Potbelly Accelerates Growth with Signed Commitments for 32 New U.S. Shops
Potbelly (NASDAQ: PBPB) has announced six new multi-unit development agreements that will add 32 new shops across Arizona, Illinois, Missouri, North Carolina, Texas, and Virginia. The agreements, signed since July, include an expanded partnership with founder Bryant Keil and align with the company's franchise-led growth strategy.
This expansion is part of Potbelly's long-term goal to reach 2,000 shops, with at least 85% being franchised locations. The company recently announced a separate agreement with Royal Restaurant Group to open 15 new shops in the Atlanta area, marking Potbelly's first entry into Georgia.
Potbelly (NASDAQ: PBPB) ha annunciato sei nuovi accordi di sviluppo multi-unità che porteranno 32 nuovi negozi in Arizona, Illinois, Missouri, Carolina del Nord, Texas e Virginia. Gli accordi, firmati da luglio, includono un'espansione della partnership con il fondatore Bryant Keil e si allineano con la strategia di crescita guidata dai franchise dell'azienda.
Questa espansione fa parte dell'obiettivo a lungo termine di Potbelly di raggiungere 2.000 negozi, con almeno l'85% che saranno ubicazioni in franchising. L'azienda ha recentemente annunciato un accordo separato con il Royal Restaurant Group per aprire 15 nuovi negozi nell'area di Atlanta, segnando il primo ingresso di Potbelly in Georgia.
Potbelly (NASDAQ: PBPB) ha anunciado seis nuevos acuerdos de desarrollo multisitio que agregarán 32 nuevas tiendas en Arizona, Illinois, Missouri, Carolina del Norte, Texas y Virginia. Los acuerdos, firmados desde julio, incluyen una asociación expandida con el fundador Bryant Keil y se alinean con la estrategia de crecimiento dirigida por franquicias de la empresa.
Esta expansión es parte del objetivo a largo plazo de Potbelly de alcanzar 2,000 tiendas, con al menos el 85% siendo ubicaciones franquiciadas. La empresa anunció recientemente un acuerdo separado con el Royal Restaurant Group para abrir 15 nuevas tiendas en el área de Atlanta, marcando la primera entrada de Potbelly en Georgia.
Potbelly (NASDAQ: PBPB)가 애리조나, 일리노이, 미주리, 노스캐롤라이나, 텍사스 및 버지니아에 32개의 새로운 매장을 추가하는 6개의 다중 단위 개발 계약을 발표했습니다. 7월부터 체결된 이 계약에는 창립자인 브라이언트 킬과의 파트너십 확대가 포함되며, 회사의 프랜차이즈 중심 성장 전략과 일치합니다.
이번 확장은 Potbelly의 2,000개 매장 목표의 일환으로, 최소 85%가 프랜차이즈 위치가 될 예정입니다. 회사는 최근 로열 레스토랑 그룹과 별도의 계약을 체결하여 애틀랜타 지역에 15개의 새로운 매장을 열 계획을 발표했으며, 이는 Potbelly의 조지아 첫 진출을 의미합니다.
Potbelly (NASDAQ: PBPB) a annoncé six nouveaux accords de développement multi-unités qui ajouteront 32 nouveaux magasins à travers l'Arizona, l'Illinois, le Missouri, la Caroline du Nord, le Texas et la Virginie. Les accords, signés depuis juillet, incluent un partenariat élargi avec le fondateur Bryant Keil et s'alignent sur la stratégie de croissance dirigée par les franchises de l'entreprise.
Cette expansion fait partie de l'objectif à long terme de Potbelly d'atteindre 2 000 magasins, avec au moins 85 % de lieux franchisés. L'entreprise a récemment annoncé un accord séparé avec le Royal Restaurant Group pour ouvrir 15 nouveaux magasins dans la région d'Atlanta, marquant la première entrée de Potbelly en Géorgie.
Potbelly (NASDAQ: PBPB) hat sechs neue Multi-Unit-Entwicklungsvereinbarungen angekündigt, die 32 neue Filialen in Arizona, Illinois, Missouri, North Carolina, Texas und Virginia hinzufügen werden. Die seit Juli unterzeichneten Vereinbarungen umfassen eine erweiterte Partnerschaft mit dem Gründer Bryant Keil und stehen im Einklang mit der wachstumsorientierten Franchise-Strategie des Unternehmens.
Diese Expansion ist Teil des langfristigen Ziels von Potbelly, 2.000 Filialen zu erreichen, wobei mindestens 85% als Franchise-Standorte geführt werden. Das Unternehmen hat kürzlich eine separate Vereinbarung mit der Royal Restaurant Group angekündigt, um 15 neue Filialen im Raum Atlanta zu eröffnen, was den ersten Eintritt von Potbelly in Georgia markiert.
- Secured commitments for 32 new shops across six states
- Expanded partnership with company founder Bryant Keil
- Clear expansion strategy with goal of 2,000 shops (85% franchised)
- Additional 15-shop agreement for Atlanta market entry
- None.
Insights
The signing of six new multi-unit development agreements totaling 32 new shops marks a significant expansion milestone for Potbelly. This franchise-led growth initiative demonstrates strong market confidence in the brand's business model. The geographic diversification across six states (Arizona, Illinois, Missouri, North Carolina, Texas and Virginia) reduces market concentration risk and expands the company's footprint strategically.
The partnership with founder Bryant Keil adds credibility to the expansion plan. The company's ambitious target of 2,000 shops with 85% franchised locations indicates a clear shift toward an asset-light business model, which typically results in higher margins and reduced capital requirements. This expansion strategy aligns with successful models implemented by other quick-service restaurant chains, potentially leading to improved profitability and sustainable growth.
Six development agreements finalized since July will extend brand presence across the country over the next eight years
CHICAGO, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Potbelly Corporation (NASDAQ: PBPB), the iconic neighborhood sandwich shop, today announced the completion of six new multi-unit development agreements. The commitments, which include an expanded partnership with Potbelly founder Bryant Keil, will bring new Potbelly shops to markets in six states across the country including Arizona, Illinois, Missouri, North Carolina, Texas and Virginia, with new and existing franchisee partners. These deals, all signed since July, represent a total of 32 new shops and align with the company’s plans to drive long-term growth with a franchise-led approach.
“These commitments represent our dedication to executing efficiently on our franchise-led growth strategy,” said Bob Wright, President and CEO of Potbelly. “Each of these new development opportunities supports our long-term plans for expansion in the United States. We are highly motivated by the growth we have seen thus far in 2024 and look forward to carrying this momentum with us into 2025.”
“We are thrilled to partner with strong franchisees who bring a diverse skillset and range of experience to our brand,” said Lynette McKee, Senior Vice President of Franchising at Potbelly. “When looking for franchise owners and operators, we seek out partners who embody our core values and strive to deliver excellent service and delicious offerings to every customer. We look forward to these new and continued partnerships as we look to bring the Potbelly brand to more neighborhoods across the U.S.”
Potbelly has a long-term goal of reaching 2,000 shops, with at least
Franchising opportunities are available in markets across the U.S. including Atlanta, GA, parts of Florida and Tennessee, Dallas, Houston and other TX markets, and markets in OH, VA, and PA. You can learn more about franchise opportunities with Potbelly at https://www.potbelly.com/franchising-why-potbelly.
About Potbelly
Potbelly Corporation is a neighborhood sandwich concept that has been feeding customers’ smiles with warm, toasty sandwiches, signature salads, hand-dipped shakes and other fresh menu items, customized just the way customers want them, for more than 40 years. Potbelly promises Fresh, Fast & Friendly service in an environment that reflects the local neighborhood. Since opening its first shop in Chicago in 1977, Potbelly has expanded to neighborhoods across the country - with more than 425 shops in the United States including more than 80 franchised shops in the United States. For more information, please visit our website at www.potbelly.com.
Forward Looking Statements
This press release may contain statements that might be considered forward-looking statements or predictions of future operations including with respect to the Company’s ability to successfully execute its Franchise Growth Acceleration Initiative. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s belief or interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties including that it is unable to successfully execute its Franchise Growth Acceleration Initiative and that the Company is not able to achieve its plans for growth. Actual events may also differ from these expectations as a result of the risks identified from time to time in our filings with the Securities and Exchange Commission. We assume no duty to update these statements as of any future date.
Media Contact:
ICR
PotbellyPR@icrinc.com
FAQ
How many new Potbelly (PBPB) shops are planned in the latest development agreements?
Which states will get new Potbelly (PBPB) locations from the November 2024 announcement?
What is Potbelly's (PBPB) long-term shop target and franchise goal?
How many Potbelly (PBPB) shops are planned for the Atlanta market?
