Ken Silver, president of Jim's South St. in Philadelphia, faces rising beef prices, compelling him to consider price increases for his cheesesteaks. The cost per pound for beef has risen significantly, which Silver feels may lead to price adjustments or a market price declaration. Despite the pain of passing costs onto customers, he aims to absorb the price increases temporarily. The average price of beef nationally has surged, driving up costs for consumers, who still express loyalty despite potential price hikes.
U.S. beef prices have been steadily rising over the past 20 years due to a tight supply of cattle, while demand for beef remains strong.
The price of beef from Silver's supplier is currently about $1 more per pound than last year, in addition to a previous 50% increase.
Cheesesteaks are made with thinly sliced beef, cheese, and onions, with the current price at Jim's South St. being $13.49.
Despite the rising costs, customers like Bryan Williams express understanding, suggesting price hikes are a normal aspect of current economic conditions.
Collection
[
|
...
]