Panera Bread has launched a multimillion-dollar turnaround strategy named "Panera RISE" to address years of stagnant sales growth and boost traffic. The initiative focuses on four key pillars: refreshing the menu with high-quality ingredients and expanded bakery and beverage options, enhancing the customer experience through restaurant modernization and improved front-of-house service, and expanding its network by building new locations and updating existing ones.
The company aims to increase systemwide sales from its current $6 billion annually to over $7 billion by 2028, building on a 2023 U.S. sales peak of $6.5 billion.
This comprehensive overhaul comes as Panera navigates a challenging fast-casual market characterized by supply-chain disruptions and rising costs. The strategy also includes a commitment to offering a variety of price points to maintain affordability for customers.
Panera's move mirrors similar turnaround efforts by other major restaurant chains like Starbucks, TGI Fridays, Hooters, and Dine Brands Global, which are also implementing changes to revitalize their businesses and adapt to evolving consumer demands.
