Iconic Neighborhood Sandwich Shop Signs Four
Multi-Unit Development Agreements with Brand Franchisees to Add 18
New Locations to Pipeline
CHICAGO, March 5,
2024 /PRNewswire/ -- Potbelly Corporation (NASDAQ:
PBPB), the iconic neighborhood sandwich shop, today announced it
has finalized four multi-unit development agreements that will
further increase the company's retail footprint. The growth will be
led by current Potbelly franchisees, who are each expanding their
current commitments with the brand. The agreements will bring a
total of 18 additional shops in new and existing markets. These
reinvestments add to the existing list of development commitments
that Potbelly has signed since launching its Franchise Growth
Acceleration Initiative in 2022 and is a testament to how well the
Potbelly brand resonates with customers across markets.
"As soon as our franchisees open their shops, they experience
firsthand the widespread appeal of the Potbelly brand," said
Lynette McKee,CFE, Senior Vice President of Franchising. "This
immediate success has been a driving force behind their independent
decisions to reinvest in the brand and deepen their commitment to
Potbelly. We are incredibly excited to continue strengthening our
partnerships with these passionate franchisees and couldn't be
prouder to have them as part of our growing network."
The four Potbelly franchisees who have signed new agreements
with the brand include:
- Ron Asmar of RTA Restaurant
Group, LLC added four additional shops to his commitment and
will now bring a total of 18 new Potbelly locations to Tampa, Florida. Asmar's first shop is set to
open in late spring/summer 2024.
- Shari Nasir and Imran Malik of Sugarland Investment Group,
LLC have committed to add six additional shops to their growing
portfolio of Potbelly locations in Orlando, Florida. The group opened its first
shop late January 2024 and is now set
to develop 12 locations over the next few years.
- Rob Wilbern of I'm A Wreck,
LLC has committed to the development of four additional
Potbelly shops in St. Louis,
Missouri, adding to his five shop commitments in
Springfield, Illinois. Wilbern
opened his first traditional Potbelly shop in January and is
developing a non-traditional location inside Springfield Memorial
Hospital, which is expected to open in late March 2024.
- Shakti Patel of MSS Fort Liberty, LLC signed a
multi-unit non-traditional franchise agreement to bring three shops
to the Fort Liberty Army Base in Fayetteville, North Carolina in 2024. Patel
has been a Potbelly franchisee since 2015 and currently has 3
operating locations in his portfolio.
Following the launch of its Franchise Growth Acceleration
Initiative, Potbelly has continued to prioritize development with
multi-unit operators. Over the past [18] months, the company has
supercharged its expansion, maintaining category-leading average
unit volumes (AUVs) and driving double-digit same-store sales
growth year-over-year. Additionally, Potbelly has invested in real
estate innovation to make flexible store designs available to
franchisees, including inline, endcap, drive-thru and
non-traditional formats. These key brand differentiators, along
with a diverse menu and multiple revenue streams stemming from
various dayparts and catering, have made Potbelly a promising
investment for prospective franchisees.
To learn more about franchise opportunities with Potbelly, visit
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 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 shop development agreement, the franchise partner's
ability to benefit Potbelly, Potbelly's growth momentum and
performance within the states of Florida, Illinois, Missouri and North
Carolina and Potbelly's ability to successfully execute on
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. 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.
Contact:
Nate
Rubinstein
Fish Consulting
956-893-9150
nrubinstein@fish-consulting.com
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SOURCE Potbelly Corporation
