Bryan Tiu, president and chief executive officer of IFoods Group Inc. and also the man behind the success of Peri-Peri, tells entrepreneurs to embrace flexibility to weather challenges that come their way due to rising competition, changing market demands or increasing operations costs.
Tiu, who failed in his first entrepreneurial venture, has established 23 branches of the charcoal grilled chicken restaurant, his own brand name, all over the country and looks forward to adding more.
But before reaping success, Tui experienced failures. In 1996, Tiu, who was then 18 years old, opened a sub franchise with a major pizza brand. However, his small business ran right into the center of the Asian financial crisis.
“My first business venture ran into a bad timing,” Tiu said in a recent interview with the media during the opening of Peri-Peri’s 23rd branch in McKinley Hill.
After his initial setback, Tiu picked up the pieces and opened a Teriyaki Boy franchise in 2001 until 2005, when he had to discontinue the business since Pancake House has acquired Teriyaki Boy.
In 2006, Tiu established IFoods Group because he saw an opportunity in the Filipino consumers wanting for more options and that their purchasing power keep on increasing. So, he explored the casual restaurant segment. Tiu said he wanted to give the local market more options in the segment
IFoods is a 14-year-old company that develops local food brands for the mainstream market. Peri-Peri is the flagship of the group.
Starting with a single store at the Podium in 2005, Peri-Peri has a total of 23 stores in 2018. He added that 2018 has been an awesome year for the brand.
“Right now, we are 23 and growing. We have grown so much as a brand, and we will only keep growing in the coming years. Our success story is a strong testament to the trust and love the public has for Peri-Peri,” Tiu said.
“We will be aiming for the opening of 10 more stores in 2019. When we hit 23, the mall owners invited us,” Tiu added.
Tiu said the ideal ratio is 50-50 between company and franchise owned.
Since opening its doors in 2005, the restaurant has enjoyed consistent growth as it established itself as the go-to place for Charcoal Grilled Chicken, BBQ Back Ribs, and unique, character-filled sauces.
ABS-CBN talent Enchong Dee is one of the franchisees of Peri-Peri. He is also the endorser.
“Peri-Peri is such an easy place to get lost in. There’s the satisfaction of eating great-tasting food, the upbeat energy that grabs you the moment you step inside and the passionate colors that entice you—these things create such a distinct atmosphere,” he said.
“I hope that in the coming years, we will continue to grow and excite more taste buds, the way only Peri-Peri can,” he added.
Moreover, Dee’s love for the brand truly runs deep, as the actor is also a Peri-Peri franchisee of UP Town Center, Market Market and SM Megamall branches.
Tiu said the mall boom is also a growth driver for Peri-Peri as some of them expressed interest to invite Peri-Peri to open a store there.
Despite the entry of foreign players in the country, Tiu remains confident that Peri-Peri can withstand the competition. “I guess being a local brand, it is easier to understand the market,” Tiu pointed out.
The price points, according to Tiu, is not a big issue to Filipinos as they are now more capable to purchase products and, at the same time, are value conscious, especially the
“The millennials are very conscious on the price and become picky in their hangouts,” he said.
Peri-Peri currently has branches in Nuvali Solenad 3; Alabang Town Center; Uptown Mall BGC; Greenbelt 3; Eastwood Mall; Capitol Commons; Megamall B; Promenade Greenhills; Evia Lifestyle Center, Las Piñas; Gateway Araneta Center; UP Town Center; Trinoma Mall; SM City Bacolod; Meerea High Street Mandaue, Cebu; Robinsons Manila, Brittany Square, Fairview; Ayala Feliz, Marikina; SM Marikina; Festival Mall, Alabang; Market Market, BGC; Banaue, Quezon City and Resorts World Manila.
The franchise fee is P1.2 million. Total cost for the construction of the store is P12 million.
*this article was copied and originally published in Business Mirror last January 9, 2019 and can be also found at https://businessmirror.com.ph/the-driving-force-behind-peri-peri-resto-brand-success/