Potbelly Corp. has finalized a multi-unit development agreement with United One Group to open 13 shops over the next eight years along with the refranchising of eight shops in New York.
“I am excited to announce Potbelly’s expansion in New York City, one of the premier markets in the U.S., and that this expansion includes our first refranchise transaction,” CEO Bob Wright said in a company press release. “This agreement marks an important milestone for our Franchise Growth Acceleration Initiative as we expand Potbelly’s footprint across the country. It also demonstrates our confidence in the dynamic New York market as well as Central Business District shops for the brand. We’re thrilled with the momentum we are gaining to achieve our franchising and refranchising goals as we continue our growth journey.”
As part of the Franchise Growth Acceleration Initiative announced in March 2022, Potbelly plans to reach 2,000 units with at least 85% of those being franchised shops over the next 10 years. The brand also plans to refranchise approximately 25% of its company owned shops in conjunction with Shop Development Area Agreements.
“Potbelly is a clear gem within the sandwich and fast casual space, offering a best-in-class dining experience,” United One Group CEO Paramjit Josan said in the release. “We look forward to using our depth of experience in New York City and within the restaurant sector to strategically develop Potbelly locations in the New York City area and expand upon its leading brand positioning.”
Potbelly has 429 locations shops in the U.S. including 45 franchised shops.
