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Viewing report
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T.G.I. Friday's Benckmark Analysis
Restaurant Research, LLC, July 2010, Pages: 11
Analysis of the T.G.I Friday's restaurant concept provides readers with unique data and insight into this leading brand.
Friday’s is the 6th largest player (in terms of system-wide sales) in the struggling casual segment. Business has not been good for this chain over the last several years as it has followed the crowd in its struggle for self identity – was it a QSR competitor? Maybe a me-too follower in the casual space? If anything, times have been more difficult for Friday’s than its casual peers given a more aggressive use of discounting which disproportionately hurt sales. Resultantly, it is not surprising to see a new leadership team at Friday’s helm hired to chart a new course for the system.
Friday’s brand leadership seems to be saying all the right things: (1) food quality is important (2) operational improvements are needed (3) the concept must compete as a casual brand as rather than as a QSR brand (4) therefore the use of heavy discounting no longer makes sense, and (5) new build costs are too high. We like what we hear… Also, we like that franchisees are involved in the new direction. However, the proof is not in the saying, but the doing and Friday’s has quite a hole to dig itself out of. Further, we would point out that Friday’s is not the only national casual chain speaking like this nowadays. In conclusion, while it is too early to say that Friday’s has righted the ship, they do seem to be setting the right course.
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