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Recent Area Development Agreements were signed that will take Steak Escape into two new territories?Puerto Rico and Little Rock, Arkansas. The Puerto Rico agreement calls for 10 stores over 42 months. In Little Rock, nine stores will open around the city and surrounding counties over the next 3 years. Both agreements include freestanding units as well as mall-based, dual-branded, and strip center units.
Escape Enterprises has also secured an agreement with a couple in Malaysia for exclusive Master Franchise rights for the entire country of Malaysia for a period of five years. The couple plans to open the majority of the Steak Escape stores in their hometown and capital Kuala Lumpur, which has a population of over nine million. The first of these stores is set to open this month.
"These multi-unit deals allow us to create a dominant presence in these areas and saturate a market to enhance our brand image and build recognition, said Tony Foster, vice president, franchise development. "As we grow, multi-unit franchise deals are the key to our success. Free-standing Steak Escape restaurants provide us with the vehicle to create an immediate visual impact in any marketplace."
Steak Escape specializes in Philadelphia-style cheesesteak sandwiches, french-fries, and lemonade.
Escape Enterprises, Ltd., located in Columbus, Ohio, franchises the Steak Escape concept, with 150 franchised in the U.S. and Malaysia. The company was founded in 1982.