In life, if you aren't growing, you just might find yourself regressing. The same holds true in the restaurant business, which is why expansion is integral to sustained success. Following this formula, one of the most popular casual dining chains here in the U.S. announced major plans to expand further into the Asian market.
This is the biggest development agreement to date for the U.S.-based company, and over the course of the next 10 years, the deal is expected to generate over $500 million in revenue. That's a lot of appetizers!
In partnership with Master Franchisor Universal Success Enterprises, the deal will see 75 new TGI Fridays locations open across South and Southeast Asia. TGI Fridays is no stranger to international growth. In fact, at 385 international franchised locations, the chain has more of a presence abroad than domestically, where it operates 315 units.
The TGI Fridays brand boasts a presence in over 52 different countries, and 22 new locations have already opened in 2022 outside of the U.S. While TGI Fridays' global presence actually reached its greatest heights in 2017 (448 international locations), this new agreement suggests the brand is looking to once again prioritize international expansion.
"We're thrilled to bring the TGI Fridays brand—and experience—to new markets and consumers in Asia through our expanded partnership with Universal Success Enterprises," Ray Blanchette, Chief Executive Officer at TGI Fridays, said in the press release. "Universal Success Enterprises is a valued partner—their deep experience in the marketplace and proven track record of excellence with TGI Fridays coupled with our successful local market approach will ensure the brand—and our menu offerings—are relevant to consumers."
Universal Success Enterprises, meanwhile, is a Singapore-based multinational company with a history of success in the Asian restaurant market. The company already operates three TGI Fridays restaurants in India, and previously helped Outback Steakhouse enter numerous Asian markets including Singapore, Malaysia, Indonesia, Philippines, and Thailand.
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"We're excited to expand the TGI Fridays brand and footprint in South and Southeast Asia," added Prasoon Mukherjee, the chairman of Universal Success Enterprises. "Our deep experience in the hospitality industry, understanding of what consumers in our markets crave, and real estate development expertise uniquely positions Universal Success Enterprises to drive unprecedented growth for the brand. Personally, I began my restaurant career with TGI Fridays over 30 years as a kitchen manager—and am thrilled to be sharing the brand experience with consumers across the region."
The TGI Fridays brand is synonymous with Americana, and the chain has found success all over the world by offering distinctly American cuisine. For example, the 'Big AF' burgers are available at Middle East locations.