The worst recession in a generation has brought most of the restaurant industry to its knees.
That may leave Panera Bread CEO Ron Shaich the last man standing.
The restaurant industry suffered its worst quarterly decline in customer traffic in 28 years in the second quarter, reports researcher NPD Group. But Panera quarterly results, due Tuesday, are expected to be fine.
Shaich, 55, thrives by doing stuff backward. Instead of slashing prices last year, he raised them twice, once on bagels and once on soup. Even with 1,264 stores in 40 states and a recession on, he’ll open 80 more this year — about the same number as in 2008. He’s handing out bonuses, with last year’s the biggest in three years. Panera will hire thousands this year at its company and franchised stores. And one of Panera’s newest menu items isn’t a value deal, but a $7.59 chopped cobb salad. More.
Photo: Josh T. Reynolds for USA TODAY.