Panera cashed in this week to the tune of $7.5 billion, and good for them.
I started going to Panera (then the single-location St. Louis Bread Co.) back in high school when the phrase “Fast Serve Healthy Casual” were just four randomly strung together words. More than 1000 transactions later, I can’t remember more than a few less-than-satisfactory experiences. The brand survived a few unwise ownership switches, the Atkins Diet, and a hasty name change after they expanded out of St. Louis. Throughout all those issues, they proved Consistency and Innovation were not mutually exclusive. You could always find what you want at Panera, but you were also always tempted by something new. While the last few restaurant chain sales (Red Lobster and Bob Evans) were obviously driven by the value of the land, German JAB invested in the model of Panera. A visit to any location and you’ll see why: 3 and 4 generations consistently dining together who see value as something other than a Dollar Menu sign.