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People are coming back to restaurants in "droves," after a temporary decline in going out to eat ahead of the election, restaurateur Danny Meyer said.
He explained that "restaurants are places that people come to be with people and people didn't feel great with all the uncertainty" around the election. Meyer said that what happened in restaurants mirrored the uncertainty in the financial markets.
"I think people are coming back in droves. Even if they're coming back to debate, there's nothing like sitting around a table with some good food with friends and that seems to really be bringing people out and we couldn't be happier," he said on CNBC's "Power Lunch " on Monday.
The Shake Shack founder made his remarks after activity in the service sector hit a one-year high in November. Food service businesses such as McDonald's, Darden and Chipotle saw their stocks climb in afternoon trade Monday.
Even as restaurants are seeing a post-election recovery in traffic, Meyer said it's been a "sketchy year" for the more high-tier restaurants. He explained that labor has been a really big headwind for fine dining establishments.
He said: "The cost of labor has exceeded anything we've seen before and so I think what restaurants are trying to figure is, how do is, 'How do I properly price that labor into the menu price?'"
One thing Meyer said he's done is eliminate tipping, something he implemented last year. The restaurateur said the change will let restaurants provide better services because higher wages will attract better workers.