Raising Cane’s plans to more than double its size over the next five years. In an ambitious strategic plan unveiled earlier this week, the restaurant chain announced that by the end of 2020 it plans to grow 350 restaurants to a systemwide total of 600 and reach $1.5 billion in sales—nearly three times the $565 million it generated in 2015.
Cane’s growth plans were announced earlier this week at a three-day event in Dallas to celebrate the company’s 20th anniversary and launch its 2020 plan. The Cane’s 20 summit brought together some 900 restaurant operators, support staff and guests.
“We had an incredible time rewarding and recognizing our operators and celebrating the success that we have accomplished together,” says Cane’s founder and owner Todd Graves. “We are excited about the future of Cane’s and while we have big growth plans, we will never sacrifice quality for speed.”
Cane’s spokeswoman Julie Perrault could not reveal specifics of the growth plan, but she says the new restaurants will be located throughout the U.S. and the world. Currently, of Cane’s 251 restaurants, 182 are company-owned and 69 are franchise locations. That roughly two-to-one ratio will remain the same during the planned expansion, she says.
It was just two months ago that Cane’s celebrated the opening of its 250th restaurant with simultaneous openings in Lake Jackson, Texas and Midwest City, Oklahoma.
While the company is growing rapidly, Perrault says there are no plans at this time to go public.
—Stephanie Riegel
