Restaurant Expansion: Shrimp Market's Sea Change

With a shrimp supplier as its parent company, Shrimp Market brings shrimp to the masses as affordable, accessible fare.

By Maya Norris, Managing Editor -- Chain Leader, 11/1/2008

Shrimp Market plans to have 14 locations open by the end of 2009 in Florida and the Northeast.

Shrimp Market is out to prove that shrimp is no longer just for special occasions. The quick-service restaurant chain says it offers high-quality shrimp at affordable prices thanks to its parent company, which serves as its supplier. Now the Aventura, Fla.-based company is ready to roll out the brand to new markets in Florida and the Northeast.

Salomon Finvarb, founder of Cartaqua, a Colombia-based company that raises and sells shrimp wholesale, and its U.S. subsidiary, Caribco Shrimp Corporation, came up with the idea for Shrimp Market three years ago. He thought it was a natural extension of his business to open a fast-food restaurant that used shrimp from his shrimp farms.

Easy on the Wallet

“We noticed in the United States shrimp had always been seen as a very expensive, as a very exclusive, special item,” says Vanessa Abramowitz, president of Shrimp Market and Finvarb's daughter. “But because there is so much more shrimp in the market now, the price has gone down and it has become more accessible.”

After working with two restaurant-consulting firms to develop the concept, Shrimp Market debuted in Aventura in February 2007. The concept features a variety of cooked-to-order shrimp dishes. The best seller is Shrimp Carbonara, $7.95, with cavatappi pasta, Alfredo sauce, bacon, mushrooms, peas and Parmesan cheese. Other popular items include Cajun Jambalaya Shrimp, $6.50, with andouille sausage, seared onions and bell peppers in Creole tomato sauce; and Coconut Shrimp, $6.95, with rum dipping sauce.

Abramowitz says she works with Cartaqua to ensure Shrimp Market gets the best quality shrimpat good prices. Cartaqua prepares and portions shrimp for each dish; for example, larger shrimp for deep-fried dishes arrive breaded and raw, while smaller shrimp for rice dishes come parcooked.

Market Conditions

Shrimp Market also kept quality and costs in mind when it tweaked the menu over the past year. It got rid of six items that were not selling well, had high food costs or were labor intensive to produce. For example, Thai curry came off the menu because it had high food costs and didn't sell well. Asian spring rolls were also removed because they were labor intensive. Food costs went down 3 percent, to 35 percent.

The decor also underwent some minor changes after Shrimp Market conducted market research that found customers associated the light, modern look with only fresh, cold items like shrimp cocktail. The company added a mural with flames and warmer colors like orange to the decor, which includes white walls, light wood, stainless steel and a display case filled with shrimp on ice. It also created a display kitchen to show customers it has hot menu items.

The new look and streamlined menu have made their way into the six stores Shrimp Market opened this year in Florida and Massachusetts. It will open two more by year-end in New York and New Jersey. In 2009, it plans five units in Florida, New Jersey and Connecticut.

The company intends to build the brand along the East Coast over the next five years, citing Washington, D.C., Delaware and Pennsylvania as potential markets. But it hasn't yet made any expansion plans beyond 2009.

Snapshot

Concept Shrimp Market

Headquarters Aventura, Fla.

Parent Company Cartaqua, Cartagena, Colombia

Units 7

2009 Systemwide Sales $8.3 million*

Average Unit Volume $650,000

Average Check $9

Expansion Plans 2 in 2008, 5 in 2009

*Chain Leader estimate

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