FSR March 2023

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ON E S T O WA T C H

Brix Holdings

A multi-platform operator is injecting life— and growth—back into a category icon. BY BEN COLEY

BRIX HOLDINGS’ LINEUP CROSSES CATEGORIES AND OCCASIONS.

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BrixHoldings,which includes 84-year old Friendly’s and a host of fast-casual concepts, has a straightforward focus for 2023. CEO Sherif Mityas boils it down to one word—growth. The chief executive feels there are meaningful opportunities to extend dayparts and the number of occasions guests use the brands for. “We’re going to be putt ing the accelerator down on generating new development, generating both tradi tional development in the full-service restaurant space and also in fast casual and potentially nontraditional loca tions like airports,” says Mityas, who was promoted from president to CEO late last year. Friendly’s latest chapter began in January 2021 when Brix Holdings acquired it out of bankruptcy for $2 million. Under new leadership, same store sales increased by double digits year-over-year. In 2022—which saw the introduction of a new marketing campaign and menu innovation—saw single-digit lifts over 2021. Throughout this transformation process, Brix learned that if it injects relevancy into Friendly’s, customers will give credit for it, especially if there’s consistency. Mityas continuously hears anecdotes from guests about a favorite

CAPTION

HEADQUARTERS: Dallas YEAR STARTED: 2010 ANNUAL SALES: $200 million-plus TOTAL UNITS: 300-plus

bers, consumers are giving Friendly’s a chance again. Not only is the chain seeing expanding sales, but also posi tive frequency. There’s no better example of this than the chain’s first fast-casual restau rant, which opened in February 2022 in Westfield, Massachusetts. Mityas says the format was an experiment in every sense of the word. {CONTINUED ON PAGE 116}

childhood memory. As adults, these customers are eager to return with their children, and by refreshing the look, service model, and team mem

BRIX HOLDINGS (4)