Planet Hollywood

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Planet Hollywood International, Inc.

logo
legal form Privately-held Corporation
founding October 22, 1991
Seat Orlando (Florida)
Branch gastronomy
Website www.planethollywood.com

Restaurant in New York City

Planet Hollywood is an international restaurant chain that, at the height of its success in the mid-1990s, had a market value of $ 3.5 billion and has branches around the world. The restaurant chain got into economic difficulties in the following years and had to file for bankruptcy in 1999. All restaurants follow the concept of so-called "Eatertainments", ie they do not market themselves via their respective menu selection, but are thematically oriented: In the case of Planet Hollywood, this theme is Hollywood and its stars. Current and former owners include actors Sylvester Stallone , Bruce Willis , Demi Moore , Jackie Chan and Arnold Schwarzenegger .

history

The first restaurant opened in New York City on October 22, 1991 . The initiator and founder was Robert Earl , who previously worked on the management floor of the Hard Rock Cafe chain and has been president and CEO there since 1989 . The opening of the first and subsequent branches received a great deal of media attention through the participation of numerous Hollywood stars such as Arnold Schwarzenegger , Sylvester Stallone , Whoopi Goldberg and Bruce Willis . The actors had been made co-owners by Earl and together kept a fifth of the company. In return, they were present at the opening ceremonies of new branches.

In May 1993 the first branch outside the USA opened in London . By 1994, 11 additional branches had opened in addition to New York and London. They were located exclusively in international metropolises and tourist centers such as Paris , Cancun or Las Vegas . Celebrities like Roseanne Barr or Wesley Snipes had meanwhile joined the company and looked after individual restaurants. The company recorded high sales and the individual branches were all profitable. Customers were offered an elaborate design with exhibits from Hollywood films. In addition to catering, each restaurant also had a merchandising outlet .

The initial public offering followed in 1996. The share reached a value of US $ 30 on the first day . The company was worth over $ 3.5 billion. The economic success prompted the company's management to continue expansion and to increase the number of new restaurants each year. By 1999, up to 95 branches in 31 countries had been established. With Berlin , Munich and Oberhausen , three of the locations were in Germany. A fourth German branch in Hamburg was closed before construction began. However, this strategy was not successful. The share price continued to decline until it dropped below US $ 1 in mid-1999. The company made losses in the tens of millions and had to file for bankruptcy that same year .

As part of the restructuring after the bankruptcy, most branches worldwide were closed, including the three restaurants located in Germany. In January 2000, Arnold Schwarzenegger left the Planet Hollywood community of owners. The company was now back in private hands as it was before the IPO. Robert Earl was still the main owner and rebuilt the restaurant chain. This time, however, he decided against a comprehensive expansion policy. In 2006, Earl and his partners opened the Planet Hollywood Resort and Casino in Las Vegas . In 2008, 17 restaurants were still open worldwide. At the end of 2010 it was 14th. In 2011, the 15th store opened in Kuwait City with the reopening in March , which has since been closed again. A 5-star luxury hotel in Mumbai was planned for 2012 . On November 28, 2013, the first new restaurant in Germany was opened in Duisburg after the restructuring. After bankruptcy in October of the following year, operations were shut down at the end of 2014. The hotel brand is owned by the Wyndham Hotel Group .

Branches

Branch in Niagara Falls, Ontario
Planet Hollywood in Myrtle Beach, South Carolina

In operation

As of January 2020, Planet Hollywood has branches in seven locations worldwide:

Closed branches

In the USA

Outside the USA

Exhibits

Movie costumes and other movie props are on display in every Planet Hollywood restaurant. They are mostly props from films in which one of the founders played a role (such as pants from Rambo 3 or Bruce Willis' suit from Die Hard 3 ).

criticism

In his analysis of the company's failure, the marketing expert Matt Haig comes to the conclusion that it failed because the actual product - the sale of meals and beverages - was never the focus of the company's conception. Malcolm Gluck formulates this even more clearly, who wrote after the bankruptcy of Planet Hollywood in 1999:

“The attractiveness of such a place is only that of current“ fate ”. The in thing. The whole attraction is just being seen in a place like this and seeing for yourself which hip people are there; that you discover one of the advertising media or a friend of the advertising media or one of their courtiers (who all attended the opening ceremony in the hope of some publicity and because of the free food and free drinks and which have never been seen there again since) this is not a basis on which you can find regular customers and every restaurant needs them to survive or even expand. Even celebrities who pay for their food only visit such an inflated themed restaurant once. And it is the same with the less famous customers, who proudly tell family and friends about it after they have been there and then find no more reasonable reason to go there again. "

In his criticism, Gluck accuses the chain of completely neglecting the fact that food is still the focus of a restaurant visit. The success of the Rolling Stones member Bill Wyman with his sticky fingers -Restaurants was mainly due to the correct quality of the served there burgers and fries due fries, the fame of the owner ultimately beside the point.

Most of the Planet Hollywood branches that still exist today are located in places that are themselves tourist attractions. There, building a regular clientele is not important for the commercial success of the restaurants: Niagara Falls with Niagara Falls , Myrtle Beach with the famous Grand Strand , two branches are in the theme parks of Walt Disney Parks and Resorts and a fifth in Las Vegas.

Imitators

The corporate concept, which initially seemed to work, found a number of imitators. One of the best-known is the Fashion Café , whose investors and advertising media included models Naomi Campbell , Elle Macpherson , Claudia Schiffer and Christy Turlington .

Web links

Commons : Planet Hollywood  - Collection of Images

Individual evidence

  1. ↑ a b c Ludwig Siegele: Faded Glamor. In: Zeit Online. May 1999, accessed November 23, 2010 .
  2. ↑ Michael Winner: Michael Winner reviews Planet Hollywood. November 15, 2009, accessed November 24, 2010 .
  3. ↑ International Directory of Company Histories: Planet Hollywood International, Inc. 1997, accessed on November 23, 2010 .
  4. ↑ Last rescue before bankruptcy. In: Spiegel Online. August 18, 1999, accessed November 23, 2010 .
  5. ^ Arnold leaves planet. (No longer available online.) In: schwarzenegger.com. January 25, 2000, archived from the original on December 31, 2006 ; accessed on November 23, 2010 (English). Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.schwarzenegger.com
  6. ↑ Restaurants. (No longer available online.) In: planethollywood.com. November 2010, archived from the original on November 21, 2010 ; accessed on November 23, 2010 (English). Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.planethollywoodintl.com
  7. ^ Naomi Canton: Planet Hollywood comes to Mumbai. In: hindustantimes.com. June 4, 2010, accessed February 29, 2012 .
  8. ↑ Harald Molder: PLANET HOLLYWOOD opens on November 28, 2013 in the Citypalais Duisburg. In: lokalkompass.de. November 19, 2013, accessed February 10, 2014 .
  9. ↑ planethollywoodintl.com - Planet Hollywood Locations on planethollywoodintl.com , accessed on January 22, 2020. (English)
  10. ↑ Matt Haig: Brand Failures. Kogan Page Limited, London 2011, E- ISBN 978-0-7494-6300-7 . P. 140.
  11. ↑ Malcolm Gluck: The Taste of Defeat. The Guardian, August 20, 1999 , accessed April 16, 2014. The original quote is: The attraction of such places is one of current chic. The in thing. The magnet is purely that of being seen at such a place and seeing what other hip characters are there; the hope that one might catch a glimpse of the backers or the backers' friends or celebrity hangers-on (who flock to the opening because of the chance of publicity and free food and drink but are never seen again). But this is not the basis upon which to build a long-term business with repeat custom, which any restaurant must have to survive, let alone expand. Even celebrities who pay their own way will patronize a monster theme kitchen only once. It is the same with less celebrated customers who, having visited a single time and reported the proud fact to family and friends, find no earthly reason to go again.
  12. ↑ Malcolm Gluck: The Taste of Defeat. The Guardian, August 20, 1999 , accessed April 16, 2014.