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TGI Fridays may have found a surprising solution to its struggling business by shifting focus to the travel industry. The casual dining chain recently opened a restaurant within the Hilton Garden Inn in Hollywood, marking a significant step in its transformation strategy.
TGI Fridays Shifts Focus to the Travel Industry, Opens New Restaurant in Hilton Garden Inn
In recent news by Business Insider, TGI Fridays has embarked on a significant strategic shift, focusing on the travel industry as a proactive measure to regain its position among American consumers.
This week, the casual dining chain unveiled a new restaurant within the Hilton Garden Inn in Hollywood. The company strongly emphasized the strategic significance of this hotel-based restaurant, stating it is 'core to the brand's transformation strategy,' a declaration that should not just reassure but also inspire stakeholders with our unwavering commitment to change.
In recent years, TGI Fridays has encountered difficulty maintaining its relevance with its domestic consumer base. The Dallas Morning News reported that the chain experienced an 18% decrease in domestic systemwide sales in 2023. It also shuttered 36 restaurants that were "underperforming" earlier this year.
TGI Fridays is not only confident but also optimistic that its strategic shift towards the travel industry will yield positive results, marking a new and promising chapter in its growth trajectory.
As stated in the press release, TGI Fridays continues to make strides in travel—and tourism-focused destinations, including airports, hotels, and casinos. The opening of the new restaurant is a testament to its growing dominance in these areas.
TGI Fridays Targets Travelers with High-Volume Dallas Airport Location, Eyes Global Growth Amid Leadership Changes
According to Yahoo News UK, TGI Fridays launched a newly renovated restaurant at the Dallas Fort Worth International Airport in July of the previous year. The company asserts that the facility will become the "highest volume sales location of any US airport restaurant."
The success of TGI Fridays, according to the chief development officer, presents a tangible opportunity for growth.
"Whether domestic or international, leisure or business, we're seeing travelers gravitate to the familiar comfort of the beloved and iconic Fridays brand while they're on the road and away from home," Chris Devlin said in the press release.
Around the world, there are nearly 600 TGI Fridays restaurants.
Since May 2023, when Ray Blanchette resigned as CEO, TGI Fridays has undergone several leadership transitions. Brandon Coleman III assumed the role in August of that year, and although he resigned, his successor, Weldon Spangler, instilled confidence in the company's future.
