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Spending at Dave and Busters in Friendswood, TX—the first location of their remodeling campaign—is up close to 20% YoY in the 13 weeks ending March 2nd, 2024, according to Earnest credit card data. This growth also materially outperformed the rest of the system. Spending at the location accelerated since the newly reformatted location debuted on August 11th, 2023.
The restaurant and entertainment company is in the midst of a larger remodeling campaign, starting with the Friendswood location this past summer, and of which they completed 8 additional test remodels as of quarter end. The company guided to completing 40 to 45 stores remodeled by the end of fiscal 2024.
PLAY management alluded to “encouraging” results in their 4Q23 earnings call. Management also mentioned the remodel in Friendswood “was exceeding expectations, driving a double-digit sales uplift compared to the prior year and a more than 30% sales uplift compared to 2019” and that the 8 additional test remodels “have outperformed the balance of the system by 9% post remodel through March.”
