Restaurant Chain Growth Report 11/27/12



Growing Concepts
Concepts that have grown by at least 5% (if less than 50 units).

Wichita, KS-based HOG WILD PIT BBQ has increased by 1 unit, from 6 to 7 (17% growth).  The restaurants are family/casual, open for lunch and dinner.  Per person price range is $4-$10.  Seating is for about 100 and catering is available.  All locations are in KS.

Wilmington, DE-based IRON HILL BREWERY & RESTAURANT (founded 1996) has increased by 1 unit, from 8 to 9 (13% growth).  This is a family/casual concept, serving American cuisine.  Meal periods are lunch and dinner, with an $8-$20 per person check average.  The restaurants have full bar and seating for about 225.  Catering and banquet services are available.  Trading areas are DE, NJ, and PA.

YNOT PIZZA based in Virginia Beach, VA (founded 1993) has increased by 1 unit, from 3 to 4 (33% growth).  These are family/casual restaurants with seating for around 50.  Meal periods are lunch and dinner.  Beer and wine are served.  Per person check average is around $6-$15+.  Catering and online ordering are available.  All locations are in VA.

New York, NY-based MODERN MEXICAN RESTAURANTS has added 8 new concepts called Al Lado (1), Bahia (1), Cima (1), El Centro (1), Four (1), Kokoriko (1), Raymi (1), and Toro Toro (1).  The company has entered into AZ and FL.  Other concepts are called Hotel Brick (1), Isla (1), Ketsi (1), La Biblioteca (1), La Hacienda (1), La Sandia (4), Masa 14 (1), Maya (2), Pampano (3), Raya (1), T & T (1), Tamayo (1), Venga Venga (1), and Zengo (4).  Overall company increase was from 24 to 31 (29% growth) due to the closure of the Tuna concept.  The restaurants are upscale, with a $15-$50+ per person check average.  Meal periods are lunch and dinner, with seating for about 150.  Full bar is served.  Catering and banquet options are available.  Trading areas are AZ, CA, CO, DC, FL, NV, NY, and VA.

HARD TIMES CAFÉ headquartered in Springfield, VA (founded 1980) has increased by 1 unit, from 16 to 17 (6% growth).  These are family/casual restaurants with full bar and seating for around 200.  Meal periods are lunch and dinner.  Per person check average is around $6-$12.  Catering and banquet services are offered.  Locations are more than 80% franchised and are in DC, MD and VA.

Emerging and Re-emerging Concepts
Concepts with 20 units or less who grew by at least 2 units.

Prairieville, LA-based VOODOO BBQ & GRILL (founded 2002) has increased by 2 units, from 13 to 15 (15% growth) and entered into FL and TX.  This fast casual BBQ concept is open for lunch and dinner, with a $6-$12 per person check average.  The restaurants have full bar and seat about 80.  Catering and delivery are available.  Locations are in FL, LA, SC, and TX.

California-based EUREKA BURGER has increased by 2 units, from 4 to 6 (50% growth).  These family/casual burger restaurants are open for lunch and dinner, with an $8-$20 per person check average.  Locations have full bar and seating for about 80.  All units are in CA.

RIC’S GRILL of Kelowna, BC (founded 1998) has increased by 1 unit for Ric’s Grill, from 17 to 18 (6% concept growth) and by 2 units for The Mix, from 1 to 3 (200% concept growth).  Overall company growth is from 18 to 21 (17% company growth).  These tend to be upscale steakhouses with full bar and seating for around 100.  Meal periods are lunch and dinner.  Per person check average is around $15-$50+.  Catering and banquet services are available.  Locations are in AB and BC.

Repeat Growers
Concepts previously written about in the past 18 months.

Southlake, TX-based DEL FRISCO’S RESTAURANT GROUP (NASDAQ: DFRG) has increased by 1 unit for the Del Frisco’s Double Eagle Steakhouse concept, from 9 to 10 (11% concept growth) and added a 5-unit concept called Del Frisco’s Grille.  The company also operates Sullivan’s Steakhouse (19).  Overall company increase was from 29 to 34 (17% growth), due to a 1-unit closure for Sullivan’s Steakhouse.  The company has entered into DC and GA.  These are upscale steakhouse concepts, open for lunch and dinner, with a $15-$50+ per person check average.  The restaurants have full bar and seating for about 250.  Catering and banquet services are available.  Trading areas are AK, AZ, CA, CO, DC, DE, GA, IL, IN, KS, LA, MA, MD, NC, NE, NV, NY, PA, TX, and WA.  We last featured this company on 6/14/11 (4% growth).

Athens, GA-based ZAXBY’S (founded 1990) has increased by 16 units, from 547 to 563 (3% growth) and entered into LA.  This is a family/casual concept, specializing in chicken fingers.  Per person check average is $6-$12, open for lunch and dinner.  Units seat about 90 and offer catering.  Online ordering is available at select locations.  All units are franchised and trade in AL, AR, FL, GA, IN, KY, LA, MS, NC, SC, TN, TX, and VA.  We wrote about this concept on 10/11/11 (3% growth) and on 5/22/12 (4% growth).

MOE’S SOUTHWEST GRILL of Atlanta, GA (founded 2000) has increased by 4 units, from 455 to 459 (1% growth).  These are fast casual restaurants with seating for around 90.  Beer and wine are served.  Meal periods are lunch and dinner.  Per person check average is around $6-$12.  Catering is offered.  Locations are more than 90% franchised and are in AL, AR, AZ, CO, CT, DC, DE, FL, GA, HI, IL, IN, KS, KY, LA, MA, MD, MI, MO, NC, ND, NJ, NV, NY, OH, OK, ON, OR, PA, SC, TN, VA and VT.  We last reported on this concept on 5/29/12 when they had 6% growth.

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