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yesterday

One Group Signs Largest Asset-Light Deal to Add 10 Benihana Locations Across Bay Area

The company is pursuing an asset-light model built on a redesigned prototype the company says delivers stronger unit economics.

Benihana is planning to expand with 10 new restaurants in the Bay Area.
A chef at Benihana entertains diners while they cook inside the Japan Center mall in San Francisco. Benihana plans to open 10 new restaurants across the Bay Area under a major expansion deal, including full-service locations and fast-casual Benihana Express.
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Overview

  • The agreement covers three franchised Benihana restaurants, two joint-venture units and five licensed Benihana Express locations.
  • Two joint-venture restaurants are planned to open in 2026, with the remaining sites to be phased in over seven years, and specific addresses were not disclosed.
  • Benihana Express is a smaller, fast-casual format without hibachi tables that is geared toward takeout and quicker meals in dense urban markets.
  • A redesigned Benihana that opened in March at San Mateo’s Bridgepointe Shopping Center is cited by the company as the brand’s strongest opening and serves as the template for new builds, with more hibachi tables, expanded bar seating and improved takeout flow.
  • One Group acquired Benihana for $365 million in 2024 and estimates the refreshed design can generate about $8 million in annual sales with restaurant-level profit margins in the mid-20% range.