IHOP Expanding, 120,000 New SF in Works
- Dec 13, 2010
IHOP Corp. is in expansion mode and the omnipresent pancake restaurant has its eye on the Big Apple and environs. The company just signed an agreement with Trihop L.L.C. to build and develop 24 IHOP locations in the metropolitan New York area. With each restaurant averaging 5,000 square feet, the partners will erect an aggregate 120,000 square feet of retail space.
In New York, new pancake houses will sprout up in Manhattan and Queens, including a flagship locale in Times Square. In New Jersey, IHOPs will be erected in Bergen, Essex, Morris and Union counties, and the city of Fairfield, Conn., will get new restaurants as well. The development of these traditional-style IHOP family restaurant sites is part of the company’s strategy to expand its presence to accommodate existing customers and lure new ones.
In November, IHOP opened the doors of its 1,500th location, just one of approximately 60 restaurants that have debuted this year. The company’s system-wide retail sales totaled $2.3 million in 2007, rose to $2.4 million in 2008 and climbed to $2.5 million. Somebody’s eating. And the company’s growth plans show no sign of a slowdown. Last month, IHOP announced a partnership with Aramark that encompasses a two-year test program for the development of five IHOP Express and/or IHOP U prototype restaurants on college campuses across the country. That’s just one project. The company’s total development pipeline exceeds 300 restaurants.
It appears IHOP has a lot on its plate, but the family restaurant chain is not alone. Denny’s, which opened its 1,600th restaurant in September, entered the quick-service restaurant market this year with the introduction of its Denny’s Café brand with restaurants approximately 3,000 square feet in size.