RUBY TUESDAY'S GLOBAL EXPANSION TAKES THEM TO SOUTH AMERICA
MARYVILLE, Tennessee -- USA -- Ruby Tuesday, Inc. continues to move forward with their
global expansion efforts, initiated in 1997, and announced their agreement this week (October 7) with RT
Chile Limitada to open six Ruby Tuesday restaurants in Chile, Argentina and Peru over the next five years.
Ruby Tuesday has an existing agreement with Jardine Pacific Restaurant Group, Ltd., to open 19 Ruby
Tuesday restaurants in Asia -- in Hong Kong and Taiwan.
Ruby Tuesday is one of the leading companies in the US$10 bar and grill segment of casual
dining in the USA market.
The company's recently reported first quarter earnings continues its positive trend; now for ten consecutive quarters,
they have met or exceeded their goal to grow earnings per share 15% - 20%.
Its stock is publicly traded (NYSE:RI). Ruby Tuesday
owns and operates more than 390 restauranats in the US and abroad, including restaurants under
the names of Mozzarella's American Cafe and Tia's Tex-Mex.
Reader's Comments
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BENIHANA MAKES MOVE INTO SOUTH AMERICA
MIAMI, Florida -- USA -- Another long-standing US restaurant chain, Benihana, Inc. announced plans to
launch into South America through an agreement with the Peruvian investment group, Inversiones Misilero. This
group is made up of four partners, one of whom owns the rights to the Tony Roma's brand in
Peru, as well. The first of two Benihana restaurants will open in Lima next summer.
Benihana has 15 franchised restaurants, most in the U.S., one in Bogota, Colombia and another in the
Carribean, in Aruba. And they operate 49 Teppenyaki restaurants.
According to Joel Schwartz, President of Benihana, "South America is an area that can lend itself well to
franchising of our restaurants, and we are investigating other
possible markets in that area. Peru is a country
with a stable economy and growing affluence, which is the kind of
market we look for. We are very excited about this partnership."
Benihana is a Japanese-style steakhouse, with food prepared by entertaining, deft tableside chefs.
(Source: YOUR LINK HERE)
HILTON BUILDS HOTEL IN MOSCOW
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VIETNAM MARKET RIPE FOR COMMERCIAL/INDUSTRIAL INSURANCE
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MOSCOW, Russia -- Despite current economic turmoil in Russia,
Hilton International has confidence in Russia's economic recovery. Hilton plans to build a high-profile,
300-room 5-star hotel in that city, a project worth US$50 million. The hotel will be located near the old Arbat
square in central Moscow and will be ready for business by the year 2000. The hotel will be co-owned by
Sokolniki, a holding company, but will be managed by Hilton.
Hilton joins other leading international hotel chains in Moscow, including Holiday Inn, Sheraton, Marriott,
Kempinski, Radisson, Renaisance, Novotel and Intercontinental.
(Source: YOUR LINK HERE)
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HANOI, Vietnam -- The UK's leading insurance group, Royal and SunAlliance opened
two representative offices in Vietnam this week -- the first in Hanoi, the second in Ho Chi Minh City. While insurance
requirements in the country are minimal right now, expectations are that the industry will grow as the economy
matures. The greatest potential is seen initially in commerical and industrial insurance; personal insurance is not
considered a strong opportunity until Vietnam's urban population becomes more affluent.
Vietnam's insurance industry is currently valued at about US$175 million in premiums/year. And right now, there
are five state-owned firms and two joint-ventures. To date, there are no 100% foreign-owned insurance
companies. With the two new representative offices, SunAlliance hopes that this is a first step in that direction.
Reader's Comments
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EGYPTIAN TOURISM IN SHARP DECLINE
CAIRO, Egypt -- According to Egyptian President Hosni Mubarak, the US$4 billion a year tourism industry
in Egypt is on an upswing since the industry took a significant tumble following the November 1997 Luxor massacre of
58 foreign tourists. However, according to western industry experts, Egypt has lost more than US$700
million a year from tourism declines, and had 40% fewer tourists in the first half of
1998, compared with foreign visitors last year during the same time period.
(Source: YOUR LINK HERE)
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LAST MINUTE TRAVEL BARGAINS -- Special Discounted
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American Airlines' Net SAAver and Net SAAver International offers last minute travel
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International flight departures leave on Thursday or Friday, November 12 - 13, 1998.
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You can also read the latest news about
Travel & Tourism.
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