While the number of US restaurants is shrinking because of the sluggish economy, the popular restaurant chain Hooters is planning an expansion. The chain is looking for new markets that include India, Turkey and Japan.
The company that has announced an expansion plan on Thursday would increase new restaurant locations by at least 15% to 20% annually for the next several years.
The restaurant chain is doing pretty good if compared to rivals that are hit by the sluggish economy. According to a recent report by market research company The NPD Group, roughly 5,000 restaurants, or 1%, closed this spring compared to the same period last year, mostly independently owned operations.Hooters, which has over 455 chains worldwide in 29 foreign countries, hired Colliers International to identify new locations and negotiate lease agreements.
“The goal is to double the footprint over the next five years,” says Patrick Duffy, chairman of Colliers Retail Services Group. He said the Hooters concept has been “transportable” overseas and that Shanghai is one of their most successful restaurants.
Hooters said their ideal locations range between 3,000 and 5,000 square feet and “typically boast retail, office, hotel, tourism, festival, urban and industrial traffic drivers.”