Joe's Crab Shack, a well known brand of Ignite Restaurant Group, Inc. (IRG), recently unveiled an outlet in Newark, N.J. With this opening, the company now boasts seven Joe's Crab Shack restaurants in New Jersey.
Located at 860 Broad Street next to Courtyard Newark Downtown-Marriott, the outlet can accommodate around 178 diners at a time. Apart from its trademark Southern-flavored seafood, the 5,300 square-foot outlet will offer new fall menu items. We believe the unit’s strategic positioning coupled with its contemporary ambience will likely drive traffic, going ahead.
Ignite Restaurant is keen on expanding its presence in the market of New Jersey. In August, the restaurateur opened a Joe’s Crab Shack unit in Brick, N.J.
According to the National Restaurant Association, the restaurant industry of New Jersey acts as a major catalyst in its economic development. New Jersey’s restaurant industry is projected to generate around $14.2 billion in sales in 2013. We believe that the company’s expansion into the most densely populated and wealthiest U.S. state will immensely augment its sales.
Established in 1991, the seafood restaurant chain, Joe's Crab Shack, currently operates 135 restaurants across 30 states in the U.S. The Zacks Rank #4 (Sell) company is focusing on expanding its presence in the growing domestic market. During the second quarter of 2013, Ignite Restaurant launched three Joe’s Crab Shack restaurants. The company is also intending to launch four more Joe’s Crab Shack unit in the second half of 2013.
Other Stocks to Consider:
Others players in the same industry, which look attractive at current levels, include AFC Enterprises Inc. (AFCE), Domino's Pizza, Inc. (DPZ) and CEC Entertainment Inc. (CEC). All these stocks carry a Zacks Rank #2 (Buy).
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