This is John Batchel, a conversation with a good colleague Chris Regal about the what we can see in the pattern across the country in quick service restaurants, franchises.

Not only the reduced staff and the high overhead and the jobs that are lost because of that high overhead, they've mandated minimum wage, $20 an hour in California.

But also about people not attending or showing up or buying cheaper items.

What does that tell us about the economy that we need to know?

What does that tell us about Christmas here before the numbers

are in? Here's Chris to explain. What goes on in quick service restaurants in franchises

doesn't stay in franchises. It's the American economy at Christmas. Much more of this later.

So, John, on a nationwide nationwide basis this issue of the k economy the upper tier

of the economy doing well the low to mid tier of the economy doing poorly in terms of that consumer

there's increasing evidence across multiple brands in the kSR sector that says consumers are eating at home more and eating

away less.

You're seeing the reintroduction nationally of more value-based products, but it's extremely clear

there's pressure on the consumer to spend less.

The real question is, will that translate into the retail space over Christmas?

Will there be a down Christmas compared to prior years?

And then what does that consume liquidity like when you're into first quarter of 2026?