In an effort to restore the restaurant industry, Twin Peaks is amplifying its development through a tested conversion strategy. Over the past eight years, Twin Peaks has refined a conversion program that takes available real estate with a kitchen and looks for cost-effective solutions to rebrand the building. Franchisees take on a lower cost of entry as well as a lower buildout cost when converting an existing building into a Twin Peaks rather than building from the ground up.
“This is a challenging time for the industry, leaving us with many empty restaurants lining the streets,” says Twin Peaks CEO Joe Hummel. “We want to revitalize the current state with our proven conversion strategy where existing real estate is key. We are able to utilize the structure of these existing boxes while adding unique characteristics of the Twin Peaks DNA to fit into every neighborhood and business district structure. You can take a good corner and a building with strong infrastructure and change it up efficiently to see financial results while boosting the local economy.”
To date, 90% of existing Twin Peaks restaurants are conversions. The ideal space for a conversion site holds 6,000 to 12,000 sq. ft., includes outdoor seating options, and has more than 150 parking spaces available. The retailer’s current development team can use various sized spaces, including multiple bars, indoor and outdoor components, cigar bars, and fireplace settings where appropriate. Twin Peaks is now offering a franchise incentive program that waives franchise royalties for franchisees during the first year.
“Business can be great in 2021 and beyond. Now is the time to invest,” Hummel says. “Our industry is being challenged, but the culture of restaurant operators has always been able to survive. We bounce back, get creative, and find ways to continue to deliver with hospitality. We are looking toward the future, sharing our findings, our financial clout, and the value proposition we bring so that we can contribute to strengthening the industry.”
Twin Peaks is set to open its first Latin American location in Mexico City, and 20 additional stores are in the pipeline for the next 18 to 24 months throughout various U.S. states. This development will bring the brand’s systemwide total to nearly 100 units.