Red Lobster targeting Brazil's growing middle-class as next frontier for its chain-store growth
SEAFOODNEWS.COM [Bloomberg] by Christiana Sciaudone - November 18, 2014
Brazilian consumers, squeezed by stagnant growth and a weaker currency, are buying fewer foreign goods. One American import that’s thriving in this recession: Red Lobster.
After some chains failed in their previous attempts to break into Latin America’s biggest economy, U.S. casual-dining operators are expanding again. Restaurants from P.F. Chang’s to Tony Roma’s are popping up to meet demand from middle-class consumers who are priced out of higher-end eateries but are looking for a classier night out than their no-shirt-required corner bar.
Red Lobster Seafood Co., which was acquired by Golden Gate Capital Corp. in July, opened its first two restaurants in Brazil this year and has plans for 12 more. TGI Fridays Inc. is making a comeback after a four-year absence. And Dunkin’ Brands Group Inc., which closed its Brazil operations about a decade ago, is planning as many as 150 cafes with mood lighting, Wi-Fi and sofas...
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