Burgers are more than holding their own in this downturn. They may be thriving because this food concept has taken the place of steak.
Steak had an eight-year run, explains Danny Meyer to New York Magazine reporter Beth Landman. Meyer owns burger-dominant Shake Shack, which has grown to six Manhattan locations at a time when eating establishments based on other food concepts, ranging from pizza to exotic salads, have cut staff. Meyer sees the sustained boom as a combination of a market for other parts of cattle and the relatively low cost of starting burger joints. After all, McDonald's developed the model for that.