The Cheesecake Factory’s place in the U.S. full service restaurant (FSR) market
After The Cheesecake Factory began expanding its menu items beyond small plates and cheesecakes, it quickly became one of the largest FSRs in the United States. The number of FSRs in the United States steadily increased from 2013 to 2020, with a forecasted total of 33,769 establishments by 2020. In 2019, The Cheesecake Factory placed in a ranking of the biggest casual dining chains in the U.S. by units, coming 16th with a total of 206 establishments. Meanwhile, during a ranking of the biggest casual dining chains in the U.S. by sales, The Cheesecake Factory ranked higher than many of its competitors, coming in eighth place. The chain earned a total of 2.2 billion U.S. dollars which was just under half of that of competitor Olive Garden, which came first in the ranking.
Where are The Cheesecake Factory's biggest markets?
Given that The Cheesecake Factory was founded in California and its only restaurants were located there until the 1990s, it is not surprising that in 2020, California was the U.S. state with highest number of The Cheesecake Factory establishments. As of 2019, the chain had locations in 39 states plus Washington D.C. and Puerto Rico, and there were 39 locations operating in California alone. When looking at The Cheesecake Factory’s average sales per location worldwide, this number was relatively stable from 2015 to 2019, only increasing by 0.1 million U.S. dollars over this time period to 10.7 million U.S. dollars in 2019. This trend was interrupted in 2020, however, as the coronavirus (COVID-19) pandemic caused average sales per location to drop to 7.8 million U.S. dollars. Despite the interruption in sales growth, the Cheesecake Factory remains a well-known restaurant in the U.S., often appearing in popular culture and media. During a survey that looked at the share of the American public who visited The Cheesecake Factory in the last three months, it was noted that just over 15 percent of adults aged 30 to 49 visited the chain, suggesting this demographic made up a large part of the overall customer base.