Wowprime Corp (王品集團), which operates 14 restaurant chains with about 310 outlets in Taiwan and China, is set to open a total of 100 outlets of its newly launched teppanyaki brand “hot 7” in five to six years.
The restaurant operator launched its first outlet of hot 7 in Taipei on July 24. The new teppanyaki brand with average spending of about NT$300 per person will differentiate it from the premium brand Chamonix (夏慕尼) and create a new driver of revenue growth, the company said.
“We aim to create a community style brand, where people can easily find an outlet in a neighborhood and eat anytime,” hot 7 president Rattan Cheng (鄭禮籐) told a media briefing.
Earlier this year, Wowprime chairman Steve Day (戴勝益) said the group will focus on launching fair-price brands in the future, creating economy of scale by fast expansion. Cheng said the creation of hot 7 brand is in line with Day’s idea.
In the initial stage, the company plans to focus on the Greater Taipei market, with the opening of its second outlet in October, Cheng said.
The company expects to open 10 outlets in the Greater Taipei region next year, he added.
The first hot 7 outlet has seen its daily sales total more than NT$80,000, translating into about 270 customers per day, the company’s data showed.
The group’s internal research shows that the total sales of the nation’s teppanyaki cuisine market amount to NT$18 billion (US$600.4 million) per year, with the number of teppanyaki restaurants in Taiwan totaling more than 1,000.