18,500 Independent Restaurants closed in the last 6 months.
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Here is the TOP 10 and the BOTTOM 10.
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Growing Concepts of Multi Unit Operators
Concepts that have grown by at least 5% (if less than 50 units).
Houston, TX-based RICK\’S CABARET INTERNATIONAL (NASDAQ:RICK; founded 1983) has increased by 3 units for the Rick’s Cabaret concept, from 8 to 11 (38% concept growth), 3 to 5 for Bombshells (67% concept growth) and added 4 new concepts called Black Orchid, Down In Texas Saloon, Union Square and Vee Lounge. Other company concepts are Jaguars (9), Onyx (4), Silver City (1), Temptations (3), Tootsie\’s Cabaret (1), Vivid (1) and Xtc Cabaret (6). Overall company increase was from 38 to 45 (18% company growth) due to 1 unit closures for Jaguars and Vivid. These upscale gentlemens’ clubs are open for dinner hours, serving steak and bar food. Per person check average is $15-$50+, with seating for about 250. Trading areas are AZ, FL, IN, LA, MN, NC, NY, PA and TX.
Pikesville, MD-based PIZZA BOLI\’S (founded 1985) has increased by 2 units, from 67 to 69 (3% growth) and entered into NJ. These quick serve pizzerias are open for lunch and dinner, with a $4-$12+ per person price range. Catering, delivery and online ordering services are available. Stores have limited seating. The restaurants are franchised and trade in DC, MD, NJ, PA and VA.
Emerging and Re-emerging Concepts
Concepts with 20 units or less who grew by at least 2 units.
Johnstown, OH-based WHIT\’S FROZEN CUSTARD (founded 2003) has increased by 3 units, from 18 to 21 (17% growth). This quick serve ice cream shop is open for lunch and dinner hours, with a $4-$12+ per person price range. Seating is for about 20. The stores are franchised and trade in FL, NC and OH.
Florida-based VILLAGIO RESTAURANTS has increased by 2 units for the Villagio concept, from 4 to 6 (50% concept growth) and entered into NY and IL. Other company concepts include Bella Luna (1), Carpaccio (1), Il Toscano (1), Sea Grill (1), Spaghettino (1) and Trattoria Rosalia (1). Overall company increase was from 10 to 12 (20% growth). The restaurants are upscale Italian concepts, with a $15-50+ per person check average. Meal periods are lunch and dinner, with full bar service. Average seating is for about 200. Banquet and catering services are available. Locations are in FL, IL and NY.
Concepts previously written about in the past 18 months.
Chicago, IL-based POTBELLY SANDWICH WORKS (NASDAQ:PBPB; founded 1977) has increased by 41 units, from 311 to 352 (13% growth) and entered into AR, CO, ND, NE, SD and UT. The concept is fast casual, open for breakfast lunch and dinner. Per person price range is $4-$12+. Average seating is for about 40, with catering, delivery and online ordering services. Trading areas are AR, AZ, CO, CT, DC, IL, IN, KS, KY, MA, MD, MI, MN, MO, ND, NE, NJ, NY, OH, OR, PA, SD, TN, TX, UT, VA, WA and WI. We last featured this company on 2/18/14 (24% growth).
Jackson, MS-based NEWK\’S EATERY (founded 2004) has increased by 17 units, from 66 to 83 (26% growth) and entered into KY. The restaurants are fast casual, serving American cuisine. Per person check average is $10-$30+, serving beer and wine. Seating is for about 150. Catering is available. Locations are franchised and trade in AL, AR, FL, GA, KY, LA, MD, MO, MS, NC, SC, TN and TX. We featured this concept on 2/11/14 (23% growth) and on 7/8/14 (2% growth). Franchising is now available.
Dallas, TX-based CHILI\’S GRILL & BAR (founded 1975) has increased by 38 units, from 1547 to 1585 (2% growth). The restaurants are family/casual, serving American cuisine. Per person check average is $8-$20+, with full bar and seating for about 200. Catering and online ordering options are available. Trading areas are AB, AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, ON, OR, PA, RI, SC, SD, SK, TN, TX, UT, VA, VT, WA, WI, WV and WY. About half the locations are franchised. We wrote about this concept on 1/7/14 (1% growth). Chili’s is a subsidiary of Brinker International.