CoCo Ichibanya’s Winning Streak: Record Profits and Bold Price Hikes
Ichibanya, the company that runs the beloved Curry House CoCo Ichibanya chain, is riding a wave of success. For five straight periods, revenue has climbed, and profits have risen for three consecutive periods. This period, the company is set to smash its all-time profit record for the first time in six years. What’s fueling this growth? Strategic price increases have boosted the average spend per customer to 1,200 yen (about $9). Once a casual dining spot, CoCo Ichibanya is now positioning itself as a premium restaurant—and it’s paving the way for even bigger achievements.
What Happened After a 10% Price Hike?
CoCo Ichibanya hasn’t been shy about raising prices. In June 2022, the base curry price jumped by 5.9% (+33 yen). Later that year, in December, it rose another 7.4% (+44 yen). Then, in August 2024, the chain rolled out a bold 10.5% increase (43–76 yen). The most recent 10% hike made waves: from September 2024 to May 2025, customer numbers consistently fell below the previous year’s levels.
But here’s the twist—fewer customers didn’t mean lower sales. The average spend per customer also shot up by 10%, driving existing store sales (from locations open for a set time) up by an average of 6.4% over the same period. The math worked: higher prices offset the drop in foot traffic, proving that the strategy paid off.
Ichibanya has now posted double-digit revenue growth for two periods in a row and is forecasting another 10% increase this period. Among restaurant chains, it’s a standout performer.
Why Didn’t Customers Ditch CoCo Ichibanya?
You’d expect steep price hikes to send customers running—but that didn’t happen. For a chain like CoCo Ichibanya, where 90% of its roughly 1,200 stores are franchise-run, raising prices is a gamble. Company-owned stores can close underperforming locations to recover, but franchises don’t have that luxury. Price increases need to be handled with care. So how did Ichibanya pull it off without losing too many diners?
Curry’s Secret Weapon: Older Fans Love It
The answer lies in curry’s unique appeal. While you might picture curry as a hit with kids or younger crowds, the data says otherwise—older age groups are the real curry enthusiasts.
A 2025 survey by Cross Marketing found that 69.6% of people aged 20–60 eat curry at least once a month. Break it down by age, and the numbers shift: only 66.9% of 20-somethings and 65.3% of 30-somethings eat curry monthly (the lowest of any group). Meanwhile, 71.9% of 50-somethings indulge regularly, beating the average.
Another 2025 Tanita survey on lunch habits revealed more. When asked what matters most when picking lunch, 39.0% of people in their 30s said “price”—a much higher figure than other age groups. For those in their 50s, only 28.5% cared about price, while 22.5% prioritized “taste”—the only group where taste topped 20%.
What does this mean? Younger people, who eat curry less often, are price-sensitive. Older folks, who love their curry, care more about flavor and shrug off price hikes. As long as CoCo Ichibanya keeps delivering on taste, it can retain its loyal older customers even with higher prices.
This hints at a broader lesson for curry chains: focus on quality and flavor, not just low prices, to win the market.
Going Global: $20 Per Customer in Guam
Despite its strong run, CoCo Ichibanya’s customer numbers have leveled off at around 90% of past highs. For restaurant chains, growth usually means opening new stores—but with foot traffic stalling, that could be risky. Ichibanya isn’t sitting still, though. It’s making smart moves to keep the momentum going.
First, it’s diving into the ramen game. In March 2023, it bought Takei, a Kyoto-based tsukemen (dipping noodle) spot. Then, in December 2024, it snapped up KOZOU, the company behind “Gokunou Tonkotsu Ramen Kozou.” As a franchise-heavy business, Ichibanya likely plans to polish these brands and roll them out through franchising.
For its curry empire, the focus is shifting overseas. The chain has already launched its first U.S. franchise and is set to open a second in Silicon Valley by December 2025. It’s hitting up U.S. franchise expos at least three times a year to recruit partners. Beyond the U.S., it opened its first Guam store in May 2025, bringing its overseas total to 216 locations. The Guam outlet expects an eye-popping 2,900 yen (around $20) per customer—a price that feels wild in Japan but shows the potential of international markets.
If these expansion plans take off, Ichibanya’s growth story is far from over.
Writer: Satoshi Fuwa
