TGI Fridays announced the development of 75 new restaurants throughout South and Southeast Asia over the next 10 years in partnership with master franchisor Universal Success Enterprises.
The deal, which is expected to drive over $500MM in revenue for the U.S. based company over 10 years will be headquartered in Singapore, is the most significant development agreement to-date for the brand.
This latest development deal is core to TGI Fridays’ strategic global expansion strategy – as growth of the casual restaurant category internationally continues to thrive. And with 385 franchised restaurants in over 51 countries – including 22 new locations opening in 2022 alone – the brand’s recipe for overseas growth is rooted in its DNA.
“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,” said Ray Blanchette, Chief Executive Officer at TGI Fridays. “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.
TGI Fridays is seeing unmatched growth worldwide – with same-store sales growing at an average of 23% globally – while brands like Pizza Hut and KFC are seeing same-store sales rise to the tune of just 10% according to Restaurant Business. The reason – the brand is leaning into its roots globally providing TGI Fridays favorites like the brand’s Big AF Burgers in the Middle East to consumers hungry for iconic American flavors and taste experiences. And the brand’s offerings at its 75 new locations will be no exception.
“We’re excited to expand the TGI Fridays brand and footprint in South and Southeast Asia,” said Prasoon Mukherjee, Chairman, 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.
Universal Success Enterprises, headquartered in Singapore, is also core to the brand’s expansion strategy. The multinational company has a proven track record within the restaurant industry in Asia, introducing new restaurant brands and concepts to the region. Today, the company has 3 TGI Fridays locations in India and previously introduced Outback Steakhouse to key markets in Southeast Asia including Singapore, Malaysia, Indonesia, Thailand, and Philippines.
The Agreement Signing ceremony held on 16th September 2022 @ Shangri-La Singapore was attended and witnessed by Ray Blanchette – CEO TGI Fridays, John Neitzel – President & COO TGI Fridays, Prasoon Mukherjee – Chairman of Universal Success Enterprise, Manohar Khaitani – Vice Chairman Singapore Economic Development Board, Chandra Mohan – Sr. Partner Rajah & Tann, Jaya Krishnan – Executive Director Enterprise Singapore, Benny Santoso – Executive Director Salim Group, Ambassadors of USA, Brazil, Mexico, Sri Lanka, Bangladesh, Uzbekistan, Kazakhstan, Ukrain, Estonia, Deputy High Commissioner of India and Commercial Officer USA and India.
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