If you're not growing, you may regress. Expansion is key to a restaurant's long-term success. One of the most popular U.S. casual dining franchises revealed aspirations to expand into Asia.
This is the U.S. company's largest development agreement to date, and it's anticipated to earn $500 million over 10 years. Many appetisers!
The transaction will open 75 TGI Fridays stores in South and Southeast Asia. TGI Fridays is global. The chain has more overseas franchised outlets (385) than domestic (315).
TGI Fridays is in 52 countries, and 22 new restaurants have opened outside the U.S. in 2022.
TGI Fridays' worldwide footprint peaked in 2017 (448 foreign locations), but this new arrangement signals the business will emphasise international development.
"We're excited to introduce the TGI Fridays brand—and experience—to new markets and consumers throughout Asia," stated TGI Fridays' CEO.
"Universal Success Enterprises is a key partner—their market knowledge and track record of excellence with TGI Fridays combined with
our successful local market approach will guarantee the brand and menu options are relevant to consumers."
Singapore-based Universal Success Enterprises has been successful in the Asian restaurant business.
The firm operates three TGI Fridays in India and helped Outback Steakhouse penetrate Singapore, Malaysia, Indonesia, Philippines, and Thailand.
TGI Fridays is connected with Americana, and the restaurant has achieved success by serving American food. Middle East locations offer 'Big AF' burgers.