Is Texas Roadhouse Going Out Of Business? Texas Roadhouse is a steakhouse chain in America that offers steaks in a Southwestern cuisine manner. It has two other concepts. One is Bubba’s 33, while another one is Jaggers.
It is a subsidiary of Texas Roadhouse Inc., headquartered in Louisville, Kentucky. It operates around 627 locations in more than 40 United States, states and 29 international locations in 10 countries.
- Trade: S&P 400 Component
- Established In: 1993, February 17
- Founder: W. Kent Taylor
- Industry: Restaurants
- Headquartered In: Louisville, Kentucky, United States
- Number of locations: 627
Let’s explore this blog post together to learn more about Texas Roadhouse.
Is Texas Roadhouse Going Out Of Business?
Whether Texas Roadhouse, one of the most popular casual dining chains, is going out of business. So, the answer is NO; 3 years ago, Texas Roadhouse in Gatlinburg was believed to be permanently closed. But there is no clear-cut answer to Texas Roadhouse closures. We have seen no traces of its closures. Instead, the business is expanding, and its future seems bright. Let’s go through this blog post to read further…
It was believed that, in 2017, Texas Roadhouse had 549 locations with 2 billion U.S. dollars across the country. But, the amount has doubled from 2 billion U.S. dollars to 4.014 billion U.S. dollars in revenue after five years since its establishment, and the number of stores has also increased in number from 549 to 697.
It was noted that the company had expanded its business after five years. There are 652 Texas Roadhouses, Five Jaggers, 40 Bubba’s 33 units, the company’s fast-casual offshoot.
Recently, Texas Roadhouse has opened its 20 to 25 restaurants. Later, in 2022, the company opened 23 restaurants and seven international branches.
They also plan to open restaurants at Bubba’s, and 25 to 30 restaurants have been opened. Senior director of financial analysis Michael Bailen stated some modest traffic and checked growth into the pot. Texas Roadhouse has roughly 900 Texas Roadhouse locations worldwide if it sails toward 8 billion U.S. dollars.
What does Texas Roadhouse offer?
Texas Roadhouse provides seasoned and grilled aged steaks. It also offers its guests ribs, chicken, pork chops, pulled pork, seafood, vegetable plates, hamburgers, sandwiches, and salads.
As we have mentioned above that there are two other concepts, but now we are saying there are three different concepts of the company, i.e., Texas Roadhouse restaurants, Jaggers (A fast-casual restaurant), and Retail initiatives, and Bubba’s 33 (It is a family-friendly sports restaurant). It offers chicken sandwiches with scratch-made sauces, burgers, and hand-breaded chicken tenders.
The company expanded its business. In 2021 the number of locations was less, but it increased up to 30 percent by the end of 2022, and the company had 697 total restaurants last year. Let’s have a look at the restaurants at the end of 2022.
Texas Roadhouse has the highest number of locations, i.e.,552; Jaggers has 5 stores; Bubba’s 33 has 40 stores; Texas Roadhouse U.S. has 62 stores, and Texas Roadhouse International has 38 locations.
What Is The Future Of Texas Roadhouse?
Texas Roadhouse’s future looks spectacular as its healthy demand outlook states that it has impressive customer strength in 2023.
It was believed that in 2022, the sales but increase in 2023. This sales momentum from 2022 to 2023 shows that the company can expect the growing demand for dine-in restaurants to grow even more.
The company planned to open 23 more restaurants this year, aiming to reach the target of opening restaurants and changing the number from 697 to 900. Still, the executives need to disclose the timeline for when they will attain their goal of reaching 900 restaurants.
The CEO, Jerry Morgan, stated, “We have changed that number because we see the upside, and the success in some of the smaller communities that we’ve been able to go in really allowed us to up that number.”
Also added, if Texas Roadhouse attained the goal successfully, it would be a huge success for us, and it can be possible that we will have a strong grasp of all of its casual-dining opponents.
Due to the COVID-19 outbreak, a major slice of the restaurant industry and dining room shut down their doors permanently in 2020. Still, this happening has boosted the business for casual dining chains, of which Texas Roadhouse is one.
According to 2022 reports, Texas Roadhouse ranked 4th, 1st is Olive Garden 2nd Applebee’s, and each came up with 4.2 billion U.S. dollars in 2021.
If the company successfully opened 900 restaurants, it will generate an annual revenue of 6 million U.S. dollars, generating almost 5.4 billion U.S. dollars annually.
And the current condition also supports Texas Roadhouse’s opening plans if we check its growth. Over the past few years, the change has also been decelerated and accelerated in these five years. Since 2016, it is noted that Olive Garden increased its growth by 4.3 percent while Applebee’s growth dropped by 15 percent, and Texas Roadhouse’s growth also increased by 23 percent.
Checking its sales, Texas Roadhouse grew its domestic sales by 63 percent, Applebee’s sales shrunk by 6 percent, and Olive Garden’s sales increased by 63 percent.
Who Is The Biggest Competitor Of Texas Roadhouse?
Here we are disclosing the list of the biggest competitors of Texas Roadhouse. Let’s put light on a list:
- Buffalo Wild Wings (1982)
- P.F Chang’s China Bistro (1993)
- Darden Restaurants (1968)
- Panera Bread (1981)
- Wendy’s (1969)
- Applebee’s Canada (1980)
- Pizza Hut (1958)
- Noodles & Company (1995)
- Ruby Tuesday (1972)
- Red Lobster (1968)
- TGI Fridays (1965)
- Outback Steak (1988)
- Denny’s (1953)
- The Cheesecake Factory (1978)
- Ruth’s Chris Steak House (1965)
- Red Robin (1969)
- Morton’s The Steakhouse (1978)
- Chili’s Grill & Bar (1975)
- Logan’s Roadhouse (1991)
- IHOP (1958)
Why Is Texas Roadhouse So Popular?
Texas Roadhouse is so popular because it serves the best restaurant steaks and items. Additionally, each restaurant owns a butcher and a baker who are always ready to prepare the best fresh food item for every order every five minutes.
Their service and primary method look so fresh, guaranteeing that every food, including meat, bread rolls, and many other items, will always be as fresh as possible.
Also, its West Wichita restaurant counts in the list of the highest-grossing Texas Roadhouse chains across the country. If we look at its franchises in the country, there are almost 600 Texas Roadhouse chains in which every single branch serves the best dinner and ranks the best and No. 1 in which West Wichita is considered the best location in sales.