A Nationwide Food-print
- $37.802M Market Capitalization
Odd Burger Corporation (ODD.V) announced today new developments in its Eastern Canada locations in Ontario (ON). To be more specific, the Company announced that it has completed construction at its new location in Whitby, ON, at 150 Taunton Toad West. The grand opening is planned for late April, with specific dates to be announced on the Company’s social media accounts.
“These new locations are a great addition to the GTA and to continuing our presence in Southwestern Ontario…As we begin expanding throughout North America to become a global brand, we are still seeing tremendous demand locally, and the potential for expansion into new communities here,” commented James McInnes, Odd Burger Co-Founder and CEO.
Odd Burger’s completed Whitby, ON, location is strategically placed to take advantage of a busy shopping hub including major retailers such as Walmart and Loblaws. Furthermore, this location is situated in a community with a young demographic. Keep in mind, Gen Z and millennials are most likely to go vegan or vegetarian in order to help the planet. Take that boomers.
In fact, according to a study of 2,000 adults, 86 percent of adults considered themselves to be environmentally friendly in the way they live and shop. Additionally, 52 percent of participants said they were prepared to spend an extra 11 percent for environmentally sustainable alternatives. More impressively, Gen Z appears to have millennials like myself beat.
The American Egg Board found that Gen Z’ers are more likely to embrace dietary changes such as a flexitarian diet. Compared to millennials, almost half of Gen Z’ers indicated that they would be willing to pay more for foods they perceive as healthier, according to a Tufts Nutrition Report. With this in mind, Gen Z’ers appear to prioritize environmentally sustainable and healthier foods when making purchasing decisions.
Odd Burger is a food technology company manufacturing and distributing its proprietary line of plant-based protein and dairy alternatives through its brand Preposterous Foods, located in London, ON. Here, Preposterous Foods produces a variety of products, which are then distributed to Odd Burger’s restaurant locations. By manufacturing and distributing its own products, Odd Burger is able to offer affordable plant-based products.
Ultimately, Odd Burger is on a mission to disrupt the fast-food industry by offering plant-based minimally processed, and sustainable ingredients. While I may not be a Gen Z’er, I am itching to try Odd Burger’s products for myself. Looking at the Company’s latest news, it looks like I may finally have the chance to. In addition to announcing the completion of its Whitby, ON, location, Odd Burger announced that it is commenced construction of a Brampton, ON location.
Located at 9055, Airport Road, Building J Unit 7, Odd Burger’s Brampton, ON, restaurant is situated near major highways, including the 410, 407, and 427. Furthermore, this location is situated near big-box retailers, grocery stores, and gyms. If that wasn’t enough, permits for Odd Burger’s Toronto East location at 731 Broadview Avenue will soon be resubmitted, after the landlord agrees to rectify structural deficiencies with the building.
Odd Burger’s new locations follow the successful model of compact footprints optimized for fast service, takeout, delivery, affordability, and simplified employee training. Moreover, the Company boasts state-of-the-art smart kitchens, which feature modern on-demand cooking technology, online ordering, self-checkout kiosks, and cashless transactions.
It is worth noting that on March 16, 2022, Odd Burger announced that it will be opening 36 new locations in the provinces of Alberta (AB) and British Columbia (BC), following the signing of an area representative agreement. The Company signed the agreement with Sai-Ganesh Enterprises (SGE), a family-owned hospitality group specializing in franchising and commercial construction.
“Area development agreements are a logical way for us to grow and make an impact in new regions, so we’re eager to forge similar relationships with like-minded developers in Canada, the US, and internationally,” commented James McInnes.
That being said, this will bring Odd Burger’s total restaurant locations to almost 50, positioning the Company to become the largest vegan fast-food chain in the world. Furthermore, Odd Burger stands at the forefront of the niche vegan-fast food segment of the overall fast-food market, which is expected to reach USD$813.9 billion by 2028, according to Grand View Research.
As for Odd Burger’s US expansion, the Company has engaged Retail by MONA, a real estate firm, to find a location for Odd Burger’s flagship Manhattan, New York (NY), restaurant. While the Company’s expansion appears to be going well, how is it actually doing? Well, according to Odd Burger’s press release dated November 3, 2021, I would say things are going quite well.
According to the news, Odd Burger’s systemwide sales in October 2021, totaled more than $233,000, representing a 41 percent increase month-over-month. The Company attributes this growth to the opening of new locations in Vaughan, London, Waterloo, and Hamilton, all of which are located in Ontario. With this in mind, we will likely see the same growth achieved following the opening of Odd Burger’s Whitby, ON, and Brampton, ON, locations.
Odd Burger’s share price opened at $0.43 today, down from a previous close of $0.45. The Company’s shares were down -4.44 percent and were trading at $0.43 as of 9:55 AM ET.