Franchising

Potbelly signs development deals with existing franchisees

Provided

December 5, 2022

Potbelly Corp. is building upon its franchise growth acceleration initiative, launched in 2019, through the execution of development agreements with several existing franchisees to add 25 locations over the next six years.

The agreements extend development rights with Brent Brouse (Greenville and Wilmington, North Carolina and Myrtle Beach, South Carolina), Paul Goldammer (Sioux Falls, South Dakota), Fabian Nelson (Memphis, Tennessee) and Mohit Kishore and Tulshi Bakar (Wake, Durham, Orange and Chatham counties, North Carolina).

"It's been a significant last couple of months for us at Potbelly — with our double-digit same-store sales growth and excellent sales-to-investment ratio — we're signing deals for new markets as well as reaffirming our strong relationships with existing franchisees," President and CEO Bob Wright, said in a company release. "Our model and strategy are working, and we are pleased to continue our growth story with strong operators in our Potbelly family."

As part of the Franchise Growth Acceleration Initiative, Potbelly plans to reach 2,000 shops with at least 85% of those being franchised shops over the next 10 years. The company also plans to refranchise nearly 25% of its company-owned shops by 2024.

Since opening its first shop in Chicago in 1977, Potbelly has grown to 400 company-owned shops, and franchisees operate over 40 locations.