The chicken wars heat up, value menus, and Wonder’s IPO plans
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On this week’s Extra Serving, NRN editor in chief Sam Oches and executive editor Alicia Kelso discuss the latest restaurant industry news, including McDonald’s and Burger King’s new chicken tests, Wonder’s potential IPO, and the proliferation of tiered value menus.
They kick things off with product news from two of the biggest players in quick service: McDonald’s and Burger King are both exploring new premium chicken products, with Burger King offering two new chicken sandwich LTOs and McDonald’s testing hand-breaded chicken tenders and wings. Sam and Alicia explore what’s driving this renewed focus on elevated chicken offerings, how these products fit into each brand’s broader menu strategy, and whether premium items can coexist with the value-focused messaging that’s dominating the industry right now.
They then shift to the explosion of tiered value menus across the restaurant landscape, from brands like Wendy’s, Taco Bell, and McDonald’s. A Technomic representative believes the marketplace has become too oversaturated, making it harder for brands to break through the noise with a value message. Sam and Alicia discuss whether these promotions are actually driving incremental traffic or simply cannibalizing sales from existing customers, and what this means for brand differentiation in an increasingly crowded field.
Next up, they dig into Kura Sushi’s recent earnings report, which revealed negative traffic and sales trends. The conveyor belt sushi chain cited rising gas prices and tariff-related pressures as key factors impacting consumer behavior and operational costs. Sam and Alicia unpack how macroeconomic forces are creating challenges for restaurants like Kura — but also discuss the silver lining that Kura can look to as it grows across the country.
Then they talk about Wonder, the multi-brand delivery concept backed by Marc Lore that is reportedly considering an IPO. Sam and Alicia discuss what makes Wonder’s business model unique, whether the public markets are ready for another restaurant IPO after Jersey Mike’s recent filing, and what this could signal about investor appetite for innovative restaurant concepts.
They wrap up with a Quick Fire round covering the latest industry buzz and headlines you need to know, including Taco Bell’s increased use of drive-thru AI, Chipotle’s investment in six companies via its Cultivate Next fund, and the lack of women being hired for executive roles. Finally, we share an interview between managing editor Leigh Anne Zinsmeister and The Granola Bar cofounders Julie Mountain and Dana Noorily, recorded in person at the National Restaurant Association Show.
