Executive Summary


            Founded in 1964 by 25-year old Olympic wrestler from Japan – , Benihana is a popular international specialty restaurant chain that features traditional Japanese cooking using American favorites like steak, chicken, seafood, and vegetables. Popularly associated with an exhibition-style of Japanese cooking called teppanyaki, Benihana serve for almost four decades and consistently provide the needs of its clientele and at the same time entertained by highly skilled teppanyaki chefs. They are also known for their “eatertainment” style of presentations. In the early 1960s, Benihana pioneered a communal dining concept wherein people are seated around a steel hibachi grill waiting for the chef’s exhibition and now considered to be the longest running dinner show in the world. Today, Benihana is considered as one of the largest Asian restaurants in the United States with 52 Benihana locations, 22 franchised Benihana locations in 12 different countries, six Haru restaurants in New York City, eight RA Sushi restaurants, and one Doraku restaurant in Miami, Florida.


 


Services


            Benihana primarily serves America’s favorite foods such as steak, seafood, chicken, and vegetables cooked in authentic and traditional Japanese style of cooking – teppanyaki. Customers sit around a common table at which a Benihana chef slices their seafood, steak, chicken, and vegetables with lightning speed, grills their meal right in front of them, and then tosses it accurately onto their plates. Aside from this specialty kind of service, other Benihana restaurant chain members offered and continuously offer a variety of product and service offerings.


 


Customers


            Benihana is said to be a venue to meet new friends, celebrate special occasions, or merely enjoy an entertaining and delectable meal served by skilled teppanyaki chefs. Customers vary yet everyone is guaranteed to be served well. Benihana claimed that they have served more than 100,000,000 meals since 1964. With its continuous and outstanding performance in the global restaurant industry, Benihana’s customers will incessantly grow as the corporation expands its service and product operations.


 


Key Dates on Corporate Management Highlights



  • 1964: The first Benihana of Tokyo restaurant opens.

  • 1968: Benihana enters the Chicago market.

  • 1982: Benihana of Tokyo (BOT) forms Benihana National Corporation (BNC).

  • 1983: BNC goes public.

  • 1984: Benihana National Classics, a line of Chinese gourmet frozen foods, is introduced in supermarkets.

  • 1994: The company enters into a licensing agreement with Campbell Soup to launch a line of frozen stir-fry kits featuring the Benihana trademark.

  • 1995: BNC buys ‘s 21 Benihana of Tokyo restaurants on the U.S. mainland and the U.S. rights to the Benihana trademark; Benihana, Inc., is created as part of the corporate restructuring.

  • 1997: Nine teppanyaki restaurants are acquired from Rudy’s Restaurant Group Inc.

  • 1999: The company purchases the Haru Sushi restaurants.

  • 2002: Benihana adds the RA Sushi Bar and Restaurant chain to its holdings.


 


Financial Highlights


            During the early years of the new millennium revenues increased, rising from 3.2 million in fiscal 2001 to 8.3 million in fiscal 2005. Net income fluctuated, falling in 2002, rising in 2003, and then falling off again over the next two years. Net income was .8 million in 2005–its lowest point since 2001.



Future Plans


            The company remained focused on growth and anticipated further expansion. It also launched a redesign of its teppanyaki restaurants. Locations in California and New York were refurbished with the new look and Benihana’s new location in Miramar, Florida, was the first restaurant to incorporate the new design during the building process. Management was optimistic as it looked toward the future and believed Benihana was well positioned for success in the competitive restaurant industry.



Credit:ivythesis.typepad.com


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