GEN Restaurant Group, Inc. ("GEN" or the "Company") (NASDAQ:GENK), operator of GEN Korean BBQ, the largest full-service Korean BBQ restaurant chain in the United States, today announced the successful completion of its first Costco roadshow across the Northwest. Following the very strong performance of the roadshow, GEN has secured purchase commitments from approximately 60 to 70 Costco warehouse locations throughout the Northwest. Together with the 40 warehouse locations across Southern California and Hawaii that have already committed, GEN now has purchase commitments from more than 100 of the approximately 633 Costco warehouse locations in the United States, or over 16% of the chain's domestic footprint. As part of its broader retail distribution strategy, GEN is continuing the roadshow program into additional regions, where it is confident it will see the same strong results. The Company expects its products will reach at least 30% to 40% of all Costco warehouse locations nationwide.
Consumer reception during the first series of events significantly exceeded the Company's internal expectations. Sales approached record levels for a Costco roadshow, surpassing even the expectations of Costco's regional team. The Company believes existing recognition of the GEN Korean BBQ brand drove much of this demand and is a primary driver of the early success and growth of its CPG business.
The approximately 60 to 70 Northwest warehouse locations are expected to begin receiving GEN products in Costco freezer sections starting in August.
Login to comment