Under the licensing agreement, how many Bao Yum venues did Benihana open in 2023?

According to Benihana's 2024 Franchise Disclosure Document, two licensed virtual Bao Yum locations were opened in Denver, Colorado, in 2023. These locations operated in conjunction with REEF Kitchens. However, the agreement with REEF Kitchens has since been terminated, and there are no longer any venues operating under that agreement.

This indicates that Benihana is experimenting with different operational models, including virtual locations and licensing agreements, to expand its brand presence. However, it also highlights the potential risks associated with these strategies, as evidenced by the termination of the REEF Kitchens agreement.

For prospective franchisees, this information suggests that Benihana is open to exploring non-traditional venue options. It also underscores the importance of carefully evaluating the terms and conditions of any licensing agreements, as well as the potential for these agreements to be terminated. Franchisees should inquire about the performance of these virtual locations and the reasons for the termination of the REEF Kitchens agreement to better understand the risks and opportunities associated with this type of venture.