Cousins Maine Lobster has experienced consistent growth since its launch in 2012, buoyed by an early investment from Shark Tank judge Barbara Corcoran, but the pace of that growth has since accelerated. The concept, founded by cousins Sabin Lomac and Jim Tselikis, who spent their summers in Maine while growing up, now counts 66 trucks throughout the country and five brick and mortar locations. Last week, the company made its debut in the Louisville, Ky., market with a truck that will rotate between the city, as well as Lexington, Ky., and just across the Ohio River to Evansville, Ind.
Angela Coppler, head of development, said the Louisville truck marked Cousins’ 16th opening this year and the company expects 23 to 25 new units by the end of this year. Most of those locations are franchised, and a majority are food trucks, though several brick-and-mortar locations exist, and such locations are part of the brand’s expansion plan moving forward, Lomac said.
“I personally prefer brick and mortar. I like staying in a bubble,” he said. “But our food trucks have been successful and our customers like them, and we’ll stay focused on them. People appreciate it when we come to them, and we can hit as many different markets as possible.”
Coppler adds that the food trucks also have a strong economic model that attracts new franchisees. The trucks require about half the labor of a brick-and-mortar location, for instance, and cost about $250,000 to $280,000 each. Average unit volumes are about $1.3 million for trucks, versus just under $1 million for brick-and-mortar locations. Additionally, it only takes about 90 days to get a food truck open.
“We also like to think of the truck as a surprise and delight experience when it shows up,” Coppler said.
As Cousins Maine Lobster continues to grow, it is targeting markets with about 500,000 to 1 million in population, with strong tangential markets within a one-to-three-hour drive, like Louisville to Evansville or Louisville to Lexington. Food trucks are anchored in “venue spokes,” such as retail parking lots, breweries, distilleries, shopping centers, fairs, and festivals.
Of course, demographics and psychographics also play a part in market exploration. The average lobster roll is over $20, Coppler said, so the company targets higher income areas. The product tends to appeal more to Millennials, Gen X, and Boomers, but the company is trying to build a bigger base among younger consumers as well, and is doing so through products like lobster grilled cheese and Whoopie Pies.
“Even though younger millennials are not our core, we’re still trying to build affinity,” Coppler said.
As the brand expands into new markets, Coppler said the brand is focused on promoting its uniqueness – after all, there aren’t a lot of fast casual seafood concepts on the market.
“The product is the appeal. We only fish during the height of the season. We only use knuckle and claw meat,” Coppler said. “We’re really focused on leveraging what we think is the filet of lobster.”
Such uniqueness is what drew Coppler to the brand in the first place, after spending over 14 years at Wendy’s.
“I’ve spent my career working for some of the greatest leaders in this industry and focused on driving strategies," she said. "I never had the opportunity to work with a brand that was smaller with less resources. There’s an entrepreneurial spirit here from Jim and Sabin where they will say ‘let’s just go,’ and that’s powerful. There is a benefit to building a brand."
Working for a smaller brand also enables more of a family-like culture, she added. Indeed, the company’s general manager Jake has been the cousins’ best friend for “over 30 years,” while the general manager of the Louisville truck started with the company about eight years ago. Additionally, Corcoran remains part of the brand.
“Why wouldn’t I want to work with people who have been here a long time? I trust them. I know their work ethic. We don’t have a lot of turnover here,” Lomac said. “That’s a big advantage.”
Cousins will leverage that advantage to pursue what Lomac calls “a ton of white space” for high quality, fast casual seafood. The demand also seems to be there – according to IMARC Group, the lobster market is expected to reach $16 million by 2032, translating to a compound annual growth rate of 8.3%.
The goal is to get to 100 total locations by next summer and 250 in the next five years.
“Hopefully we’ll blow that number away,” Coppler said.
“We’re never comfortable. We’re never satisfied,” Lomac added. “It’s just awesome to be able to do this at scale. We feel like we’re just getting started, but we know what we’re doing now so we’re pressing the gas.”
Contact Alicia Kelso at [email protected]
