Dive Brief:
- TGI Fridays will expand into the Las Vegas market with five restaurants through a partnership with LVP Food Services Concepts, an entity of LV Petroleum, the company said in a Monday press release.
- This deal marks TGI Fridays’ re-entry into the market after four of its restaurants closed in 2025, months after the chain filed for bankruptcy. There currently aren’t any TGI Fridays restaurants in Nevada, according to the company’s website.
- The agreement is part of TGI Fridays’ 1-2-3 Strategic Vision as it works toward reaching 1,000 units and $2 billion in annual revenue in 2030.
Dive Insight:
TGI Fridays has regained momentum through franchising as it enters recovery and growth mode in the years after emerging from bankruptcy.
The chain signed its first U.S. franchisee deal in over a decade in late September with Bliss Bites. That company also plans to open five restaurants, but across New York over the next three years.
LVP Food Service Concepts has a portfolio of QSR and casual dining brands, including Black Bear Diner, KFC, Del Taco, Dunkin’ and Rally’s, and owns multiple restaurant concepts across Las Vegas. The operator has sole ownership of the Las Vegas market and will open both traditional and nontraditional restaurants, such as inside a hotel and casino, according to the press release.
"The Las Vegas restaurant landscape needs well-known, accessible brands that provide guests with craveable food and bold flavors,” Jeanette L. Davis, senior vice president at LV Petroleum, said in a statement.
While TGI Fridays has over 400 restaurants across 40 countries, its domestic store count has been on the decline, reaching 71 units as of September, all of which are franchised, according to a franchise disclosure document. Comparatively, it had 292 units at the start of 2023, of which 158 were company-owned and 140 were franchised.
As it works to reverse that trend, TGI Fridays will likely benefit from the rise in popularity of casual dining concepts and value offerings that resonate with consumers. More and more consumers are gravitating toward the likes of Chili’s and The Cheesecake Factory, both of which reported strong comparable sales last quarter, through affordable options and a sit-down experience. Comparatively, fast food chains like Wendy’s and McDonald’s have struggled with value offerings that resonate with consumers and improve soft traffic.
