Boutique Group of Companies and Japan’s Toridoll Corporation press ahead with expansion plans of their leading udon noodle chain Marugame Seimen
Boutique Group of Companies and Japan’s Toridoll Corporation Ltd., the joint venture partners of Japan’s largest udon restaurant chain “Marugame Seimen’, set an ambitious target to have over 30 Marugame Seimen udon restaurants in Thailand by the end of this year in response to strong acceptance and continuous increase in popularity of udon noodles among Thai consumers.
The aggressive expansion has reflected the success of the Japanese leading udon chain in the Thai market since it was introduced in Bangkok in 2012. To rapidly grow Marugame Seimen in Thailand, Boutique Group of Companies and Tokyo Stock Exchange listed Toridoll Corporation entered into a joint venture partnership under Nodu Foods Ltd. in 2013, with current registered capital of THB 290 million, said Mr. Prab Thakral, CEO of Boutique Group of Companies.
Mr. Prab said the company presently has 24 Marugame Seimen outlets across Thailand, opening at a monthly rate of 1.5 outlets. The latest additions are located at Central World and Central Chaengwattana. The company aims to have over 30 outlets totally by the end of 2015. The aggressive expansion rate is attributed to the warm welcome from Thai consumers for Marugame Seimen, also seen as Japanese soul food.
Furthermore, Japanese food remains the most popular food among Thais. “We launched Marugame Seimen as the first high quality freshly made udon brand in Thailand. Since 2012, we have become the leader in the udon category. Overall, restaurant chains will continue to flourish, outperforming the industry overall in 2015. The restaurant chain market value will reach about THB 108 billion in 2015, growing 7-9 per cent year on year. Non-chain restaurants will see moderate growth of around 3-6%, with a market value of THB 270 billion. The restaurant industry may grow 4-7% this year, topping THB 380 billion. We are happy to say that we continue to be the leading player, with our competitors having a quarter of the number of outlets we have. This is also true in Japan where Marugame Seimen’s revenues are four times higher than those of the closest udon chain. We are extremely satisfied with our market share of more than 60% in our category and are hopeful that the number continues to grow even more. Partnering with leading shopping mall developers has been key to our successful growth” added Mr. Prab.
Boutique Group of Companies is a leading property developer in Thailand, focusing on high quality mid-market serviced residences and hotels. The group currently owns different hospitality assets under the brands Citadines, Oakwood, Ozo and Hyatt Place across Thailand. The group has successful diversified throughout the years with the launch of Rain Hill on Sukhumvit 47, an award winning community mall and the development of the 252-unit Treetops Condominium in Pattaya. Toridoll Corporation opened its first Marugame Seimen restaurant in 2000 and now has more than 900 outlets worldwide. In Japan, the company has shifted its focus to grow Marugame Seimen outside its home turf. The brand is now present in 12 (twelve) countries and Thailand remains one of the top performing markets along Indonesia and Taiwan. Thailand will remain the priority market for ASEAN, given the popularity of Japanese food chains and continuous expansion of shopping malls. By 2018, Toridoll Corporation Ltd. aims to have 250 outlets outside Japan, from a current base of 109 outlets, stated Mr. Takaya Awata, President of Toridoll Corporation Ltd. The company trades on the Tokyo Stock Exchange, with current annual sales of 88 billion yen (approximately 25 billion Thai Baht), making the company one of the top restaurant chains in Japan.