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Pret A Manger has announced a new joint venture partnership with existing franchisee, Dallas International, to expand its operations in the US through a combination of new equity shops and additional franchise agreements.
As part of the new partnership, Dallas will have operational control of approximately 50 Pret shops in New York, Pennsylvania, and Washington D.C, and exclusive rights to open new shops in these markets.
Dallas also intends to refurbish a number of shops, and work with Pret to develop and introduce new shop formats, including drive-thru’s. Dallas will open more than 10 new Pret shops on the East Coast by 2026.
This JV builds on the existing relationship between Pret and Dallas, which includes separate franchise partnership agreements for Dallas to build and operate a range of Pret shops, including in the UK and more than 40 in southern California.
Pano Christou, CEO 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.”
He added: “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 CEO of Dallas, said: “We believe in Pret and are proud to be a strong partner to a marquee brand that is known and loved wherever it operates.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.”
He added: “Each market included in the deal has tremendous growth potential that will build on our already strong footprint in the United Kingdom and new operations in California, all underpinned by our strong partner, team and customer ethos.”
