Golden Corral, the popular buffet chain, is celebrating its 50th anniversary this year. The company has come a long way since it opened its first location in Fayetteville, North Carolina, in 1973. Today, Golden Corral has over 500 locations in 43 states.
In our podcast interview, Golden Corral CEO Lance Trenery talked about the company's history, success, and future plans.
How has the brand changed and evolved over the years?
"Golden Corral has changed a lot over the years," Trenery said. "When we first started, we were just a small buffet restaurant. But over time, we've grown into a national brand. We've also expanded our menu to include a wider variety of food. And we've made a lot of investments in our restaurants to improve the dining experience."
How has the brand approached obstacles?
"We've faced many obstacles over the years," Trenery said. "But we've always been able to overcome them. One of the biggest obstacles we faced was the recession in 2008. But we could weather the storm and come out stronger than ever. We did this by focusing on our core values of quality, value, and service. And we also made some changes to our business model to make us more efficient."
What are the biggest successes and turning points of the brand?
"One of our biggest successes was launching our Homeward Kitchen concept," Trenery said. "Homeward Kitchen is a fast casual restaurant that offers a more convenient and affordable dining experience. It's been a huge success with our customers. And we plan to open more Homeward Kitchen locations in the future."
What are the critical milestones and developments in the last 50 years?
"One of the most important milestones in our history was the opening of our first international location in Mexico in 2015," Trenery said. "This was a major accomplishment for us. And it shows that our brand has global appeal."
What does the future hold for Golden Corral?
"We're excited about the future of Golden Corral," Trenery said. "We have a lot of growth plans. We're planning to open more locations in the United States. And we're also planning to expand into new international markets. We're also planning to introduce new menu items and new dining experiences. We're confident that Golden Corral will continue to be a successful brand for many years."
Golden Corral's Comeback is Greater than the Setback
Golden Corral has faced its fair share of challenges, but the company has always emerged stronger. The pandemic may have been the most significant setback the company has ever faced, but it has also been its most significant comeback.
In March 2021, visits to Golden Corral were down 80% from the same month in 2020. But by March 2023, visits were up 125% from the same month in 2021. This incredible comeback is a testament to the Golden Corral brand's strength and its customers' loyalty.
Homeward Kitchen: A New Concept for Golden Corral
In addition to its traditional buffet restaurants, Golden Corral is also expanding into the fast casual market with its new Homeward Kitchen concept. The first Homeward Kitchen restaurant will open in North Carolina in late summer or early fall of 2023.
Homeward Kitchen will offer a more convenient and affordable dining experience than Golden Corral's traditional buffet restaurants. The menu will feature a variety of made-to-order salads, entrees, bowls, sandwiches, and sides. There will also be a full bar.
Golden Corral is confident that Homeward Kitchen will be a success. The company believes there is a growing demand for fast casual dining options, and Homeward Kitchen is well-positioned to capitalize on this trend.
BONUS CONTENT on FAST CASUAL GROWTH
The Fast Casual Juggernaut
The fast-casual restaurant market is growing rapidly. In 2022 the global market was valued at $250 billion and is expected to reach $330 billion by 2027. This growth is being driven by several factors, including:
The increasing demand for healthier and more affordable dining options
The rise of millennials and Gen Z, who are more likely to eat at fast casual restaurants than other demographics
The growing popularity of mobile ordering and delivery
Paul Barron, the leading expert on the Fast Casual sector, expects a significant shift in the segment once again. “2008 was the last time we saw a brand explosion, and the potential for brands to take back their customer from social media is nearing with the entry of Web3. This evolution will be even greater than the mobile innovation that impacted Fast Casual so much in 2010-2020.” Listen in to my analysis above!
