With more than $150 million of cash in the bank and no debt, Panera was well positioned to capitalize on the glut of empty commercial real estate and the depressed construction industry that was created by the recession. The quick-serve restaurant chain took full advantage of its enviably strong position by opening 80 new locations in 2009.
"In my experience, the best time to grow is during a recession," says CEO and co-founder, Ron Shaich. And grow they will in 2010. While some of Panera’s competitors are still struggling to keep their doors open, Panera will be adding a new restaurant to the 2010 Store Openings list every three to four days in 2010.
Shaich surprised the restaurant industry and the investment community by announcing that he would be leaving his role as CEO in May, 2010, but will remain active with the company as its executive chairman of the board. Since the launch of the Panera brand in 1997, Shaich has gained a reputation for being a leader with a strong vision, a dedication to quality, and an appreciation for employee contributions.
"The best way to take care of our shareholders is by making sure our employees are taken care of," Shaich said in a recent interview with The Street. While plenty of restaurant chains were cutting payroll, slashing benefits, and adding numbers to the 2009 Retail Layoffs list, Panera was hiring and giving out bonuses and raises to its best performing employees.
Under Staich’s leadership, Panera has also become well known for its community involvement. Both company-owned and franchised Panera stores donate their unsold artisan breads and other baked goods to local charities daily. The chain’s Operation Dough-nation Program also donates more than $200,000 per year to local charities.
With Shaich’s departure in 2010, COO Bill Moreton will take over Panera's continued expansion, a position that Moreton has reportedly been preparing for since he rejoined the Panera team in 2008.
More About Panera and Retail Restaurants:
"In my experience, the best time to grow is during a recession," says CEO and co-founder, Ron Shaich. And grow they will in 2010. While some of Panera’s competitors are still struggling to keep their doors open, Panera will be adding a new restaurant to the 2010 Store Openings list every three to four days in 2010.
Shaich surprised the restaurant industry and the investment community by announcing that he would be leaving his role as CEO in May, 2010, but will remain active with the company as its executive chairman of the board. Since the launch of the Panera brand in 1997, Shaich has gained a reputation for being a leader with a strong vision, a dedication to quality, and an appreciation for employee contributions.
"The best way to take care of our shareholders is by making sure our employees are taken care of," Shaich said in a recent interview with The Street. While plenty of restaurant chains were cutting payroll, slashing benefits, and adding numbers to the 2009 Retail Layoffs list, Panera was hiring and giving out bonuses and raises to its best performing employees.
Under Staich’s leadership, Panera has also become well known for its community involvement. Both company-owned and franchised Panera stores donate their unsold artisan breads and other baked goods to local charities daily. The chain’s Operation Dough-nation Program also donates more than $200,000 per year to local charities.
With Shaich’s departure in 2010, COO Bill Moreton will take over Panera's continued expansion, a position that Moreton has reportedly been preparing for since he rejoined the Panera team in 2008.
More About Panera and Retail Restaurants:
- Panera Finds Retail Relevance
- Panera Rated by Zagat's
- Panera Ranked as Top 200 Franchise Chain
