Beefy’s, Firehouse Subs to drive Retail Food Group’s growth

Store rationalisation will fund the expansion of these brands.

Retail Food Group will turn to its Firehouse Subs and Beefy’s to drive growth, after FY2025 underlying EBITDA met expectations, helped by one-offs, with Crust improving but Donut King slowing down, according to a report by CGS International.

The report said that though both hold potential, Firehouse Subs is new to Australia, whilst Beefy’s remain untested outside of South East Queensland.

Analyst expects corporate store rationalisation will largely fund the rollout to come, though this coincides with more than half of Gloria Jeans stores set for refurbishment, which could disrupt franchise fees to RFG.

RFG targets 50 Beefy’s by 2028 and 165 Firehouse stores within 10 years.