1 minute read
FIRST WATCH
from FSR August 2023
Red Lobster
13
The 644-unit chain shrunk its footprint over the past several years, but parent company Thai Union is confident in the seafood chain’s strategy for a turnaround, which includes a focus on menu enhancements, value deals, and operational improvements.
Red Robin
14
With new CEO and industry vet GJ Hart at the helm since last July, casual burger brand Red Robin launched a five-point “North Star” plan covering everything from staffing to food quality. More updates are on deck this year, including flat-top grills and ample menu innovation.
Waffle House
17
The breakfast leader is simply one of the nation’s hottest chains. It jumped out of 2023 with same-store sales growth of 12.9 percent, year-over-year, lapping 21.9 percent growth in 2022. Perhaps most impressive, though, First Watch reported same-restaurant traffic growth of 5.1 percent, which was 11.7 percent better than Q1 2019.
P.F. CHANG’S
15
At over 1,900 U.S. locations, Waffle House has become a beacon of breakfast since 1955. The family-style restaurant continues to serve guests 24/7, 365 days a year, and holds onto its cheap prices to keep its cult-like following alive.
BJ’S RESTAURANT
Tgi Fridays
16
Sales at BJ’s Restaurants grew 18.1 percent to $1.3 billion in fiscal 2022, with comps up 14 percent. The momentum is giving CEO Greg Levin confidence in the company’s long-term ability to double its footprint and become a $2 billion business.
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When Rohit Manocha took over as CEO in May as the chain searched for a replacement, the brand said it was entering “a new phase of revitalization.”
TGI Fridays’ same-store sales last year grew 8 percent against 2019, and it also recently introduced a fresh rewards platform.
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Executives at the 219-unit chain see plenty of runway for both off-premises-only and full-service bistro models. The company is embarking on a brand refresh across the U.S., and all of its domestic restaurants are receiving renovations, including new decor and menu presentations.
Hooters 20
Hooters is celebrating its 40th anniversary by encouraging more growth beyond its current 288-unit footprint. The brand revealed in March it was giving away 40 weeks of free royalties for any new franchisee that signs in 2023.