The operator of Sizzler steakhouse in Thailand, SLRT, is looking to establish additional outlets both within Thailand and in neighbouring countries.
Anirute David Collins, the general manager of SLRT Co., stated, “There’s still room for growth in Thailand’s steakhouse market, but Bangkok is becoming saturated.”
According to Mr. Anirute, SLRT is focusing on launching new outlets in second-tier cities, having already established a presence in the primary cities across Thailand.
“This year, the company aims to open two more branches in Thailand, one in Bangkok and one in another province,” he said.
Although Mr. Anirute refrained from specifying which other province would be home to a new branch, he mentioned that Krabi holds considerable promise, especially since Central Pattana Plc has intentions to open a new shopping mall there by 2025.
Currently, Sizzler operates 64 outlets throughout the country, with a significant number of them in Bangkok. Bangkok alone generates 60% of the company’s overall sales.
In the initial quarter of 2024, Sizzler embarked on a venture with Goldsun Group to open its first outlet in Ho Chi Minh City, Vietnam, adopting a franchise model.
“The steak and salad bar market in Vietnam has potential for future growth, and sales are doing well following the opening of the first branch,” Mr. Anirute said.
Looking ahead, Mr. Anirute shared the company’s plan for regional expansion into other neighbouring countries.
Presently, SLRT manages operations across three countries, boasting 64 branches in Thailand, 10 in Japan, and one in Vietnam.
Furthermore, the company is keen on enhancing its loyalty program by providing perks such as discounts to encourage customer retention.
By the end of 2023, the loyalty program had attracted over 500,000 members, a figure that has doubled since 2022, according to Mr. Anirute.
Members of the loyalty program contribute to 25% of the company’s total revenue, as per Mr. Anirute’s statements.
The restaurant has also diversified its menu to cater to varied customer preferences, starting with dishes priced at approximately 300 baht, which have been well-received by customers, Mr. Anirute remarked.
The company is optimistic about the steakhouse market, estimating it will reach a value of 9 billion baht this year, with an ambition to capture a 30% market share.
