Pincho Builds Brand With Love From Millennials
Fast-casual Latin American restaurant concept Pincho aligns its image-forward digital presence with millennials.
Founded by a millennial trio, Pincho is now using its appeal to this consumer group to grow its franchise of Latin American street food restaurants.
“Our vision is to celebrate Latin American inspired cuisine and the bold flavors that it requires,” says CEO Jayson Tipp of the Miami-based concept that got its start in 2010 and is up to 12 Florida locations. Tipp is among the 70-plus brand presenters at the Franchise Times Finance & Growth Conference continuing through Wednesday at the Rio Hotel in Las Vegas.
Calling it a millennial-oriented brand that uses viral marketing videos and Instagram to help cultivate a “cult-like following” around its offering of meat skewers, wraps, rice bowls and burgers, Pincho isn’t only a restaurant brand but also a digital brand, notes Tipp. Its polished, colorful, image-forward digital presence is much larger than expected given its size, says Tipp, and that’s used to highlight Pincho’s use of fresh chicken and steak for its skewers, the housemade sauces and even its own beer brand, 627.
“Millennials love us a lot,” Tipp continues, pointing out the customer base for the fast-casual concept is almost evenly split between men and women. “And they’re willing to spend more for those authentic experiences that are differentiated.”
The numbers illustrate that love. Pincho’s average unit volume is $1.3 million, with an all-in new unit cost of about $500,000 for a 2,400-square-foot restaurant. The brand aims to grow via multi-unit franchise owners who not only have previous chain restaurant experience but also a desire to be part of a growth concept and, as Tipp says, “something that’s edgy.”