TGI Fridays has signed its first U.S. development agreement in over 10 years, as the casual-dining chain looks to bolster its smaller U.S. footprint. The agreement with franchisee Bliss Bites LLC will see the opening of five additional restaurants across New York State, as well as the takeover of one of two remaining TGI Fridays locations on Long Island.
This is the third development agreement announced by Fridays in the past month, following agreements to open stores in the Balkans region for the first time and to expand across Pakistan. The move is part of the chain’s turnaround plan, which aims to see Fridays pass $2 billion in annual revenue and have 1,000 restaurants open by 2030.
Expansion Plans
According to Ashley Kirkley, COO of TGI Fridays, the five-restaurant development agreement is “exactly what we envisioned for our ‘1-2-3 Strategic Vision.'” Kirkley added that guests are increasingly looking for casual dining that delivers real value without sacrificing experience, and that Fridays is well-positioned to meet this demand as it grows.
Read Also: KFC Opens New Prototype, McDonald’s Launches Restructuring
New York is an important part of Fridays’ domestic growth story, with the company having got its start in New York City when it opened as a singles bar on the Upper East Side in 1965. Since January, TGI Fridays has added over 150 restaurants to its portfolio, with a focus on international franchise agreements in countries including Kenya, Peru, and Japan.
Current Operations
TGI Fridays currently has nearly 400 restaurants in almost 40 countries, although less than one-quarter of these are in the United States. At its peak, Fridays operated over 600 restaurants in the U.S., but this number has declined to 69 domestic locations. The company is now looking to kick off its new U.S. expansion chapter, two years after emerging from bankruptcy.
Growth Strategy
With its sights set on passing $2 billion in annual revenue, Fridays is looking to expand its operations both domestically and internationally. The company’s growth strategy is centered around finding the right partners and delivering real value to its guests without sacrificing experience. As the casual-dining chain continues to grow and expand, it will be important to see how Fridays achieves its goals in a competitive market.
