TGI Fridays’ new turnaround plan targets $2 billion in sales

TGI Fridays has unveiled a turnaround plan, called the “1-2-3 Strategic Vision,” with an nonsubjective of reaching $2 cardinal successful gross and 1,000-plus restaurants by 2030. 

The concatenation ended 2023 with astir $1.4 cardinal successful planetary systemwide sales. There are presently much than 380 full locations successful much than 35 countries.

The program includes 4 strategical pillars: 

• Activating the brand: Fridays volition “continue to make memorable experiences that cultivate heavy affectional connections and much reasons to celebrate,” the institution said. Its holiday-themed popup conception TGI Elf Days, for instance, drove higher postulation and cheque averages. The Elf Days run was held for 2 months astatine prime restaurants and included limited-time paper items, discounts, themed cocktails, activities, décor, trivia and movie nights, and more.

• Flexible maturation crossed markets: Fridays is expanding done flexible formats and multi-channel models, including airports, hotels, and accepted full-service restaurants. The extremity is to supply much franchise improvement opportunities portion gathering customers wherever they are. 

• Strengthening the franchise system: The institution volition prioritize franchisee profitability and consistency done “enhanced support, operational excellence, and strategical partnership.”

• Fueling show done people: Fridays is investing successful enactment development, training, and show initiatives.

TGI Fridays said its 1-2-3 Strategic Vision volition besides beryllium supported by paper and beverage innovation, mundane worth platforms, enhanced integer initiatives, and edifice upgrades. 

"TGI Fridays pioneered the casual barroom and grill class and continues to present Americana civilization to millions astir the world," main enforcement serviceman Ray Blanchette said successful a statement. "Our absorption arsenic we accelerate our maturation is to resonate with the adjacent procreation of consumers portion preserving the classical Americana consciousness and signature acquisition that has made the marque beloved successful much than 40 countries. Through these strategical pillars, we grant the practice of the Fridays’ marque portion appealing to today's guests who crave bold flavors, high-energy experiences, and reasons to observe each day."

Blanchette served arsenic CEO of TGI Fridays for 5 years, stepping down from the presumption successful May 2023. He returned successful January 2025 to instrumentality implicit absorption of the chain’s remaining restaurants pursuing its Chapter 11 bankruptcy filing successful November 2024.