Business
Wingstop Plans to Double Its Restaurant Count in Indonesia with New Development Agreement
DALLAS, April 27, 2022 /PRNewswire/ -- Today, Wingstop Inc. (NASDAQ: WING) announced an expanded development agreement in Indonesia with its current brand
About this update from Wingstop Inc.
DALLAS, April 27, 2022 /PRNewswire/ -- Today, Wingstop Inc. (NASDAQ: WING) announced an expanded development agreement in Indonesia with its current brand partner, doubling its commitment from 60 to 120 restaurants by 2028. This new agreement highlights the proven portability of Wingstop across the globe and is expected to accelerate its pace of openings for the market. Wingstop's first restaurant opened in 2014 and its brand partner currently operates 50 restaurants throughout the country, five of which opened in 2022. Due in part to an asset mix strategy with a focus on high foot traffic locations and off-premise occasions, our Indonesian brand partner has delivered on the established development targets each year. "There's no slowing down for Wingstop's international growth – Indonesia being a prime example," said Nicolas Boudet, Wingstop's President of International. "This expanded development agreement speaks to our commitment, in partnership with our Indonesian brand partner, to accelerate Wingstop's growth, both by expanding our footprint and continuing to progress our technology-forward strategy. Success in Indonesia signals business development potential in our broader Asia Pacific region as we continue our quest to Serve the World Flavor." As experienced worldwide, the pandemic presented a challenging operating environment in Indonesia, but Wingstop's economic model showcased resiliency and the brand partner continued new restaurant development with 18 net new restaurants since 2020. The team emphasized off-premise occasions to match changing consumer behavior – shifting from 35% of digital sales pre-pandemic to upwards of 65%. With this new accelerated path forward for development in Indonesia, Wingstop continues to execute against its goal of becoming a Top Ten Global Restaurant Brand. Wingstop believes it can operate 7,000-plus global restaurants, 3,000 of which are expected to be outside of the U.S. About Wingstop Founded in 1994 and headquartered in Dallas, TX, Wingstop Inc. (NASDAQ: WING) operates and franchises more than 1,700 locations worldwide. The Wing Experts are dedicated to Serving the World Flavor through an unparalleled guest experience and use of a best-in-class technology platform, all while offering classic and boneless wings, tenders, and Thigh Bites, always cooked to order and hand sauced-and-tossed in fans' choice of 11 bol...