TGI Fridays’ new turnaround plan targets $2 billion in sales

Core Insights - TGI Fridays has launched a turnaround plan named the "1-2-3 Strategic Vision," aiming for $2 billion in revenue and over 1,000 restaurants by 2030 [1] - The chain reported approximately $1.4 billion in global systemwide sales at the end of 2023, with over 380 locations across more than 35 countries [1] Strategic Pillars - The plan includes four strategic pillars focusing on menu and beverage innovation, everyday value platforms, enhanced digital initiatives, and restaurant upgrades [1] - The company aims to resonate with the next generation of consumers while maintaining its classic Americana feel and signature experience [2] Brand Activation - TGI Fridays is committed to creating memorable experiences that foster emotional connections, exemplified by the holiday-themed popup concept TGI Elf Days, which increased traffic and check averages [3] - The Elf Days campaign featured limited-time menu items, discounts, themed cocktails, activities, décor, trivia, and movie nights [3] Growth Strategy - The company is expanding through flexible formats and multi-channel models, including locations in airports, hotels, and traditional full-service restaurants [3] - TGI Fridays aims to provide more franchise development opportunities while meeting customers in various settings [3] Franchise System Enhancement - The company will focus on franchisee profitability and consistency through enhanced support, operational excellence, and strategic partnerships [3] Investment in People - TGI Fridays is investing in leadership development, training, and performance initiatives to fuel overall performance [3]