According to the data from the National Restaurant Association, the sales in the national restaurant industry surpassed $1 trillion in 2023, indicating tremendous potential in the foodservice market. . While the dumpling market constitutes only a small segment of this, the growing popularity of Asian cuisine has led to an expansion of the dumpling market share. Currently, although there are fast-food restaurants and food outlets offering dumplings in the U.S. market, there is a lack of chain dumpling restaurants with unique flavors, high quality, and innovative concepts. Therefore, capturing this market, and making a significant impact, is the opportunity at hand.
Site Selection Analysis
1 Mall of America is the nation's most exciting indoor shopping and entertainment center. Each year, 40 million people from around the world visit the mall, Therefore, to ensure the smooth development of our business, establishing a presence in the Mall of America is our top choice. The substantial foot traffic also provides valuable marketing opportunities for our company's brand.
2 With nearly 60,000 in-school students at the University of Minnesota, along with the surrounding residential and commercial areas, foot traffic remains substantial. Therefore, this location is our choice
Development Plan and Marketing Strategy
Our plan is to develop at least 10 company-owned stores locally within 3-5 years, gradually expanding franchise partnerships to other regions. We aim to establish central kitchens in each regional hub for centralized supply, ensuring consistent taste and food hygiene wherever we go.
We employ a membership system, offering varying discounts and special perks to enhance customer allure. Leveraging online media to boost brand awareness!
Financial Analysis
By the most conservative estimate: 100 people * $25 * 350 days = $875,000 * 70% = $612,500 * 10 stores = $6,125,000
This means that after 3-5 years, the conservative annual profit from 10 company-owned stores could reach $6,125,000.
The company's profit models are divided into three categories: 1. Company-owned stores after 3-5 years 2. Franchisees after 3-6 years 3. Frozen food products after 5 years.
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