TGI Friday's launches new look with its latest outlet

"We plan to double the number of Taiwan outlets and revenues in the next three to five years," Warne said.

Local chains such as Tasty (西堤) steak house are closely watching TGI Friday's moves. Over the past three years, Tasty has grown to 13 outlets nationwide and expects to rake in NT$760 million this year.

"Changes are needed in restaurants every three to five years. We'll make our restaurants cleaner and more spacious," said Lobo Lee (李森斌), general manager of Wang Group (王品集團) which runs the Tasty chain.

"When new concepts enter the market, we want to incorporate them," Lee said.