Despite heavy competition from home consoles and mobile
gaming systems, the market for combined restaurant/entertainment venues has
continued to thrive in recent years. According to a report by IBISWorld, the
arcade, food and entertainment complexes industry has experienced consistent
growth over the past five years, accounting for approximately $2 billion in
domestic revenue in 2014. Latitude 360, Inc. (OTCQB: LATX), through its chain
of award-winning upscale dining and entertainment locations, is capitalizing on
this industry growth while laying the groundwork for aggressive national
expansion.
Latitude’s current portfolio includes three locations in
strong markets across the United States – including Indianapolis, Indiana;
Jacksonville, FL; and Pittsburg, Pennsylvania. In the first quarter of 2015,
the company leveraged the marketability of these locations to record a 19
percent year-over-year increase in gross sales. In particular, Latitude had
tremendous success in selling specialized membership cards, surpassing 5,000
‘360x Club’ memberships since the start of the program in the summer of 2014.
In June, Latitude cleared the way for the continued growth
of its membership program by teaming with leading consumer management platform
Clutch to upgrade the club’s backbone technology. These upgrades are expected
to allow the company to more effectively encourage customer loyalty, in
addition to serving as an immediate source of added revenue. Industry leaders,
including Dave & Buster’s Entertainment, Inc. (NASDAQ: PLAY), utilize
similar programs to promote repeat visits.
“We’re excited to partner with Clutch to integrate its
advanced technology and provide streamlined, cross-channel experiences that
deliver valuable entertainment benefits and rewards to our members,” Brent W.
Brown, chief executive officer of Latitude, stated in a news release. “Clutch…
[has] taken our concept to the next level by providing our guests with
exceptional value while driving revenue and trips to our venue.”
The company’s current membership program is split into three
unique tiers providing varying levels of benefits based on membership fees. The
free ‘VIP’ loyalty program, also known as the ‘Green Membership’, offers
redeemable points for purchases made in any of Latitude’s locations. However,
benefits are greatly increased for members of the company’s fee-based ‘360x
Club’. These members, which can choose between ‘Blue Membership’ and ‘Black
Membership’ programs, enjoy access to monthly benefits worth $150 and $300,
respectively.
Through the continued development and refinement of its
membership club, Latitude is taking significant strides toward enhancing
customer loyalty and increasing its market share. As the company continues to
expand its network of restaurant/entertainment venues, it is in a strong
strategic position to capitalize on the favorable conditions of the restaurant
industry while promoting sustainable returns moving forward.
For more information, visit www.latitude360.com
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Sign up for “The Mission Report” at www.MissionIR.com
Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html
