Houston, Texas-based casual dining restaurateur, Ignite Restaurant Group, Inc. (IRG), recently unveiled a Joe’s Crab Shack unit in Brick, NJ. The 6,900 square foot-restaurant marks the company’s fifth Joe’s Crab Shack outlet in the state.
The latest restaurant, with a prime location at the Brick Plaza shopping mall, can accommodate around 290 diners at a time. In addition to its trademark seafood and American-style foods, the restaurant will offer new summer menu items. The unit’s strategic positioning coupled with its delicious food offerings and contemporary ambience will drive traffic.
Apart from this new unit, the beach-themed Joe’s Crab Shack restaurant chain has about four units in New Jersey. As per the National Restaurant Association, the restaurant industry in New Jersey plays a vital role in the state’s revenues. According to this research site, New Jersey’s restaurants are expected to record $14.2 billion in sales in 2013. We believe that this outlet will augment the company’s sales further.
Ignite Restaurant has launched three new Joe’s Crab Shack restaurants during the second quarter of 2013. The opening of this latest unit is in line with the company’s targeted fourteen restaurant openings in the U.S. in 2013 and bears evidence to its strategy of expanding in the growing domestic market.
Ignite Restaurant currently holds a Zacks Rank #4 (Sell). Moving ahead, other retail restaurateurs, that are continuously trying to expand in the market, include Burger King Worldwide, Inc. (BKW), CEC Entertainment Inc. (CEC) and Cracker Barrel Old Country Store, Inc. (CBRL). All these companies carry a Zacks Rank #2 (Buy).
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