The ONE Group Announces Major Expansion in San Francisco Bay Area

The ONE Group has signed a significant development agreement to open ten new restaurant locations in the Greater San Francisco Bay Area. This expansion involves a mix of Benihana and Benihana Express formats and represents the most extensive asset-light development in the company's history. The agreement includes three franchised Benihana locations, two joint venture locations, and five licensed Benihana Express locations. The joint venture locations are scheduled to open in 2026, with the remaining locations planned over the next seven years.

In addition to the expansion in the Bay Area, The ONE Group is increasing its presence in professional sports and entertainment venues. The company has renewed a three-year concession agreement at the Mortgage Matchup Center in Phoenix, Arizona, home to the Phoenix Suns and Phoenix Mercury. The new deal adds STK-branded products to the existing Benihana concession.

Furthermore, The ONE Group has secured a new three-year Benihana concession at UBS Arena in Elmont, New York, home of the New York Islanders. This move expands the company's footprint in the New York metropolitan area and complements its existing Benihana concession at Yankee Stadium.

The company also reported the opening of two new STK locations in Scottsdale, Arizona, and Oak Brook, Illinois. The Scottsdale location, converted from a former RA Sushi restaurant, opened in October 2025 with a conversion cost of approximately $1 million. The Oak Brook location, which opened in December 2025, cost roughly $1.5 million to develop. Both locations are part of The ONE Group's strategy to develop capital-efficient, second-generation units.

In product development, The ONE Group has launched Benihana-branded Teriyaki Flavored Crispy Chicken Chips in collaboration with Flock Foods. These snacks are available on Flock Foods' website and will be in select retailers by early 2026.

Looking ahead, The ONE Group plans to focus on capital-efficient growth in 2026, aiming to reduce discretionary capital expenditures. The company intends to prioritize new restaurant development, focusing on locations that require $1.5 million or less to open. Additionally, The ONE Group plans to convert up to nine existing Kona Grill and RA Sushi locations to either the Benihana or STK format by the end of 2026, with each conversion expected to require approximately $1 million in capital investment.