Charleys Philly Steaks Franchise Poised for Growth in Recovered Industry
The Restaurant Industry Is Bouncing Back
Shutdowns, capacity restrictions, limited staff – the restaurant industry was one of the hardest hit sectors amid the complications brought on by the COVID-19 pandemic over the past two years. But like any challenge life throws at you, there were some restaurants able to adapt and even thrive, while others struggled to stay afloat. According to Firefly, 79,438 restaurants closed in the U.S. because of the pandemic, about 10% of all restaurants.
Through it all, the franchise industry, by far, proved it was most capable and adept to pivot and evolve. The proof is in the numbers – franchise restaurants reported more than 7% growth in 2021, far surpassing the previous five-year average of about 2% year over year. Indeed, according to IBIS World, fast food restaurants generated $278.6 billion in 2021, as operational changes in many chains – measures implemented like making ordering and delivering more convenient – continued to resonate with customers.
Now, QSR growth is returning to pre-pandemic levels, as more and more people are ready to start entrepreneurial paths. QSRs have proved their mettle, able to adapt quickly and continue to be in demand from customers who want quality, tasty meal options in a fast and convenient way. If anything, the pandemic exposed that QSRs are here to stay. They are already the cutting edge of the restaurant industry going into the future.
The Number Don’t Lie
According to QSR Magazine, QSR franchise establishments saw a decline of about 6.5 percent in 2020, but bounced back quickly to grow around 3 percent the following year. “And come 2023, they’ll nearly be on par with where the field stood pre-COVID,” QSR Magazine reported.
For reference, QSRs dropped from 196,794 locations in 2019 to 183,543 in 2020, the height of the pandemic. Yet investors quickly saw a resurgence was on its way. In 2021, QSRs shot back up to 188,402. In 2022, it’s projected QSRs will hit 192,426 locations, which will nearly surpass 2019 numbers.
“Much of what’s taken shape within restaurant franchising over the past two years has reflected broader realities,” QSR Magazine reported. “Hesitation. Wait-and-see. Lastly, a rush to align with the same restaurants that proved their mettle and ability to pivot. On the same token, some franchisors reported a surge in activity from people looking to start entrepreneurial careers.”
Charleys Philly Steaks Franchise Is Poised For Growth
Charleys Philly Steaks didn’t take the pandemic off. Over the last three years, for instance, Charleys saw 8.1% growth in locations, now boasting 643 restaurants in several states. But also during this time, Charleys mapped out an intensive and robust expansion plan across the U.S. The goal? 3,000 new locations.
“Our goal is to reach 3,000 stores in the coming years,” says Charley Shin, CEO and founder of Charleys Philly Steaks. “We’ve been growing at about 60 stores a year for the past several years, and about 70% of our growth comes from our existing franchisees reinvesting in the brand—which is extremely positive. We exist to help our franchisees become successful in business, and we want to help as many entrepreneurs as we can. This brand has never been more successful than it is today, and we’ve never been more excited about the future.”
Join The Charleys Takeover!
One of the main drivers of Charleys unprecedented growth is the result of a groundbreaking deal with the mega-giant Walmart. This deal will result in hundreds of new locations across the country. What better way to spread brand awareness and reign in customer loyalty than bringing our classic menu offerings to one of the largest and most prominent powerhouse retailers in the country? Our growth doesn’t stop there, with planned openings in strip malls, stand-alone units, and even gas station/convenience stores throughout the country.
As a result, the franchise is ready for new entrepreneurs who want to run their own business, as well as existing franchisees that see the incredible potential for growth.
“2021 was a milestone year for Charleys Philly Steaks and really set the foundation for the future of the brand,” says Charleys Philly Steaks Chief Marketing Officer, Brian Hipsher. “Every department in the company has made significant improvements and investments to prepare for the rapid growth already underway.”
Invest In Franchise Poised For Growth Today!
Great things are happening at Charleys Philly Steaks. We are one of America’s favorite sandwich shops offering the classic Philly cheesesteak and more. Our dedicated team has laid the foundation for rapid expansion across the country, evidenced by mega deals with retailers like Walmart, and is now ready to recruit the next wave of aspiring entrepreneurs who want to lead that growth.
If you’re ready to learn more, fill out our form here. We will be in touch with our Franchise Information Report, including more information about the Charleys Philly Steak Franchise Opportunity. We can’t wait to hear from you!