Pret A Manger (Pret) has formed a joint venture partnership with existing franchisee Dallas International (Dallas) to expedite US expansion plans.
In the US, Pret currently has 58 shops throughout New York, New Jersey, Pennsylvania, Washington D.C., California, and Illinois, employing 600 team members.
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The new company formed is called Empire JointStar Inc and the companies stated the joint venture would not extend to existing franchise shops in New York, Pennsylvania and Washington, D.C.
The collaboration focuses on this market, where Pret aims to triple its business over the next five years through a mix of new equity shops and additional franchise agreements.
Operational control and growth plans
Dallas will take operational control of approximately 50 Pret shops in New York, Pennsylvania, and Washington, D.C.
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This includes exclusive rights to open new shops in these markets, with a commitment to refurbish existing locations and introduce new formats, such as drive-thrus.
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By GlobalDataDallas plans to open over 10 new Pret shops on the East Coast by 2026, aligning with Pret’s global growth targets.
Building on a partnership
This joint venture builds upon the existing relationship between Pret and Dallas, encompassing separate franchise partnership agreements.
Dallas has been involved in building and operating Pret shops in the UK and over 40 locations in southern California.
The CEO of Pret A Manger, Pano Christou, in a statement, expressed excitement about the growth potential stating: “We have huge ambitions for Pret to become a more globally recognised brand that is working in partnership with our franchisees to unlock significant growth in new markets. This approach has driven significant growth in Europe and Asia and enabled Pret to track ahead of its mid-term global growth target to double the size of the business by 2026.”
Confidence in growth potential
Shane Thakrar, president and CEO of Dallas, in a statement, conveyed confidence in Pret’s brand, concept, and growth potential saying: “This new company further demonstrates our confidence in the brand, concept, and growth potential. We look forward to taking operational control of these prime locations and territories and further investing in new shop formats, operational excellence, and team members.”
Looking ahead: Momentum, consumer demand, and future plans
The joint venture comes at a time of increasing momentum and consumer demand for Pret.
The company has experienced sustained growth in Canada, an increase in recent US shop sales, and success with its Club Pret programme.
Pret’s presence in the United States and Canada will continue to evolve, with plans to reopen in Chicago and explore further growth and franchise opportunities in Texas, Florida, and Washington state.
