At the same time, it has launched an action plan to expand its business over the next three years, a plan that will also see the birth of an exciting new brand.
Describing the company's vision as modern generation appeal, Mrs. Chataya Supanpong, Food Passion Co., Ltd.'s Chief Engagement Officer, said the focus was on food as a means of bringing happiness, as the company moves into a leading food role in Thailand.
Food Passion, she said, plans an aggressive expansion for Barbecue Plaza, Joom Zap Hut and Hot-Star, the Taiwanese snack that is gaining a great following in Thailand, while moving toward a strengthening of its portfolio with the launch of a new brand this year. These ambitious moves should see revenue increase by more than 100% by 2018, to in excess of 6 billion baht.
Mrs. Chataya said The Barbecue Plaza Co Ltd was established in 1987, and the name change to Food Passion and the reorganization are major steps toward a broader goal. They are designed to facilitate aggressive business strategies for future expansion and to unify all brands under the Food Passion umbrella, allowing them to thrive and reach their full potential.
The name Food Passion is a true reflection of the philosophy and personal beliefs of the company's founders. Food brings happiness to everyone. By "everyone", meant the company's employees, its customers, its business partners and society in general. These are all vital keys to fusing the company's strengths and moving it toward a sustainability leadership role in the local food industry.
"This reorganization, together with the corporate name change from The Barbecue Plaza Company Limited to Food Passion Company Limited, will support the workings of each brand." Mrs. Chataya said. "There is also an executive appointment for Barbecue Plaza. Boonyanuch Boonbumrungsub, the Executive Vice-President of Barbecue Plaza Business Unit, will oversee Barbecue Plaza and Joom Zap Hut. Chanin Choopojcharoen remains in charge of Hot-Star and will have the new title as the Executive Vice-President of Hot-Star Business Unit."
"The company plans to launch a new food brand this year to enhance future growth. The key strategy is to create happiness and fulfill the needs in every meal. We believe each brand will grow strongly after the organizational restructuring, and that will result in overall income growth of no less than 100% to six billion baht by 2018. For this year alone, the company has set aside an investment budget in excess of 700 million baht for business expansion.
To create sustainable growth, Food Passion has laid out the following basic business strategies:
Business for People — Adopt a happiness-oriented approach in running the business. Prioritize human resources, starting with employees through to customers to create a cycle of sustainable happiness.
Do It with Passion and Pride — Build love and pride in the work and duties of employees at all levels to deliver the best services to the customer.
Innovation for Customer Journey — Use innovation to leverage the customer's experience and create an indelible impression in all aspects of the brands, forming a lasting relationship.
Speed to Market — Transform the company into a dynamic organization to ensure speed and unity in the management of each brand, enabling it to advance fully and continually so that all desired goals are achieved.
In 2015, Mrs. Chataya said, Barbecue Plaza's sales revenue increased by 11% to 3 billion baht, compared with 2014. The brand's market share reached 58% in the gross barbeque restaurants segment, valued at 5.16 billion baht. The implementation of aggressive marketing strategies and employee commitment contributed to the achievement of the growth targets.
Last year, the company launched Hot-Star, the famous Taiwanese snack chain, in Thailand. Mrs. Chataya said although Hot-Star was the company's latest addition, it came with a strong and outstanding brand identity from being a pioneer and leader in Taiwan's snack market. More branches will be opened in Thailand later this year.
"On plans to expand business operations in other countries through our joint venture partners, we currently have 16 Barbecue Plaza branches in Malaysia and two outlets in Indonesia. The key strategy remains focused on the development of quality standards in the existing branches while negotiations are underway for openings in other countries." she said.
Ms. Boonyanuch Boonbumrungsub, Executive Vice President, Barbecue Plaza Business Unit said plans for the Barbecue Plaza will continue to concentrate on expanding its presence, with priority being to make Barbecue Plaza a much-loved brand. Joom Zap Hut's sales volume was every bit outstanding, but while there will be no new Joom Zap Hut outlets this year, however the customers will still see major changes.
"In 2016, Barbecue Plaza will continue to build on its success, with unique and creative content marketing strategies and continued efforts to open more branches," she said. "We aim to open 20 new outlets this year. Barbecue Plaza staff will present the brand as bringing happiness to customers. The brand will create a new and impressive customer expe rience across all aspects.
We want to expand the current customer base from 580,000 to 780,000 by the end of this year through special promotional campaigns. Annual revenue is expected to grow by more than 15%."
Executive Vice President of Hot-Star Business Unit, Mr. Chanin Choopojcharoen, is the man behind the successful debut of Hot-Star in Thailand last year, after an online campaign promoting the popular "Over-sized Taiwanese Fried Chicken" went viral, resulting in long queues at Hot-Star outlets.
"Last year's sales revenue for the Hot-Star brand Jumped 300%, or more than 33 million baht, exceeding the initial target. The success was due to the uniqueness of the product which suits the taste buds of the Thai people and the fact that the brand has been a market leader in Taiwanese snack segment." Mr. Chanin said.
"The key strategy this year is to make Hot-Star a product that Jumps immediately into people's minds when they crave a Taiwanese snack. The brand's image will be emphasized across all promotional points in order to create a broader awareness of this leading Taiwanese snack in Thailand.
With that in mind, "we are going to open five to ten branches this year in locations that serve our direct target groups", Mr. Chanin said. "Annual growth is expected at more than 100%. New menus will be introduced constantly. The current menus include the famous XXL fried chicken, the well-fried Shilin squid and an assortment of Taiwanese-style snacks and drinks. Fried chicken generates 30-40% of the total sales revenue."
Over the next three years, Food Passion Co., Ltd. projects 80% of its profits will come from Barbecue Plaza and Joom Zap Hut restaurants. The remaining 20% will be generated by Hot-Star and the new food brand.