Noodles Company CEO Kevin Reddy optimistic on growth plans
Post on: 23 Август, 2015 No Comment
Although Noodles & Company recently reported mediocre second-quarter earnings. the Bloomfield, Colo.-based fast-casual operator remains confident and poised for steady growth, according to chairman and chief executive Kevin Reddy.
What are you planning for Noodles & Company this fall?
Our menu is always one of the more exciting things at Noodles & Company. Weve got some fun limited-time offers coming up in the fall. We have a Fig in the Pig Flatbread, which is our antibiotic-free pork with a fig drizzle, and we are also going to offer a Buffalo Chicken Mac & Cheese that features our Parmesan-encrusted chicken and a Buffalo sauce.
Youre also targeting quite a bit of growth.
We believe that over the long term we can reach penetration levels of 2,500 [units] in the United States, and we are well on that path. The real estate remains robust. We are clearly optimistic about the long term, which is why we continue to invest capital in new growth, while you see a lot of restaurants still being pretty cautious.
We just opened in San Francisco this weekend and are starting to build out some early entry markets down in Orlando, [Fla.], and we just got into Houston. Were constantly adding a couple new markets every year. Weve got some strong franchisees in the Northeast that just started to open new restaurants in the past year as well.
What do you look for when entering a new market?
We are looking for strong middle-income neighborhoods with a fair amount of density. All of our trading areas have core criteria around demographics, and then we combine it with a pretty rigorous site checklist where were looking at physical plant, visibility, ingress, parking, etc. We are very disciplined on what we are willing to accept in that area because its an expensive, long-term decision.
How does your service style differ from other fast-casual players?
Well, everything is a little nicer here. Our dining rooms are comfortable but not stuffy. You can have a complete, balanced meal delivered to your table on china by a server that wants to make sure all your needs are taken care of. We deliver, I think, from a hospitality standpoint, an experience closer to casual dining with the speed and price point of fast casual.
How is the new catering program performing?
Because our menu is diverse, weve got this great platform where you can come in with larger orders for groups from 20 to 300 people [priced around $12 per person] and make everyone happy. Weve done some weddings and some great Christmas parties and banquets, and we are seeing some really nice early success. We just completed the training on it and all of our general managers are pretty fired up about it.