SALT LAKE CITY, UT / ACCESSWIRE / January 28, 2015 / With the upscale dining sector growing at a steady rate, having seen customer visits increase 5% between 2011 and 2013, Latitude 360 (LATX) stands to capitalize on a market primed to explode. In fact, this month Latitude 360 announced a major development that could make the restaurant and entertainment company a household name. By the end of 2015, the company plans to open one of its largest new facilities at 23 Wall Street in New York, in a historic, 110,000 square foot building across from the New York Stock Exchange.
Foot traffic in the financial district alone should net the company tens of thousands of new customers, while public exposure for the company should rise exponentially once it inhabits such a high-profile location. The tone of Latitude 360's multi-dimensional restaurant and entertainment platform featuring comedy clubs, sports and cigar lounges, as well as games, in addition to its upscale restaurant and bar, should have no problem fitting in and becoming a main attraction at the heart of the upscale financial district. The demographic of the area's customer base, which is comprised largely of young to middle-aged business professionals, in addition to the great many tourists that frequent the region, is precisely aligned with LATX's target audience of professionals looking to unwind and enjoy fine dining.
The building soon to be occupied by Latitude 360 was formerly a J.P. Morgan Co. headquarters and is commonly referred to as "The Corner". Because the building is a designated New York City Landmark, Latitude 360 CEO Brent Brown plans to keep exterior of the building largely unchanged. However, the interior will all be dedicated to Latitude 360's many attractions, as well as its offices.
The announcement of this move into the heart of NYC supplements the healthy expansion already taking place within the company. Not counting the NYSE location, the company projects a 400% increase in its number of locations between 2013 and 2017, with new openings also scheduled in the near future at locations in Minneapolis and Massachusetts, as well as New York.
All of the new LATX locations popping up throughout the country should create will create a multitude of new job growth. The Wall Street location like with other existing and planned Latitude 360 locations is expected to deliver more than a 100 jobs as well as take over commercial space that few other entities could fill for mixed used purposes. With job creation through expansion a main focus of many of the company's leaders, shareholders should be confident that the internal growth of its corporate structure will serve as a solid foundation for future share value.
Many of the company's leaders and board members previously served as upper level management for other restaurants such as Outback Steakhouse (BLMN) and companies that came from humble beginnings, but grew to be juggernauts under their steady leadership.
Latitude 360 demonstrates near-identical potential to those earlier ventures. Trading at a modest price of 1.30 per share , the company shows other signs of sustained growth and a loyal customer base forming. LATX posted same-store, year-over-year sales growth in several of the later months of 2014. Also, sales of its club memberships, which offer exclusive rewards and discounts, have multiplied in recent months thanks to marketable promotions tied to the company's specialty entertainment like its theaters and bowling alleys.
With evidence of steady growth in its customer base, a high-profile new location opening up within the year, as well as several other locations on their way in the very near future, Latitude 360 presents to investors a investment with a sky's-the-limit upside. In addition to the strides made by the company itself, the upscale dining industry continues to show signs of life coinciding with the resuscitation of the U.S. economy. The time certainly appears to be just right for a commitment to LATX.
Currently we are keeping close watch on tickers, GTIM, LATX, HABT, SHAK.
Good Times Restaurants Inc. (GTIM) same store sales increased 8% in its first fiscal quarter ending December 31, 2014 over the prior year's increase of 17.4%.
All eyes at the moment seem to be on the restaurant sector with Shake Shack (SHAK) debut of the IPO. Wall Street loves the young, fast-growing restaurant chains. Look at Zoe's Kitchen (ZOES), which went public last April, shot up 65 percent on the first day of trading and has added another 24 percent since then.
The Habit Restaurants, Inc. (HABT) announced an international franchise agreement with Food Quest Restaurant Management, LCC ("Food Quest") for the development of up to 50 new Habit Burger Grill restaurants in six countries in the Middle East over the next 10 years. Food Quest, LLC has the exclusive rights to open restaurants in the UAE, Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman.
Latitude 360 recently named Kenneth H. Adams as new Chief Financial Officer. Ken served as the General Manager and Chief Financial Officer of Hospitality Development Company (HDC) in Qatar where he developed and implemented the strategic turnaround plan for The Pearl Qatar, a US $12 billion island development located in Doha.
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SOURCE: Seraphim Strategies