New Delhi: Bistro Hospitality Pvt Ltd that operates global casual dining restaurant chain, TGI Friday’s (TGIF) in India on Friday said it will open a minimum of two to three outlets every year and will focus only on large formats.
Besides expanding presence in existing locations - Delhi/NCR, Mumbai, Hyderabad and Bangalore, the company is also looking to enter new cities such as Pune, Kolkata, Chandigarh and Chennai.
“With cultural dynamics changing in India at a fast pace, the acceptability and willingness to experience the American concept of TGIF is growing in the country. Hence, we have decided to expand aggressively here,” Bistro Hospitality vice president development and marketing Rohan Jetley told PTI.
He said the company plans to “to open a minimum of 2-3 restaurants every year”. At present the firm operates nine TGIFs in India out of which four of them are small formats.
This financial year the company will open three new TGIFs in Mumbai and Bangalore and would target other cities going ahead, he added.
Asked about the required investment for the expansion he said: “One restaurant costs anywhere between Rs 3 crore to Rs 7 crore depending on the size and location. Our focus will be to open large formats with a carpet area of 5,000 to 7,000 square feet.”
Recently the firm has opened a large format outlet in Bangalore having an area of 6,500 sq ft with a seating capacity of 250 guests.
The new projects will be funded by internal accruals, he added.
Asked about revenues, Jetley said the company expects to close this fiscal at Rs 50 crore.
TGIF was introduced in India in 1996. It is currently operated by Bistro Hospitality in which 25% stake is held by US-based hospitality firm Carlson.
In India, Carlson also operates 35 hotels across brands, including Radisson, Country Inns & Suites and Park Plaza with a total of about 3,500 rooms.