IHOP Aims to Sell More Burgers as Beef Prices Come Back Down
IHOP Aims to Sell More Burgers as Beef Prices Come Back to Earth
(Bloomberg) -- Pancake restaurant IHOP’s marketing move to rebrand itself as IHOb -- standing for burgers -- comes at a time when beef prices are off their record highs.
Ground chuck prices, which spiked in 2015 to the highest on record, are down 14 percent from their peak as cattle supplies increase and prices ease, data from the Bureau of Labor Statistics show. With prices coming down, the chain restaurant formerly known as IHOP said it’s changing its name to highlight a renewed focus on the grilled American staple.
Dine Brands Global Inc.-owned IHOP captured the attention of the internet last week with a tweet announcing the coming name change. That led followers to speculate whether the “b” would stand for something close to its core brand, like breakfast or bacon, or whether it could be joining the blockchain naming phase.
“Right now, there is not a defined time for how long we’ll use the IHOb name,” spokeswoman Stephanie Peterson said in an email, calling it a “tongue-in-cheek” name change. “Based on fan demand, there’s the chance we may create more IHOb restaurants in the future.”
--With assistance from Megan Durisin.
To contact the reporters on this story: Craig Giammona in New York at cgiammona@bloomberg.net;Leslie Patton in Chicago at lpatton5@bloomberg.net
To contact the editors responsible for this story: Anne Riley Moffat at ariley17@bloomberg.net, Lisa Wolfson, Jonathan Roeder
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