What is Benihana's expected number of new venues to be added in 2024?

According to Benihana's 2024 Franchise Disclosure Document, the company intends to add between six and eight new venues in 2024. As of March 2024, one owned STK restaurant in Washington DC has already opened.

Benihana's growth strategy also includes the expansion of Kona Grill, with plans to open three to five Kona Grill locations annually, primarily through company-owned locations, assuming suitable locations and qualified restaurant managers are available. Additionally, Benihana aims to enter into one to two new F&B hospitality agreements each year. These strategies reflect Benihana's multi-faceted approach to expanding its footprint and revenue streams.

For prospective franchisees, this indicates that Benihana is actively growing and investing in its brands. The focus on company-owned locations for Kona Grill suggests a careful approach to expansion, prioritizing control and quality. The addition of F&B hospitality agreements further diversifies Benihana's business model, potentially creating more stability and growth opportunities. Franchisees may benefit from the system-wide efficiencies and best practices that Benihana expects to leverage as its footprint increases.

However, it's important to note that these plans are subject to certain conditions, such as securing acceptable locations and qualified managers for Kona Grill. The success of F&B hospitality agreements also depends on maintaining strong relationships with global hospitality providers. Prospective franchisees should carefully consider these factors and conduct thorough due diligence to assess the potential risks and rewards of investing in a Benihana franchise.