10 Surging Steakhouses to Keep on Your Radar for 2023
The restaurant that can arguably be considered America's first steakhouse was called Delmonico's and it was founded in New York City in the year 1837. Sadly, having been shuttered in 2020 and without clear plans for a re-opening, Delmonico's is unlikely to mark that august occasion of a 200th anniversary. But don't take the closing down of a one-storied steakhouse to mean that steakhouses in general are in a bad way. In fact, the future looks quite positive for many growing American steakhouses in 2023.
Next year, we expect to see these 10 steakhouse chains doing a bumper crop of business. Many will expand their footprints and some will embark on aggressive promotion in the form of deals, offers, and loyalty programs. All of this is good news for diners who like a good piece of red meat and a night out.
2022 was a good year for Texas Roadhouse, which saw sales surging by double digits year-over-year and with many new locations opening. And per Restaurant Business Online, the expansion is likely to accelerate in 2023, with even more new locations joining the 600-plus unit chain—it may even expand to 900 locations or more.
Black Angus Steakhouse
With some new blood in upper management positions, some new merch for sale online—including meat that can be ordered for two-day home shipping—and some major plans to expand kitchen operations, this chain forecasts an annual increase of a million dollars in revenue at each location in 2023. Per FSR Magazine, there are about 30 Black Angus locations operating in 2022, but watch that number grow soon.
According to FSR, this new Houston area steakhouse is likely to become a nationally noted restaurant. Steakhouse Andiron has hired celebrated chefs Louis Maldonado and Mario Da Silva to lead the team in the kitchen, and both have a track record of success.
Per the company's site, there are currently 18 STK Steakhouse locations in the United States and 10 located overseas. And according to Business Wire, revenues are on the rise for STK systemwide. The chain enjoyed a modest 3.5% increase in third-quarter sales when you compare 2022 with 2021, but when you see the surge in sales since the same quarter in 2019, pre-pandemic, you'll note an amazing 45.6% increase in revenues.
Ponderosa and Bonanza Steakhouse
As Ponderosa Steakhouse and Bonanza Steakhouse operate as one company, we'll be treating them as such. There are currently just shy of two dozen locations (though a couple are temporarily closed) but, thanks to the chain's franchise model and plans for expansion, you could see many more locations of this casual buffet-style steakhouse in 2023.
Celebrated for its top-quality dry-aged steaks and its excellent selection of wines, this Seattle steakhouse is poised to vastly expand its revenues in 2023. That's because The Met has recently hired noted hospitality industry veteran Chris Lara as its wine director, and he brings decades of experience to the role.
A competitor of many of the more casual steakhouses like Black Angus and Texas Roadhouse, Longhorn Steakhouse which currently has a hefty 575 or so locations, is looking to grow in 2023. Business has been up, and the chain is eyeing new locations to be developed soon, per South Florida Business Journal.
Ruth's Chris Steakhouse
The chain known for the hot plates and sizzling butter is riding a hot streak into 2023. Sales were up in 2022 and new locations were added. In 2023, watch out for a few new units and a lot more revenue at established locations, of which there are currently more than 150.
Currently, Steak 48 has restaurants in four cities: Houston, Philadelphia, Chicago, and Charlotte. A truly upscale restaurant complete with dress code information on its site, this is a place where the "cheapest" steaks start at over $50. But apparently, things are working well for the small chain, as per FSR sales have been up and with the appointment of a new GM and a new executive chef, Steak 48 is confident going into 2023.
Another venerable restaurant, Old Homestead has been in business since 1868. The establishment is aggressively courting new business (and repeat diners, of course) by running ads of various types, from billboards to TV commercials, and, per FSR, by offering a wild "inflation special" deal wherein the place offers a massive 38-ounce porterhouse steak for $99.