Pret A Manger set for US expansion with joint venture
Pret A Manger has entered a joint venture partnership with existing franchisee Dallas International as the sandwich chain seeks to triple its business in the United States over the next five years.
Dallas International will be responsible for developing a combination of new equity shops and extra franchise agreements to keep pace with Pret's "ambitious plans in the United States".
Under the partnership, Dallas will have operational control of around 50 Pret shops located in New York, Pennsylvania and Washington D.C, as well as exclusive rights to open new sites in these locations.
Dallas will open at least 10 new Pret stores on the East Coast by 2026, with plans for drive-throughs also in place.
The joint venture agreement bolsters the existing franchise arrangement between Pret and Dallas, which enables Dallas to build and operate Pret stores in the UK and southern California.
Dallas currently owns eight shops in the UK and has a further six in the pipeline for 2024.
Pret is also set to reopen in Chicago and is looking for future growth opportunities in Texas, Florida and Washington state.
Pano Christou, chief executive of Pret A Manger, said: "We have huge ambitions for Pret to become a more globally recognized 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.
"We look forward to replicating these results in the United States, building upon our already successful partnership with Dallas as we jointly pursue our next phase of growth."
Shane Thakrar, president and chief executive of Dallas, added, "We believe in Pret and are proud to be a strong partner to a marquee brand that is known and loved wherever it operates."
