Strengthening its global presence, the U.S. based company has signed a master franchise agreement with Universal Success Enterprises for opening 75 new restaurants in South and Southeast Asia. Considered to be the most significant development agreement to-date for the brand, the deal is expected to drive over $500 million in revenue for TGI Fridays over the next 10 years.
With 385 franchised restaurants in over 51 countries – including 22 new locations opening in 2022 alone – the latest development is in sync with TGI Fridays’ strategic global expansion strategy. “We’re thrilled to bring the TGI Fridays brand – and experience – to new markets and consumers in Asia,” 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.”
At present, Universal Success Enterprises 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. Talking about the latest development, Prasoon Mukherjee, Chairman, Universal Success Enterprises said, “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.”