Minor Food Group Plc. has announced a significant strategic pivot, unveiling a five-year plan to expand its global restaurant footprint to 4,500 outlets by 2029, a substantial increase from its current 2,700. The aggressive growth will be primarily driven by an asset-light franchising model, aimed at accelerating international expansion and enhancing profitability.
The strategy was detailed by Thunyachate Ekvetchavit, Chief Development Officer at the Minor Food Group, at the company’s recent “Global Franchise Conference.” He positioned the move as a critical step towards realizing the company’s vision of becoming the “Global Franchise Soul of Choice,” a top-tier partner for entrepreneurs worldwide.
At the core of this strategy is a fundamental restructuring of the company’s portfolio. Minor Food aims to nearly double its number of franchised outlets from 1,300 to 2,500, shifting the balance from 48% to a 56% majority of franchised stores. Ekvejwit noted that this asset-light approach allows for rapid scaling while lowering capital expenditure, a formula expected to drive profit growth at a rate faster than revenue.
“Our deep understanding of the franchise model comes from being on both sides of the table,” Ekvejwit explained, referencing Minor’s role as a franchisee for brands like Burger King. “This gives us unique insight into what our partners need to succeed.” The strength of this partnership model is evident, as over 70% of Minor’s existing franchisees currently operate more than one of the group’s brands.
Domestic Innovation and International Ambition
In its home market of Thailand, Minor Food is pursuing a two-pronged strategy of portfolio expansion and format innovation. Its franchise portfolio has grown to six brands, including The Pizza Company, Sizzler, Dairy Queen, Bonchon, Gaga, and the newly launched The Steak and More.
To penetrate new market segments, the company is rolling out new store formats. Its Dairy Queen Modular concept—standalone stores often co-located with convenience stores—is designed to capture the late-night market and offers franchisees lower investment risk due to the units’ mobility. Simultaneously, unique Flagship Stores, such as a The Pizza Company outlet in Phrae province offering a localized sai oua (northern Thai sausage) pizza, are being developed to create destination dining experiences.
Internationally, the company’s goal is to achieve a near 50:50 balance between domestic and overseas operations. The focus is on high-growth markets with favorable demographics, with Indonesia serving as a key beachhead. The company has seen rapid success there, doubling its Dairy Queen outlets and expanding the Gaga bubble tea brand from zero to 32 stores in about a year, partially fueled by strong social media presence. Future plans also target India and the Middle East, where a revamped Benihana concept will be introduced. While Vietnam and the Philippines are being considered for future expansion, the immediate focus remains on executing its current plans.
New Brands and Financial Outlook
The launch of “The Steak and More” exemplifies the company’s brand development pillar. Positioned as a value-oriented brand with full meals priced under 200 THB, it is designed to be distinct from the more premium Sizzler, thus avoiding market cannibalization. Its “franchise-first” model, where only 15-20% of stores will be company-owned, presents a greenfield opportunity for new investors.
Financially, the plan is underpinned by projections of a double-digit compound annual growth rate (CAGR) in revenue. Minor Food currently contributes approximately 20% of parent company Minor International’s (MINT) revenue but over 30% of its profit. Regarding performance, the company targets a positive single-digit Same-Store Sales Growth (SSSG) for the full year 2025, navigating challenges in markets like China with stronger performance in others, such as Australia.
“In the current economic climate, brands that deliver clear ‘Value for Money’ and ‘Affordability’ will continue to thrive,” Ekvejwit concluded. This strategic shift signals Minor Food’s clear intent to transform from a regional leader into a formidable global player in the franchise restaurant industry.
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