April 25, 2023
(press release)
–
Potbelly broadens its Florida presence with new shop development area agreement for 16 units Potbelly Corporation (NASDAQ: PBPB) (“Potbelly” or the “Company”), the iconic neighborhood sandwich shop, today announced it has finalized a 16-unit shop development agreement in two Florida markets. This agreement includes 14 shops in Broward County and two shops in Gainesville. Bob Wright, President and Chief Executive Officer, commented, “We are enthused to begin a partnership with Rami Boaziz and Stellar Hospitality, which we believe will be great stewards of the brand. We look forward to expanding the Potbelly brand in the Florida market with a Shop Development Area Agreement (SDAA) for 16 new shops, following our previous announcements for 20 units in the central Orlando and Tampa areas. This deal increases our market penetration in Florida through franchising and demonstrates additional momentum against our Franchise Growth Acceleration Initiative.” Rami Boaziz, CEO of Stellar Hospitality said, “I grew to love the Potbelly brand during my time as a Chicago resident and am extremely excited for the opportunity to be a partner with Potbelly and grow its presence in the Florida market.” Rami Boaziz is a distinguished asset manager with a diverse portfolio both from a geographic and product offering standpoint. Stellar Hospitality’s portfolio contains a multitude of hotel brands, such as Marriott and Hyatt Hotels, restaurants, coffee shops, including Starbucks franchises, and golf courses across South Carolina and Florida. Additionally, Stellar Hospitality manages a real estate portfolio which includes office buildings, shopping centers, mixed-use development, and self-storage facilities. As part of its Franchise Growth Acceleration Initiative announced in March 2022, Potbelly plans to reach 2,000 units with at least 85% of those being franchised shops over the next 10 years. The brand also plans to refranchise approximately 25% of its company owned shops in conjunction with Shop Development Area Agreements. Ideal franchise candidates should be able to meet the required financial criteria, have restaurant operations experience, strong entrepreneurial skillsets, focused and driven problem solving and enjoy working with others. Operations can benefit from the sandwich concept’s flexible shop designs, including inline, endcap, drive-thru and non-traditional locations, which are equipped with tech-enabled enhancements to foster in-shop, take-out and delivery dining. These factors, along with a diverse menu and multiple revenue streams stemming from various dayparts, all make Potbelly an attractive franchise restaurant investment. For more information on Potbelly franchise opportunities, visit 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 approximately 425 shops in the United States including approximately 53 franchised shops. For more information, please visit our website at www.potbelly.com.
* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.
