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Vips is arestaurant chain of casual full-service restaurants acrossMexico andSpain founded by the Arango brothers and owned byAlsea, a Mexican hospitality and retail conglomerate. Visually and in the type and quality of service, they are similar to a U.S. "coffee shop" or diner such asDenny's, and compete withSanborns,Toks and Wings with the format. The chain's restaurants are located in Mexico and Spain and operate in more than 70 cities and now has 260 restaurants serving around 9 million customers a year.[1][2][3]
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The firm was founded in 1964 inMexico City by brothersJerónimo, Plácido and Manuel Arango (also founding owners of the hypermarketAurrerá and the mass-market department storeSuburbia), while they founded Vips in Spain – the birth country of the brothers' parents – in 1969, at the initiative of Plácido. At first, the restaurant was called VIP (an acronym for Very Important People) but as the public commonly called it "Vips", the firm later changed its name to it. The first restaurant was located in the neighborhood of Lomas de Sotelo, Mexico City. The chain expanded toMadero Street andAzcapotzalco then in 1974 outside of the city toAcapulco. In 1994 it merged withWalmart de México, which then sold Vips to Alsea in 2014 for 8.2 billionMexican pesos.[1][2][3]
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