Stirring Up Success: Teriyaki Madness 'Woks' Its Way to a Sizzling 2023 Finale
With 78 units awarded and a 19% increase in year-over-year systemwide sales, the fast casual teriyaki shop concept continues to expand its footprint and enhance customer experience.
DENVER, Dec. 18, 2023 For Teriyaki Madness, the Seattle-style teriyaki franchise concept, it's been a year of big bowls, big sales and even bigger growth. This year, the company has significantly expanded its presence in the United States, opening 28 new shops and granting 33 franchises for 78 units, indicating substantial growth. Additionally, the brand experienced a notable 19% rise in systemwide sales compared to last year, showcasing its robustness and flexibility amid shifting market trends. Furthermore, TMAD's catering sales have soared impressively, recording a 119% increase year-over-year, continuing the trend of substantial growth from 2022 over 2021.
"It's been the kind of year teriyaki dreams are made of," said Jodi Boyce, Chief Marketing Officer at TMAD. "Our success is a testament to the strength of our brand, the dedication of our franchisees and our commitment to delivering a superior customer experience."
The expansion of the TMAD family includes a groundbreaking master agreement in El Salvador, Guatemala, Costa Rica and Nicaragua signed by a seasoned restaurant group in the area. With plans to open an initial 16 shops — eight in El Salvador and eight in other Central American countries — the agreement sets the stage for hundreds of Central American TMAD locations in the future.
"I am optimistic about TMAD's future as the premier restaurant in the country's Asian segment," said Jose Garcia, one of the driving forces behind the introduction of TMAD to El Salvador. "As we gear up for the franchise's launch in El Salvador, I envision the aggressive expansion across El Salvador and neighboring countries. We have a lot of Asian food restaurants here in El Salvador, and there is a huge opportunity for TMAD."
On the domestic front, the TMAD brand also entered several new states for the first time this year, including New Mexico and Connecticut.
Speaking of growth, this year also saw TMAD award its first franchise agreement through FranShares, a platform that has raised over $12 million in funding to grow the Teriyaki Madness footprint. TMAD also announced a new partnership with Benetrends Financial, a trailblazer in the franchise financing industry. Through Benetrends' Proprietary Franchise Funding Program, TMAD franchisees have greater access to $30 million in SBA funding, providing myriad opportunities for expansion and franchisee success.
"Our collaboration with FranShares and Benetrends Financial has provided a treasure trove of franchisee funding in a tougher financial environment," said Boyce. "This offers our franchisees the financial firepower to further expand their teriyaki empires. Nearly a third of new shops opened in 2023 were from existing TMAD franchisees expanding their portfolios."
In addition to new franchisees, TMAD added a total of 10 new corporate team members across various departments this year. These include roles in construction, design, legal, shop coordination, training and development, franchise coaching and design. For example Michelle Johnson stepped in as Director of Financial Planning & Analysis, sharpening the team's financial wits for even more robust growth. Mike McDermott, the new Director of Design & Construction, is set to continue our constant pursuit to improve the shop designs and reduce the cost of construction projects.
"This expansion of our team showcases the strength of our brand and our commitment to providing an unparalleled support system for our franchisees," said Boyce. "Our new team members are ready to add their unique flavors to the Teriyaki Madness mix, ensuring our franchisees and customers continue to enjoy the very best of what we have to offer."
Another word to describe 2023 for the TMAD brand, Boyce says, is "crazy productive." The team has spent the year making significant strides in optimizing profitability through operations for franchisees, with improvements in P&Ls, labor scheduling, product making, communication and team training through the company's Mad U online training platform.
The cherry on top? The development of Mad Dash, TMAD's app-integrated tech, which is set to roll out systemwide in Q1 of 2024. The technology will optimize the brand's off-premise program by tracking customers to hand off their teriyaki goodness as soon as they pull up to the shop.
"We make fresh, made-to-order food in small neighborhood locations, so this best-in-class technology provides yet another solution to providing the convenience that our customers crave," said Boyce. "We are committed to meeting our customers' increasing expectations for advanced technology to make their lives better — Mad Dash is actually faster than a drive thru."
All of this explains why 2023 saw TMAD rank #6 on the Franchise Times Fast & Serious list, #314 on Franchise Times "Top 400" list, #26 on the Top 100 Movers and Shakers by Fast Casual, #3,152 on The Inc. 5000, #277 on the Entrepreneur 500 and ranked on Newsweek as one of America's Favorite Restaurant Chains.
"As we bid adieu to 2023, we're gearing up for an even more exciting 2024," said Boyce. "With nearly 150 shops by year's end and exponential growth on the horizon, we're just getting started. So, what are you waiting for? Get in while you can!"
ABOUT TERIYAKI MADNESS
Teriyaki Madness is making big moves. Named the #1 Fastest-Growing Big Restaurant Chain in the U.S. by Restaurant Business, TMAD's secret sauce lies in creating value for franchisees, guests and employees alike. More than 140 shops across three countries deliver big, heaping bowls of fresh, natural ingredients to their communities, creating a cult-like following with customers, employment opportunities for neighborhoods, and profitable margins for the franchisees. Backed by world-class technology including delivery and loyalty innovations and an all-star executive team, Teriyaki Madness' focus is on sustainable growth and exceptional experiences. Visit franchise.teriyakimadness.com for single and multi-unit opportunities, and join the Teriyaki Takeover.