TAIPEI (Taiwan News) — TTFB Company Limited Chair Charles Hsu (徐承義) announced during a press conference on Wednesday (Oct. 5) that the company plans to open its first Thai Town Cuisine restaurant in California by 2023.
CNA reported that TTFB is redrawing its plans as Taiwan’s food service industry recovers from the COVID-19 pandemic. The company turned its focus to the U.S. market as it suspended plans to further develop business in China.
Originally, TTFB had planned to enter the U.S. market in 2021, but those plans were delayed by the pandemic. Hsu said thanks to TTFB’s quick business strategy adaptations, when it recovered its revenue growth in July this year, its year-over-year growth reached 97%.
The company plans to start its U.S. business in Southern California, with the hopes that it can expand all across the U.S. in the future. Hsu was cited as saying there are 70,000 Asian cuisine restaurants in the U.S., only 7% of which are part of a franchise; in terms of Thai restaurants, there are approximately 5,000, with less than five chains.
Hsu added that TTFB has been eyeing the U.S. for many years as it believes the country has a mature food service market with an increasing taste for Asian cuisine. However, one challenge the company must face is ensuring it retains “core competitiveness” so as to overcome obstacles such as higher ingredient, human resource, and rental costs.
Regarding China, Hsu said the company closed down four restaurants there at the beginning of the pandemic in 2020. Currently, there are four remaining restaurants in Shanghai and Suzhou, and no plans to open up more.
Updated : 2022-10-08 09:58 GMT+08:00
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