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Hamish Dodds, president and CEO of Hard Rock International stated the company has a development budget of USD 50 mil., with investment plans from EUR 5 to 9 mil., depending on the size of each restaurant. At present, Hard Rock International owns 125 cafes and plans to reach 200-250 locations worldwide within 10 years. The company planned the opening of 12 new restaurants for this year. Dodds stated that the economic crisis could be an opportunity for the company, in order to find better locations and better lease contracts. According to the CEO, the new restaurants scheduled for 2009 will support business development of Hard Rock. By the end of 2009, revenues are thus expected to exceed last year result of USD 2 bn. The forthcoming investments don’t include expanding on the Romanian market. The group’s strategy is to own locations in key cities of the country. In Romania, Hard Rock Cafe opened at the beginning of 2008, through a partnership with Midi Development, following EUR 3.7 mil. investment. The unit in Bucharest reported EUR 2.7 mil. turnover after the first year of operating. The result is expected to slightly decrease in 2009, down to EUR 2.4 mil. due to the economic crisis. Hard Rock International includes in its portfolio 150 restaurants, hotels and casinos in 48 countries.
Sursa: Business Standard [07.05.2009]
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