From Nation's Restaurant News · · 1m 50s
Happy hour and lunch drive traffic for STK, Benihana
STK and Benihana boost traffic with value-focused happy hour and lunch specials.
In brief
STK and Benihana boost traffic with value-focused happy hour and lunch specials. The One Group's STK and Benihana restaurants saw positive traffic growth through value-based offers like happy hour deals and lunch specials. Originally reported by Nation's Restaurant News.
Traffic growth for The One Group
The One Group reported positive traffic growth across seven restaurant brands for the second consecutive quarter.
Same-store sales decline at STK
STK same-store sales declined 0.9% while Benihana same-store sales increased 0.7% in the quarter ended September 27.
Value pricing strategy
The One Group uses a barbell pricing strategy with value options like STK's $3 $6 $9 daily happy hour and Benihana's $15.95 lunch special.
Traffic performance
The One Group's traffic rose 1.8% while same-store sales declined 0.4% in the quarter ended September 27.
CEO comments
CEO Manny Hilario stated value pricing is critical for maintaining traffic and market share.
Storm impact
East Coast storms in September dampened business, keeping same-store sales from being flat.
Financial projections
The One Group narrowed same-store sales growth to positive 1% and revenue expectations to $800 million to $810 million.
Restaurant closures
The One Group closed four Kona Grills and three Ra Sushi locations to convert them to Benihana.
Rebrand success
Sales doubled at a Baltimore outlet after converting a former Kona Grill to STK with a smaller Kona.
Benihana Express concept
The One Group launched Benihana Express, a small-footprint teppanyaki concept with 800 to 1,000 square feet.
Benihana Express sales
The Miami Benihana Express location is pacing at $1.8 million annual sales with two more openings planned in 2026.
Cost efficiency
The One Group maintained cost of goods at 19.5%, an all-time low, despite beef inflation.
The one thing
The One Group's STK and Benihana restaurants saw positive traffic growth through value-based offers like happy hour deals and lunch specials.
