RISE - Menu Monitor

Palm Restaurant
Headquarters
1730 Rhode Island Ave. NW Suite 900, Washington, DC 20036 USA
Tel: (202)775-7256 Fax: (202)775-9153
www.thepalm.com
Ownership: Private
Segment: Full Service Steak
System Characteristics 2006 2005 2004
U.S. Systemwide Sales ($000) 140,000 143,000 134,000
Company-owned ($000) 140,000 143,000 134,000
Franchised ($000) - - -
U.S. Number of Units 28 29 27
Company-owned 28 29 27
Franchised - - -
International Sales ($000) 3,600 3,500 7,000
International Units 1 1 2
Average Sales/Unit ($000) 4,900 4,700 4,900
Concept Positioning |
The Palm Restaurant is a chain of full-service, upscale restaurants specializing in steak and lobster. Units are open for lunch
and dinner Monday through Friday, and dinner-only Saturday evenings. All units are located in major metropolitan markets.
The restaurants draw from both a local and convention-going/traveler-oriented clientele. The Palm is also the oldest familyowned,
white tablecloth restaurant.
Palm Management operates in about 25 major U.S. markets, Mexico and Puerto Rico. The company also runs its own
wholesale meat company. The atmosphere is brash and bustling with sawdust-covered floors. Walls are covered with
caricatures of local notables and national celebrities.
Pio Bozzi and John Ganzi opened the first Palm in New York City in 1926. Originally, the duo specialized in Italian foods from
their native Parma, Italy areas. Steaks were added early on but third generation owners, Wally Ganzi and Bruce Bozzi,
originated its reputation for seafood in the 1970s by introducing 4–8 lb. lobsters to the menu. The latter duo is also credited
with expanding the concept beyond its New York base. In 1973, the duo’s third restaurant, the Palm Too, was opened right
across the street from the original to help accommodate the overflow from the first Palm. In 2000, the restaurant added a
customer-loyalty program, the 837 Club, named after the first Palm Restaurant’s address: 837 Second Avenue in New York.
Rewards range from gift certificates to trips to the Colony Beach and Tennis Resort. Future expansion has not been disclosed.
Menu Positioning |
The Palm specializes in a full-service menu of Italian-inspired entrées, steaks and seafood. Its signature items are it Double
Steak—36-oz. New York Strip for two; and Jumbo Maine Lobsters—three pounds or larger. The Palm also offers fresh
seafood such as crab cakes, swordfish, salmon, shrimp as well as chicken, veal, lamb and pasta entrées. Sides include freshly
prepared vegetable-based dishes such as broccoli, creamed spinach and green beans; salads such as sliced tomato and
onion or Monday Night Salad and potatoes including its signature Half and Half—half cottage fries, half fried onions. Full liquor
service is available. Entrée prices vary at each restaurant but range from $10–$24 for lunch and $16.50–$38 for dinner.
Checks average $30 for lunch and $77 for dinner.
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