Expansion, MAI listing in the works for Thai restaurant
Thai Restaurant has set an aggressive goal to expand its Super Steak buffet restaurants to 50 branches and go public by 2017.
The company will first enter the Market for Alternative Investment when its annual sales reach about Bt1 billion, Bhakin Phumpharin, chief operating officer, said last week.
Of the 50 branches targeted for 2017, 40 per cent would be franchised and 60 per cent company owned. The firm expects to spend about Bt200 million to open its own restaurants over the next five years.
Franchising for Super Steak restaurants will start by 2015. Several investors from Laos and neighbouring countries have already indicated interest in setting up Super Steak outlets in their own markets.
The idea for Super Steak came from Bhakin’s younger brother Pawin, who was inspired by a local steakhouse in Khon Kaen that had incorporated the concept of a buffet restaurant in its store.
“Our family has developed an all steak menu as well as sauces. Those recipes have been gradually adjusted to please the tastes and requirements of our customers,” Bhakin said.
Social media site Facebook was a key marketing tool. All comments and feedback from customers about the steakhouse, menu and service would be used to improve the restaurant. More than 30,000 visitors have pushed the “Like” button on the Facebook page. This will be a significant interactive channel for customers to communicate with each other and generate “word of mouth” advertising for Super Steak.
The first Super Steak started on Ngam Wongwan Road in August 2011 and just closed last month when the lease expired and the building owner didn’t want to extend it.
“We recouped our investment in our first restaurant in just three months of operation. Following the great success of our first store, we have opened our second and third Super Steaks in April on Lat Phrao Road Soi 101 and in July at Thanya Shopping Park on Srinakarin Road. The fourth began operating at the Esplanade complex in Khae Rai in October,” he said.
About four Super Steaks were planned for next year at desirable locations in Greater Bangkok, such as Rama II Road, Thon Buri, Rangsit and Ekamai.
Super Steak restaurants would total about 10 units in two years. Each store would need about Bt2 million-Bt5 million in capital and about 18 staff on average.
The company expects its sales to zip from Bt20 million targeted for this year to about Bt60 million next year, he added.
