Sales. Operating expenses. Inflation. Those were the dominant themes at the 2023 State of the Industry Summit and are naturally the central themes within this issue, which provides exhaustive coverage of the SOI Summit. Sales, operating expenses and inflation can also create the acronym SOI. Well, what do you know …

Industry sales set a record in 2022, but sales are only part of the equation. Expenses related to operations, especially labor and a staggering increase in swipe fees, plus the cost of goods and inflationary pressures, are the other half. Overall, the industry was profitable in 2022, but on a store level, profits were most dependent upon what you sold. “Mix matters,” stressed NACS Vice President of Research & Education Lori Buss Stillman—and foodservice is a huge part of that mix.

This issue presents the most comprehensive overview of the industry’s performance in 2022 and serves as a playbook for your business in 2023 and beyond. But, to reuse another phrase, it’s only part of the equation. The NACS State of the Industry Report of 2022 Data dives even deeper into the numbers—and analysis. If your company submitted numbers, you’ll be getting the report in mid-June. If not, you can order it at convenience.org/research.

A lot has changed since our first NACS State of the Industry Summit in 2002, one that I remember very well. It was in Washington, D.C., so it was easy for my wife and infant daughter to join me to check it out. I was new to parenting and didn’t know that bringing an infant to a conference is never a good idea, no matter how briefly, especially one who is teething. Our daughter Rachel promptly grabbed a table card for featured speaker George Will and ate it. It was paper, so she survived. Mr. Will still found his table. But paper products still are classified as nonedible according to the NACS Category Definitions.

This was my 22nd NACS SOI Summit (including the virtual versions in 2020 and 2021). For several of our newer NACS colleagues, this was not just their first SOI Summit, but their first NACS event, and they were blown away by the scope of the event and by the camaraderie of our industry. In interviews with new applicants, we always stress how unique our industry is—and how willing people in the industry are to share ideas. It’s hard to believe it until you see it. They are believers now.

Among the first-timers was Ben Nussbaum, our new editor-in-chief. For this issue, his first, he led the effort to pull together 50 pages of coverage of the event and deliver it for layout within five business days of the SOI Summit. Navigating tight deadlines and delivering compelling copy is something Ben is accustomed to. When he was at USA Today, he led the magazine division that ultimately grew to 50 titles a year. While the company had talked about creating magazines, it wasn’t until news broke that Michael Jackson died that they put ideas to motion, and they had a complete publication to the printer within 24 hours.

That nimbleness and ability to pivot will serve Ben well in his new role covering a very nimble industry that continues to amaze me even after 22 SOI Summits. Let him know what you think of this SOI issue of NACS Magazine or the magazine in general. What do you appreciate most? What would you change? Drop him a line at [email protected].