stevez wrote:eatchicago wrote:FYI, Potbelly's is practically a national chain now, with locations in Texas, Minnesota, and from here to DC.
Nothing practically about it. They got some VC financing and have plans to roll out (eventually) nationwide. There was a big article about it in Crain's 3 - 4 months ago. BTW, even though they can't hold a candle to a sub from Bari, Riviera, Tony's or any other Italian deli, you could do far worse in terms of ordering a chain sandwich. Potbelly is head and shoulders above, for example, a Quiznos or Subway. If we didn't live in such a sub-rich area, I'd be damn glad to have a Potbelly's nearby.
Potbelly's has a lot of heavy hitters on their management team and Board of Directors. Howard Schultz's (Starbucks) is one of the VC investors, William Blair (the investment bank) is an investor, Sam Zell (Real Estate mogul) is on the Board of Directors. They recently hired heavy hitters from Whole Foods and Wendy's.
VC and Investment Bankers don't invest in companies because they're good operations -- they invest in them so they can make mad bank and cash out (by going public).
That being said, I don't consider Potbelly's to be a national chain -- they're still in the experimenting stage of their business. They recently introduced breakfast at some locations.
What they REALLY need to do is speed up the line. If they had a second toaster (or maybe even a double stacked toaster), it would speed up the line by a huge margin.
I remember going to Potbelly's in 2001/2002 at State/Lake and the line was so long that people would turn away. As an investor, I'd cry over that . It wasn't too long thereafter that Potbelly's got some investors and they started expanding like crazy in the loop.