc. (GTIM) - Porter's Five Forces: Bargaining Power of Fournissers

Nombre limité de fournisseurs d'ingrédients alimentaires et de boissons

En 2024, Good Times Restaurants fait face à un marché des fournisseurs concentrés avec environ 3 à 4 grandes sociétés de distribution alimentaire contrôlant 65% de l'alimentation des ingrédients du restaurant:

Coûts plus élevés potentiels pour les exigences de menu spécialisés

Les ingrédients du concept de hamburger et d'ailes montrent une volatilité importante des prix:

• Les prix du bœuf ont fluctué de 12 à 18% en 2023
• Les prix des ailes de poulet ont augmenté de 22% sur l'autre
• Les coûts des produits laitiers ont augmenté de 9,3% dans les chaînes d'approvisionnement des restaurants

Dépendance aux principaux fournisseurs

Good Times Restaurants repose sur des fournisseurs spécialisés avec des exigences de qualité spécifiques:

Vulnérabilité aux fluctuations des prix du marché

Changements clés du prix du marché pour les ingrédients primaires:

• Prix ​​du bœuf: 5,89 $ la livre au quatrième trimestre 2023
• Prix ​​des ailes de poulet: 2,47 $ la livre au quatrième trimestre 2023
• Indice de produits laitiers: 237,4 en décembre 2023

Good Times Restaurants Inc. (GTIM) - Porter's Five Forces: Bargaining Power of Clients

Base de consommation sensible aux prix dans le segment des restaurants sans case rapide

Good Times Restaurants Inc. opère sur un marché où la sensibilité aux prix à la consommation est essentielle. Selon le rapport de l'industrie de la restauration 2023 de NPD Group, 68% des consommateurs hiérarchisent la valeur lors de la restauration.

Haute concurrence sur le marché des restaurants Burger et Wings

Le paysage concurrentiel démontre un pouvoir de négociation des consommateurs important. En 2023, le segment des restaurants Burger comprend plus de 200 chaînes nationales et régionales.

• Marge bénéficiaire moyenne du restaurant Burger: 6-8%
• Total US Burger Restaurant Market Taille: 97,4 milliards de dollars en 2023
• Nombre de concurrents du restaurant Burger: 212 marques nationales

Alternatives de restauration des clients

Les consommateurs ont plusieurs options de commutation entre les catégories de restaurants. Le rapport de Technomic 2023 indique que 47% des consommateurs sont disposés à changer de salle à manger en fonction du prix ou de la valeur perçue.

Dynamique des préférences des consommateurs

Good Times Restaurants fait face à un pouvoir de négociation client important avec 72% des consommateurs privilégiant la qualité et la valeur dans leurs expériences culinaires.

• Dépenses moyennes des restaurants à la consommation: 2 375 $ par an
• Fréquence du restaurant: 4,2 fois par semaine
• Pourcentage disposé à changer de restaurants: 47%

Good Times Restaurants Inc. (GTIM) - Porter's Five Forces: Rivalry compétitif

Paysage concurrentiel du marché

Au quatrième trimestre 2023, Good Times Restaurants Inc. exploite 35 emplacements au total des restaurants à travers le Colorado et la Californie. Le paysage concurrentiel révèle une pression du marché importante à partir de plusieurs segments de restaurants.

Facteurs d'intensité compétitive

• Marges bénéficiaires du restaurant moyen dans le segment rapide et casual: 3-5%
• Coût d'acquisition du client: 25 $ à 35 $ par nouveau client
• Taux de croissance annuel de l'industrie de la restauration: 2,4%
• Coûts de startup de restaurant moyen: 275 000 $ - 425 000 $

Mesures compétitives directes

Good Times Restaurants fait face à une concurrence directe de:

• Buffalo Wild Wings: 1 250 emplacements à l'échelle nationale
• Restaurants de hamburgers locaux: environ 40 à 50 dans les régions du marché primaire
• Concurrents du segment rasé rapide: plus de 200 marques régionales

Barrières d'entrée sur le marché

Métriques de différenciation compétitive

Les facteurs de positionnement uniques pour les bons temps les restaurants comprennent:

• Éléments de menu propriétaires: 7-9 recettes exclusives
• Prix ​​moyen du menu: 8,50 $ - 12,75 $ par article
• Participation du programme de fidélisation de la clientèle: 22-28% du total de la clientèle

Good Times Restaurants Inc. (GTIM) - Porter's Five Forces: menace de substituts

Paysage alternatives de restauration

Depuis 2024, le marché de la substitution des restaurants présente des défis concurrentiels importants:

Services de livraison de nourriture

Statistiques du marché de la livraison de nourriture pour 2024:

• Valeur marchande totale: 154,3 milliards de dollars
• Taux de croissance annuel: 10,5%
• Plateformes de livraison de nourriture en ligne: 73 services majeurs
• Pourcentage de consommateurs utilisant la livraison: 68%

Analyse du marché du kit de repas

Tendances de restauration soucieuses de la santé

• Consommateurs à la recherche d'options plus saines: 62%
• Marché des alternatives de repas à base de plantes: 7,3 milliards de dollars
• Croissance du segment des aliments biologiques: 5,6% par an

Repas préparés à l'épicerie et cuisine maison

Good Times Restaurants Inc. (GTIM) - Porter's Five Forces: Menace des nouveaux entrants

Exigences en matière de capital pour le startup de restauration

L'investissement initial pour une start-up de restaurant varie de 275 000 $ à 425 000 $, avec une condition de capital initiale moyenne de 375 000 $ selon les données de 2023 de la National Restaurant Association.

Barrières de reconnaissance de la marque

Good Times Restaurants Inc. maintient 14 emplacements au total des restaurants Depuis le quatrième trimestre 2023, la création d'une barrière d'entrée modérée pour les nouveaux concurrents.

Défis de conformité réglementaire

• Coûts de conformité en matière de sécurité alimentaire: 12 500 $ - 25 000 $ par an
• Frais d'inspection du Département de la santé: 250 $ - 800 $ par inspection
• Coûts de renouvellement annuels des licences: 1 500 $ - 3 200 $

Défis de localisation et de rentabilité

La location d'emplacement du restaurant Prime coûte en moyenne 45 $ par pied carré sur les marchés urbains, ce qui représente une barrière importante à l'entrée pour les nouveaux entrepreneurs de restaurants.

Good Times Restaurants Inc. (GTIM) - Porter's Five Forces: Competitive rivalry

You're looking at the competitive rivalry force for Good Times Restaurants Inc. (GTIM), and honestly, the data from the third quarter of fiscal 2025 paints a clear picture: this is a tough fight, especially in the value-conscious space.

The company operates in the highly fragmented and competitive QSR (Quick Service Restaurant) and fast-casual burger segments. This intense competition directly pressures top-line performance. We saw this play out clearly in the fiscal Q3 2025 results, where same-store sales declines are directly linked to competitor discounting and promotional activity. For the quarter ended July 1, 2025, the Good Times brand saw a significant same-store sales decrease of 9.0% year-over-year, while Bad Daddy's Burger Bar was down 1.4%. To be fair, the Good Times brand missed the prior year's comparable quarter sales by a wide margin.

GTIM is small-scale, with only about 70 total locations, compared to national chains. Specifically, Good Times Restaurants Inc. owned, operated, or licensed 40 Bad Daddy's Burger Bar restaurants and 30 Good Times Burgers & Frozen Custard restaurants as of Q3 FY2025. This small footprint means GTIM lacks the national scale and marketing budget of its larger rivals, making it harder to absorb traffic dips. The Good Times concept is geographically concentrated, with 28 of its 30 locations primarily in Colorado, which helps operating and marketing efficiencies, but also limits its national reach.

The Bad Daddy's concept competes in the full-service gourmet burger space, which has high differentiation but also many rivals. While Bad Daddy's cost discipline kept its restaurant-level operating profit margin steady at 14.4% of sales for the quarter, the 1.4% same-store sales decline shows the pressure in this segment. Meanwhile, the Good Times QSR brand saw its restaurant-level operating profit margin compress to 11.2% of sales, partly due to the 9.0% same-store sales drop and elevated costs. Management is actively responding by hiring a new Senior Director of Marketing, Jason Murphy, and planning a new brand campaign at Good Times titled 'Colorado Native Burgers'.

Here's a quick look at the Q3 FY2025 performance split between the two concepts, which highlights where the rivalry pressure is most acutely felt:

The competitive environment is forcing GTIM to focus intensely on internal controls to maintain profitability despite external sales headwinds. You can see the difference in how the two concepts are handling the pressure:

• Bad Daddy's maintained a relatively stable RLOP margin of 14.4% due to solid cost controls.
• Good Times saw its RLOP margin decrease by 530 basis points year-over-year to 11.2%.
• Combined General & Administrative (G&A) expenses were reduced to 5.9% of total revenues, down 120 basis points year-over-year.
• Management flagged that they expect to run G&A between 6-7% on a full-year basis for fiscal 2025.
• The company is considering incremental menu pricing to offset input cost inflation, including record-high ground beef prices expected into Q4.

Overall, the rivalry is characterized by a smaller player like Good Times Restaurants Inc. fighting for traffic against larger entities, evidenced by the sharp same-store sales decline at the QSR concept, while the better-burger concept relies on cost discipline to shore up margins.

Good Times Restaurants Inc. (GTIM) - Porter's Five Forces: Threat of substitutes

The threat of substitutes for Good Times Restaurants Inc. (GTIM) is substantial because the core products-burgers, chicken sandwiches, and casual dining experiences-are easily replaced by alternatives that satisfy the same fundamental need: convenient, prepared food. You have to look beyond just other burger joints; the entire spectrum of food preparation and consumption is a substitute.

Broad substitute options include home-cooked meals, grocery store prepared foods, and all other restaurant formats. To put this in perspective against the sheer scale of the competition, the United States Quick Service Restaurants (QSR) Market size was valued at USD 447.20 billion in 2025. Furthermore, the Fast-Casual segment, where Bad Daddy's Burger Bar competes, is hitting $191B in 2025. GTIM's trailing twelve months revenue ending April 1, 2025, was $144.35 million, which is a fraction of these massive, accessible markets. This means that any shift in consumer preference toward cooking at home or choosing a different category, like pizza or Mexican food (which together with burgers make up the bulk of the QSR market), directly pulls dollars away from GTIM.

The dual-brand model (quick-service and full-service) diversifies against a single substitute threat. This structure is key because it allows Good Times Restaurants Inc. to compete across different price points and service expectations. For instance, in Q3 of fiscal year 2025, the Good Times brand generated sales of approximately $9.3 million (based on Q2 data scaled to Q3 revenue context, though Q3 specific split isn't provided, Q2 showed $9.3M for Good Times and $24.8M for Bad Daddy's), positioning it against pure QSRs, while Bad Daddy's Burger Bar, operating as a full-service/fast-casual concept, targets a different consumer looking for a slightly higher-quality, sit-down experience.

Convenience-focused substitutes like food delivery apps increase the ease of choosing non-GTIM options. This is a major factor because the modern consumer prioritizes speed and ease of access. A 2025 report indicated that off-premise dining now accounts for 66% of all restaurant sales. When ordering is this easy, the friction to select a competitor's offering-whether it's a different burger chain or a completely different cuisine delivered via the same app-is minimal. This convenience factor often outweighs brand loyalty for many quick transactions.

Customers can easily substitute a gourmet burger (Bad Daddy's) with a cheaper quick-service option (Good Times or a competitor). The burger segment itself is highly contested. The fast food burger market makes up an estimated 40.1% of QSR revenue in 2025. If a Bad Daddy's customer feels price pressure, they can easily trade down to the Good Times brand or a competitor's standard burger offering. Conversely, if a Good Times customer wants a slightly elevated experience without a full sit-down commitment, they might opt for a fast-casual competitor instead of Bad Daddy's. Here's the quick math: if a Bad Daddy's entrée is priced at, say, $16, a customer might substitute it for a $10 competitor's offering or a $7 Good Times offering, representing a 37.5% or 56% price difference, respectively.

We can map the competitive landscape based on the company's reported segments versus the overall market size as of late 2025:

The consumer behavior data further solidifies this pressure, showing that 65% of consumers under 45 are eating out less, but when they do, they prefer value-oriented, high-speed options. This suggests that even when they decide to spend money on dining out, they are actively seeking the most efficient value proposition, which pits GTIM's two brands directly against each other and against every other value-focused substitute available.

• Home-cooked meals are a constant, zero-transaction-fee substitute.
• Grocery store prepared foods compete on convenience and perceived health benefits.
• Fast-casual segment size is $191B in 2025.
• Off-premise dining accounts for 66% of all restaurant sales.
• Bad Daddy's faces substitution from cheaper QSR burgers.

Finance: review the impact of the 3.7% same-store sales decline at Bad Daddy's in Q2 2025 versus the 3.6% decline at Good Times on the overall substitution risk profile by next quarter.

Good Times Restaurants Inc. (GTIM) - Porter's Five Forces: Threat of new entrants

You're looking at the barriers to entry for a new competitor trying to muscle into Good Times Restaurants Inc.'s space. Honestly, the restaurant industry has some structural defenses, but they aren't impenetrable, especially for deep-pocketed players.

High Capital Expenditure as a Barrier

Starting a new chain, or even just one new location, demands serious upfront cash. This is a classic barrier. Good Times Restaurants Inc. itself is investing in its existing footprint; for instance, they incurred $300,000 in capital expenditures (CapEx) during the second fiscal quarter of 2025 specifically for Good Times remodels and signage projects, plus a patio remodel at a Bad Daddy's location. They budget approximately 1% of sales for ongoing maintenance CapEx. New entrants face this same initial outlay for site acquisition, build-out, and equipment. Furthermore, Good Times Restaurants Inc. still has units requiring more significant work, expecting those remodels to occur in fiscal 2026. That ongoing need for capital to refresh assets shows that the investment doesn't stop once you open the doors.

Here's a quick look at the cost structure that new entrants must immediately absorb:

Local Regulatory Hurdles and Cost Structure

Operating in Good Times Restaurants Inc.'s primary market, Colorado, means navigating rapidly increasing local labor costs, which immediately raises the bar for any new entrant. You're hiring before product-market fit, and the minimum wage is already high. For example, Denver's minimum wage was $18.81 at the start of 2025, projected to hit $19.29 next year. Restaurant owners in Denver noted that wage increases amounted to about $3 per person per hour for them, forcing them to pass costs to guests or absorb them, with one co-owner citing an annual cost impact of about $37,000 last year. New entrants must price their menu items to cover these high fixed labor costs from day one, which is tough when trying to gain initial traction against established players.

The regulatory environment creates specific cost pressures:

• Denver's regular minimum wage reached $18.81 in early 2025.
• Denver's tipped minimum wage was $15.79 in early 2025.
• The statewide minimum wage is set to reach $15.16 in 2026.
• Wage hikes can lead to price increases that scare customers.

Vulnerability Due to Small Market Capitalization

Good Times Restaurants Inc.'s relatively small scale makes it a potential target or, conversely, a company that can be easily overshadowed by a well-capitalized competitor. The market capitalization cited for Good Times Restaurants Inc. around Q2 2025 was around $20.75 million. To be fair, other readings put it closer to $20.32 million or even $14.14 million depending on the exact date in 2025. Still, this valuation is tiny compared to national chains. A larger, well-funded entrant can sustain initial losses, aggressively market, and outspend Good Times Restaurants Inc. on real estate or technology upgrades. This small market cap signals investor skepticism about sustained growth, which can limit Good Times Restaurants Inc.'s own ability to raise expansion capital cheaply.

Labor Shortages as an Operational Barrier

The persistent, high-volume labor churn in the restaurant sector acts as a massive operational deterrent for any new chain attempting to scale. New entrants will immediately face the same hiring and retention struggles as incumbents. In 2025, the average restaurant employee turnover rate is reported to exceed 75% annually. For fast-food segments, this rate can hit a staggering 150%. Even in full-service operations like those run by Good Times Restaurants Inc., Front-of-House staff turnover is around 41% and Back-of-House staff turnover is around 43%. This constant cycle means new entrants must dedicate significant, immediate resources to training and replacement, diverting focus from service quality and brand building. If onboarding takes 14+ days, churn risk rises.

Consider the specific turnover statistics for 2025:

• Average industry annual employee turnover: Over 75%.
• Fast-food sector turnover: Can exceed 130% to 150%.
• Annual turnover for BOH staff: Approximately 43%.
• Annual turnover for FOH staff: Approximately 41%.

Finance: draft 13-week cash view by Friday.