Steakhouse concepts seek a wider audience

America loves a high-end steakhouse, and the pricey fine-dining chains offering big steaks and generous cocktails are seeing a recovery from the recession like no other segment.

Chains like Ruth’s Chris Steak House, Del Frisco’s and The Capital Grille have been bolstered by the return of business travel and boons in the stock market, and their well-heeled customers are not balking at an average check of $100 or more.

Still, even as the casual-dining segment struggles to build traffic, some steakhouse operators see an opportunity to bring the traditional steakhouse experience to the middle market as well.

The ONE Group Hospitality Inc., parent to the high-end STK steakhouse brand, and Ovation Brands Inc., are targeting the middle market with new variations on their more familiar concepts. But the two companies couldn’t be more different.

New York-based ONE Group, which recently went public, is known for its food and beverage contracts with glamorous hotels around the world.

Ovation Brands, based in Greer, S.C., is formerly Buffets Inc., which emerged from bankruptcy two years ago and is parent to the Old Country Buffet, HomeTown Buffet, Ryan’s and Fire Mountain brands. Ovation, however, is poised for growth with the polished-casual Tahoe Joe’s concept.

Both companies contend that the space between the approachable Outback Steakhouse and high-end Ruth’s Chris is wide open, with little competition.

They both argue that traditional steakhouses all follow the same tired model — big cuts of meat with à la carte sides — and are typically seen by guests as special occasion or business meal events. The opportunity is to build frequency.

Both also point to companies like Southlake, Texas-based Del Frisco’s Restaurant Group Inc., which is successfully growing its more affordable Del Frisco’s Grille concept, with an average check of about $52 per person, alongside its higher-end Del Frisco’s Double Eagle Steakhouse brand, with an average check of about $107.

 

Back

What Clients Say About Patrice & Associates

  • I would like to personally thank Ken for all his help in helping me to find a job. On June 1st I was released from my job of 11 years. I was unsure of what my next steps would be. I haven't been through an interview in years and I felt like I was unprepared. Ken took the time to help me step by step. He first gathered all my personal information and work history. He built a resume from all of that information and articulated my accomplishments in a way I never could have. He sent me tips on what to wear, questions to ask, and called after my interviews to see how it went. He gave me support and encouragement when I was at my absolute lowest. I couldn't have asked for a better recruiter! Thank you again Ken! Thanks, Again, KenGeneral Manager, Logan's Road House, Chattanooga TN
  • Ken Schreifels was a great help during the whole process from start to finish. He was with me every step of the way with tips and words of encouragement. If I had any questions or concerns, no matter what time of day it was, he was there to answer it. I would recommend Ken to anyone. Thank you, William  I Would Recommend Ken to Anyone Looking for a New JobGeneral Manager, Fuddruckers, New Jersey
  • David Israel was a pleasure to work with and was instrumental in helping me find an excellent career opportunity .

    David was extremely professional and took the time to really listen to where I was in my career and what I was looking for. As a result of the work he did to connect me with the right opportunity, I was able to obtain a great starting salary and great benefits as well. I would highly recommend David’s services to both job seekers and employers. Josh Axmacher David Israel was a pleasure to work with!
  • Tim was nothing but helpful from the start!

    I was originally contacted by Tim as a reference for someone who used to work for me. He must have recognized that I myself was a good fit, because within a few minutes the conversation turned to me applying for the job.  He was always pushing for me. He was there to help with everything, every step of the way, and was in constant communication. He played a massive role in me landing an amazing job with an even better company. I can't stress enough how awesome this guy was. Tim will coach you through the entire process and be your biggest advocate. He has a lifetime of experience and knows exactly what companies are looking for. A+, 10/10, two thumbs up, 5-stars. Thanks for everything Tim! Brock Kinley Tim was nothing but helpful from the start
  • Tim was very patient and thorough when going through the process of trying to find employment for me and my skills. I appreciate the time and effort he put in for me and I would recommend Tim Walker & Patrice and Associates to anyone looking for great opportunities. Carolyn Floyd Tim was very patient & thorough!