R.J. Hottovy sees a bifurcation in the restaurant industry with fine dining holding strong while quick service and casual dining soften as middle income consumers trade down to value grocers. He notes McDonald's (MCD) visit declines as competition from food retail channels grows, with remodels and AI initiatives eyed as a longer term catalyst. Hottovy also sees Starbucks (SBUX) store closures as a strategic repositioning from a position of strength, while Taco Bell's lettuce related visitation hit has largely passed.