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®
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A MESSAGE FROM
THE CHAIRMAN
We are appreciative of your interest inSteak ’n Shake. As one of the oldest, mostestablished chains in the country with its firstunit opening in 1934, Steak ’n Shake hasserved generations, an enduring 78-year tiethat builds brand identity and loyalty. What
sets us apart is our creative drive to providethe finest, most appealing combination ofaesthetics, premium quality, and unmatchedunit economics.
Over the last three and one-half years we havehad one of the best outcomes in the restaurantindustry. Most important to us as long-termowners of Steak ’n Shake is the sustainabilityof our performance. After all, Biglari Holdingswill never sell Steak ’n Shake. Instead, mostchains change hands frequently, a switchoverdisruptive to a restaurant organization.However, as the longest established name inthe premium burger and milkshake segmentof the restaurant industry, Steak ’n Shake isoptimally positioned to oversee a sustainablebusiness unparalleled in its niche.
We are embarking on our journey witha new concept, Steak ’n Shake Signature.On the following pages you will learn moreabout this winning concept that is ideally suitedfor top shopping centers. We hope you joinus in our profitable journey, a compellinglyambitious plan to become a global brand.
Steak ’n Shake is a Biglari Holdings company. Biglari Holdings Inc. is adiversified holding company that trades on the New York Stock Exchangeunder the symbol BH.
– Sardar Biglari Chairman
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BRAND EQUITY
In 1934 Steak ‘n Shake’s fo
Gus Belt, pioneered the co
of a “better burger” by ha
crafting and presenting pr
Steakburgers. Gus Belt’s co
to quality, delivered right his customers, helped crea
credo to Steak ‘n Shake’s f
slogan – “In Sight It Must
Today, we have the same
centered on a food culture
the highest quality burger
shakes. We continue to so
grind, and create the fresh
choicest quality ingredie
available. After 78 years, w
continuing Steak ‘n Shake
of serving the country’s beand tastiest burgers and s
For more than seven deca
Steak ’n Shake brand has
following with impressive
• Over 275,000 guests se
• Over 100 million steakb
served annually
• Over 50 million milkshaannually
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STEAK ’N SHAKE SIGNATURE
Steak ’n Shake Signature features a counter-service-only model utilizing a simple
menu with choices centered primarily on core menu items such as steakburgers and
milkshakes. Steak ‘n Shake Signature prepares a 21st century fare delivering the finest
in quality burgers, fries, and shakes. Our Signature Steakburger is 100% USDA-certified
organic. Our fries are freshly cut. We choose only the finest russet potatoes.
Our milkshakes are hand-dipped. Furthermore, the ambiance is unmatched.
Then too, the architectural design has been formed for the Signature to
appear sleek, modern, exotic, inviting, and suitable for everyone’s
enjoyment. This concept is ideally fitted for
shopping centers.
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On January 12, 2012, the first Steak ’n Shake Signa
opened in New York City, next door to the famed ETheater, which is home to The Late Show with Davi
Eager patrons and members of the media camped
anticipation; the excitement was capped by Letterm
ordered from his favorite burger restaurant with two
steakburgers and milkshakes, which were devoured
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NEW STEAK ’N SHA
SIGNATURE DESIGN
The contemporary design creates a
memorable experience for our patrons.
KE
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SQUARE FOOTA
• 2,000–3,000 square fe
with more than 50 seat
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100% ORGANIC
Our Signature Steakburger TM is 100% USDA-certified
organic and thus has no preservatives, no hormones,
no antibiotics – only the top grade of the finest meat.
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CUSTOMER TRAFFIC GROWTH
0%
5%
10%
15%
20%
25%
30%
10.1%
21.8%
27.6%
31.1%
35%
Company-operated Classic Steak ’n Shake Restaurants. There can be no assurance that future units could acheive similar re
* Fiscal 2012 does not include estimates for the 3rd and 4th Quarters.
31.1% CUMULATIVE
2009 2010 2011 2012*
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Steak ‘n Shake Operations, Inc.
is a wholly owned subsidiary
of Biglari Holdings.