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It doesn’t affect our plans at all. In 2023, we plan to execute 20 to 30 domestic locations, and 10 to 20 international locations. There have been—and always will be—peaks and valleys in our economy. We believe we’ve brought a product to market that’s built to weather the valleys and capture even more market share, even as our competitors struggle in the tough times.
Unlike many concepts in our space, we aren’t tied exclusively to one protein. We can pivot to chicken, beef, pork, or fish when one or several of those proteins become more difficult to obtain or too expensive to buy because of supply chain challenges. The same is true of our liquor offerings and entertainment. We carry events featuring cricket, tag, cornhole, racing, fishing, skating, etc. We aren’t tied to just the four major sports of football, baseball, basketball, and hockey.
We had record-breaking weeks during the World Cup, and many of those games were played early on weekdays. It was a great complement to the college and pro football games that dominate the screens on the weekends that time of year. When sports programming slows in the dog days of summer, we get creative with drink and food specials. We also invite our Twin Peaks Girls to get in on the fun and alternate uniforms to attract guests craving a unique experience when there’s not much to see on television.
Locating and securing real estate in a down market is wise and leads to greater upside—assuming you’ve done your diligence and are acquiring “A” sites in dense markets. It’s the one time a developer might actually find a deal on a great piece of real estate.
Fear of a recession affects consumer confidence, including our developers and operators, not just the guests in our lodges. As a result, many developers and operators are hesitant to make a commitment when sentiment is down. It can also affect the cost of capital, making it difficult for developers to complete their capital stack, particularly if they’re chasing a construction loan. There is less debt capital available because fewer lenders will lend in that kind of environment, and the cost for that capital is often much higher.
But we see more upside. We run a tight ship. It’s built to thrive in good and bad times.