Joe's Crab Shack, a well known brand of
Ignite Restaurant Group, Inc.
), recently unveiled an outlet in Newark, N.J. With this opening,
the company now boasts seven Joe's Crab Shack restaurants in New
Located at 860 Broad Street next to Courtyard Newark
Downtown-Marriott, the outlet can accommodate around 178 diners
at a time. Apart from its trademark Southern-flavored seafood,
the 5,300 square-foot outlet will offer new fall menu items. We
believe the unit's strategic positioning coupled with its
contemporary ambience will likely drive traffic, going ahead.
Ignite Restaurant is keen on expanding its presence in the
market of New Jersey. In August, the restaurateur opened a Joe's
Crab Shack unit in Brick, N.J.
According to the National Restaurant Association, the
restaurant industry of New Jersey acts as a major catalyst in its
economic development. New Jersey's restaurant industry is
projected to generate around $14.2 billion in sales in 2013. We
believe that the company's expansion into the most densely
populated and wealthiest U.S. state will immensely augment its
Established in 1991, the seafood restaurant chain, Joe's Crab
Shack, currently operates 135 restaurants across 30 states in the
U.S. The Zacks Rank #4 (Sell) company is focusing on expanding
its presence in the growing domestic market. During the second
quarter of 2013, Ignite Restaurant launched three Joe's Crab
Shack restaurants. The company is also intending to launch four
more Joe's Crab Shack unit in the second half of 2013.
Other Stocks to Consider:
Others players in the same industry, which look attractive at
current levels, include
AFC Enterprises Inc.
Domino's Pizza, Inc.
CEC Entertainment Inc.
). All these stocks carry a Zacks Rank #2 (Buy).
AFC ENTERPRISES (AFCE): Free Stock Analysis
CEC ENTERTANMNT (CEC): Free Stock Analysis
DOMINOS PIZZA (DPZ): Free Stock Analysis
IGNITE RESTRNT (IRG): Free Stock Analysis
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