SLRT, the operator of Sizzler in Thailand, plans to spend 500-600 million baht to expand its business over the next three years, starting from 2022.
Of the total budget, 150-225 million baht will be spent on opening 3-5 new stores each year between 2022-2024, compared to only 1-2 new restaurants a year being opened during the pre-pandemic years.
The remaining 350-375 million baht will be used to renovate 6-9 existing stores and boost its marketing budget to promote the business, according to Nongchanok Stananonth, the company's assistant vice-president for marketing.
With the three-year business plan in place, Thailand's Sizzlers are expected to reach 66-72 restaurants by 2024.
"Nonetheless, we remain cautious over our investment. We are not yet fully confident on the market situation, but are ready to adapt to the new changes, learning from two years of painful experiences from the Covid-19 pandemic," said Kreetakorn Siriatha, the company's general manager.
As Sizzler does not rely on foreign tourists, the company's food business has continued to grow without them, according to Mr Kreetakorn.
"Sizzler is among the top four food brands under Minor Food Group that will resume heavy investment next year. Others are Bonchon Korean style chicken, The Pizza Company and Burger King quick-service restaurant," said Mr Kreetakorn. "We will actively invest again because we invest for the long term."
After the country's reopening earlier this month, Mr Kreetakorn said, 70% of customers have returned to his company's restaurants.
The company is confident that its sales will next year return to pre-pandemic levels.
To cope with Covid-19, the company has redesigned its restaurants to make its brand relevant to consumers' new normal lifestyles, and increased its space usage efficiency. The new restaurants will have a size of only 300 square metres compared with an average space of 500-600 sq m over the past five years.
Robots will be used to service customers at 20 Sizzler restaurants, up from the current 15 stores.
The company also plans to add new menus every 1-2 months throughout the year to provide culinary variety for customers, create a dine-in atmosphere, and help to boost spending per visit by 20-30%.
Mrs Nongchanok said that Sizzler has gradually redesigned its restaurants under a new concept to offer a fresh dining experience, starting at The Mall Thaphra, Central Westgate and Future Park Rangsit, and will open new restaurants at Robinson Saraburi, Chachoengsao and Nonthaburi, bringing the total number of Sizzler outlets to 57 this year.
The company doesn't plan to adjust its food prices despite higher raw material costs, she said.