CHICAGO —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
The Walnut Group, the private-equity firm that purchased the nine-unit chain last November, already has eight locations in some form of development and hopes to expand the number of new restaurants to 50 over the next several years. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
While sales at Stir Crazy locations currently run between $3 million and $5 million each, the owners are confident that new units have the potential to generate average-unit volumes at the high end of that range. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
“We thought it had great growth potential and great food and could grow anywhere,” said Walnut Group chief executive Michael Strauss. “We have resurrected the brand, which has not been actively growing for the last four or so years.” —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
The 12-year-old Stir Crazy was performing well and all units were profitable when Walnut Group acquired it, Strauss said. He noted that the chain’s previous owner-investors, including founder Gary Leff, sold it because they wanted to get their money out. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
If the Walnut Group, which Strauss claimed is “very well-capitalized,” attains its growth goals, Stir Crazy could surpass bd’s Mongolian Grill, which has 31 locations. Other leaders in the category are 10-unit Flat Top Grill, and eight-unit Big Bowl, which was founded and is owned by Chicago-based Lettuce Entertain You Enterprises. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
Strauss and chairman Frederic Mayerson, the founder of ChiChi’s Mexican restaurants, brought in an experienced senior management team led by Greg Carey, the former president and chief operating officer of The Buckhead Life Restaurant Group in Atlanta. Prior to that, Carey had served as chief operating officer at P.F. Chang’s China Bistro. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
Other key Stir Crazy executives include James MacKenzie, senior vice president of development, previously with Brio and Bravo restaurants and Il Fornaio America Corp.; Robert Miles, head of real estate and expansion, most recently with Cameron Mitchell Restaurants; Peter Nolan, director of marketing, formerly with Potbelly Sandwich Works; and Rodelio Aglibot, consulting executive chef, formerly with Los Angeles restaurants Yi Cuisine, Koi Restaurant and Zazen. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
Carey, who said he often has opened 15 restaurants a year in his career, is confident Stir Crazy can expand at a rapid pace and still maintain quality and consistency. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
“The restaurants will have a fanatic focus on operating them right from day one,” he said. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
The first new Stir Crazy is scheduled to open this fall in Pembroke Pines, Fla., and the second is planned for a suburb of Indianapolis. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
Fifteen-year-old bd’s, based in Ferndale, Mich., is the only brand in the stir-fry group that franchises. Currently, 21 of the 31 units in 11 states and Mongolia are franchised. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
“Franchising has been great for us,” said founder and chief executive Billy Downs. “We will keep doing it. It’s a great strategy.” —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
The company and franchisees have opened three bd’s locations this year and expect to open five next year and eight in 2009. The 185-seat restaurants generate average-unit sales of $2.4 million, but Downs expects that to rise since sales at newer stores with a more efficient design are averaging $300,000 higher than the older models. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
New appetizers and desserts ordered from a set menu also are generating incremental sales increases, Downs said. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
LEYE is gradually adding about one new Big Bowl every year or two since buying back the concept two years ago from Brinker International. Brinker sold it to focus on its core Chili’s brand. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
“We would love to do more, but we’ve spent a lot of time building our team,” said Dan McGowan, president of LEYE’s Big Bowl division. “We won’t open more if we don’t have the team in place.” —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
The eight existing Big Bowl restaurants are located in the Chicago and Minneapolis metropolitan areas and Reston, Va. McGowan said management is considering adding more in existing markets and in Scottsdale, Ariz. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
Big Bowl locations have between 200 and 220 seats and generate average checks of $17 at dinner and $12 at lunch, McGowan said. Most guests order from the printed menu, while 13 percent to 25 percent build their own dishes at the stir-fry bar. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
Flat Top Grill, also based in the Chicago metropolitan area, has concentrated primarily on its home base until opening recently in Madison, Wis., and Fort Wayne, Ind. Founded in 1995 and owned by Keene Addington and a group of individual investors, Flat Top is a create-your-own stir-fry concept that just added breakfast. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
Two more restaurants are slated to open this year in the Chicago suburbs, and Addington foresees adding three to four a year over the next three years. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
“After three years we’ll take a look at what the next growth spurt will be,” he said. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
The company is considering one of four new markets with potential to support 15 to 25 restaurants. Addington and his investors have ruled out franchising because they fear it would dilute consistency and the company’s culture. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
Same-store sales have risen 10.4 percent so far this year, said Addington, who declined to reveal average-unit volumes. Checks in the 100-seat restaurants average $15.50 for dinner and $10 for lunch. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
Industry analyst Darren Tristano, executive vice president of Chicago-based Technomic Inc., said the create-your-own stir-fry category has not grown very rapidly because the general public doesn’t understand how to put a restaurant-style stir-fry dish together. “When you’re required to choose all the ingredients and flavors, what you get back may not always be tasty,” he said. “The biggest problem is getting people to realize that this is not barbecue, especially in the South.” —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
However, he sees some positive aspects in the category’s positioning as healthy and as a moderately priced casual-dining experience. —The new owners of Stir Crazy, one of several full-service Asian chains with interactive stir-fry stations that have experienced sluggish growth since debuting in the 1990s, plan to light a fire under the concept as competitors also move expansion to the front burner.
