IHOP was not always a multinational conglomerate. It is now one of the nations leading sit down, cheap restraint chains. With over 1, 000 locations world wide it is a commonly known restraint. As of recent IHOP has had a 52-week high of 39. 4 and a low of 27.
04. Recently, IHOP rang the bell of the NYSE in celebration of the kick-off of the National Pancake Day (March 4) and the launch of a brand rejuvenation strategy for IHOP, which celebrates its 45 th year in business this July. In honor of the occasion, Julia A. Stewart, President, CEO, COO rang the bell. Before laying out the entire history of the International House of Pancake here is some simple background information: IHOP Corp. is a family restaurant chain that serves a wide variety of breakfast, lunch and dinner selections.
Offering more than 16 types of pancakes, as well as omelettes, breakfast specialties, burgers, chicken and steaks, IHOP’s menu is designed to appeal to people of all ages. IHOP restaurants are developed, operated and franchised by the Company. As of December 31, 2003, there were 1, 165 IHOP restaurants in 48 states and Canada to be exact. In 1958, IHOP Corp. traces started up by opening of the first International House of Pancakes restaurant in a suburb of Los Angeles, Toluca Lake, California. The American eating public quickly took to the concept of a restaurant based on one of America’s favorite foods…
pancakes. Within four years the number of units had increased to nearly 50, with many of the restaurants being operated by franchisees. That is incredible when you think about it since it takes a while to start up a franchise. Obviously past, present, and future In 1961 the company became publicly traded under the name International House of Pancakes.
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The remainder of the decade was a time of acquisition for the company. The company acquired both food and non-food businesses during this period with a strategy of becoming ‘The Franchise Company.’ Because of these acquisitions and to reflect properly the diversified conglomerate become, the company adopted the name International Industries, Inc. in 1963. Restaurant brands under International Industries control during the 1960’s included International House of Pancakes, Orange Julius, Love’s Wood Pit Barbecue, Golden Cup Coffee Shoppes, The Original House of Pies, Wil Wright’s Ice Cream Shops, Woody’s SmorgasBurger, The Dog House and Copper Penny. Non-food brands included The Big Brake Safety Center, The Golden Oaks Retirement Homes, United Rent-Alls, House of Nine, and Sawyer College of Business.
Through franchising the company was able to open new locations and grow many of these brands. This growth was quite fast for something that was nothing six years ahead of time. Before this essay I had never know that they did more than make pancakes, imagine that. Acquisitions continued in the early 1970’s when the company purchased The Shirt Gallery, Michael’s Artists and Engineering Supplies and executed an agreement with Master Hosts International for the establishment of a major new motor hotel company. A strategic change would take place in 1973 with the company placing concentration for its future on a small group of brands: International House of Pancakes, Love’s Restaurants, Orange Julius, Sawyer Business Colleges and The Bryman Schools. The 1970’s would also witness the official ‘adoption’ of IHOP for International House of Pancakes when in 1973 a new marketing program was undertaken utilizing the acronym IHOP for the first time.
In 1975 the company would essentially complete its strategy of turning International Industries back into a restaurant franchiser and operator by divesting all remaining non-food businesses. In addition, the Orange Julius subsidiary was sold allowing the company to focus on it’s most successful brands IHOP, Love’s Restaurants and Copper Penny. In 1976 IHOP Corp. became the successor company to International Industries, Inc. which had changed its name to International House of Pancakes, Inc.
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By the late 1970’s the company was once again growing as new IHOP franchised restaurants opened in markets across the country. The decade would conclude with two transactions of international flair. In 1978 the company entered the Japanese market through an area licensee, and in 1979 a Swiss company acquired a controlling interest in the company. In addition, Richard K. Herzer was appointed president of IHOP Corp. Richard went on to become one of the best on of there best CEOs of the company.
The 1980’s would bring an end to an architectural icon as the last A-frame IHOP was built in 1983. The new building was much more efficient and could accommodate more business but still retained key image characteristics of the famous A-frame including the familiar blue roof. For the balance of the decade the company focused on servicing franchisees and did not increase the number of locations. The company reverted back to American ownership in 1987 when Mr.
Herzer and other investors purchased the company. In the 1990 s, IHOP continued its successful strategy of expansion primarily through franchising, increasing the number of restaurants from 490 to over 900. Having divested Love’s and Copper Penny the company’s sole focus is on the International House Of Pancakes and awareness of the brand exceeds 98 percent, making IHOP one of the most popular family restaurant chains in America. In 1991, to accommodate future growth, the company moved its headquarters to Glendale, Calif. and via an initial public offering became publicly traded on the NASDAQ Stock Market under the symbol ‘IHOP.’ For the first time average sales per restaurant exceeded one million dollars in 1993. IHOP reached another milestone in 1998 by, for the first time, exceeding one billion dollars in system-wide sales.
The company was recognized in 1992, 1998, 1999 and 2002 on the Forbes Magazine 200 Best Small Companies list, which highlights the hottest growth prospects in American business. In addition IHOP is regularly listed in the Franchise Times 200 list. In 1999 IHOP began to trade on the New York Stock Exchange, under the symbol ‘IHP’. In November 2001 the company opened its 1000 th location in Layton, Utah. Julia A. Stewart a 32-year restaurant veteran, was named President and Chief Operating Officer of IHOP in December 2001.
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Ms. Stewart is one of the most respected leaders in the restaurant industry. In May 2002, Ms. Stewart assumed the additional position of Chief Executive Officer. Strategic growth, primarily through franchising, is a key initiative for the company in the new millennium.
The company intends to develop restaurants in existing markets while entering selected new markets nationwide While many things have changed since 1958 a key strategy of recruiting, developing and supporting franchisees has remained a constant. Franchisees are the company’s primary customer. We serve and support the franchisee so that he or she may provide the best possible food and service to the restaurant guest. Today’s IHOP is not that different from the past.
There are still International Houses of Pancakes all over the nation and world. In recent years I have gone to IHOP a lot myself. I remember going there as a child and have very found memorize of it. I remember the cool Mr.
and Mrs. Pancake and all there crazy friends. IHOP is still a very versatile company working in many different industries. Mr.
Davies, Robyn Davies dad, manages a factor that produces merchandise for the IHOP franchise. He has been doing business with them for a very long time now. They have always done good business with him and turned out a large profit on the merchandise. Mr. Davies himself said, “They are very professional and have been very reliable, not changing to any other manufactures for what my factory produces.” IHOP will consider each and every site presented, however they preferred locations are freestanding pads in shopping centers or highway oriented locations.
The required parcel size is between 40, 000 to 50, 000 square feet to accommodate one of two building sizes (4, 022 and 4, 999 square feet).
Each site must have a minimum of 60 parking stalls on the site, or a comparable amount of reciprocal parking. IHOP is always looking for more franchise. This ever expanding company is still going strong after over 40 years and it shows no sign of slowing.
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With very minor set backs in its history it has triumphed to become a leading power of the restraint business. IHOP will remain a major force in the industry for many years to come!