Putting prices too high would be “tone deaf”, the returning boss of TGI Fridays has said as he hopes to reel in diners who have felt priced out by increasingly expensive menus.
The US-themed restaurant and cocktail bar is preparing to launch a full new menu with more competitive prices and fresh deals for families dining out.
Ray Blanchette’s family investment firm Sugarloaf Hospitality manages the global brand and rescued the UK’s chain of restaurants out of administration in January.
The deal resulted in the closure of 16 restaurants, but 33 were safeguarded and remain open.
Mr Blanchette, who was formerly the chief executive of TGI Fridays – having worked his way up from a kitchen manager, said he wanted to revive the brand among UK consumers after losing its way in recent years.
“In the new menu that we’re rolling out at the end of this month, quite a few prices have been rolled back,” he said.
“Which is really risky, I know, but I believe that it’ll lead to increased traffic.
“We don’t see that very often but I just felt that we’re not connected with the market and we can’t be tone deaf, we have to understand where the UK consumer is today.
“And if we want the brand to be accessible and approachable, make it that way.”
Mr Blanchette said the fast food industry had “exploded” in the UK over recent years, adding: “But you’re eating out of paper and drinking from a paper cup, and they’re not selling a full experience.
“And what we’ve seen is they’ve been very aggressive with price.”
He said that this had had the effect of putting restaurants like TGI Fridays “back in play” as a result.
“We know there’s enormous pent-up demand… people would like to eat out more, but there are economic realities that prevent that sometimes,” he told PA.
TGI Fridays has already introduced its “everyday trio” deal, incorporating an appetiser, main and drink from £12.49, and has brought out new dishes at reduced prices.
Furthermore, it has been making improvements to restaurants, including retraining bartenders and making sure chefs are cooking food from scratch.
Mr Blanchette said some restaurants were in a “state of disrepair” when he took over the business, and had been “rapidly addressing” conditions since.
This means that while expansion is an aspiration for the boss, he said he wanted to first focus on improving existing sites and growing like-for-like sales on a consistent basis.
TGI Fridays first opened in New York in 1965 with a party-led theme and continues to operate a string of restaurants in the US.
Mr Blanchette said the atmosphere of the restaurants and enthusiasm from waiting staff was “really not cliche for us”.
“It’s part of the culture, it’s part of the fun, and we think the guest experience will really never exceed the team member experience,” he said.
