Pret A Manger has achieved a remarkable increase in sales, driven by international expansion.
- In 2023, the company’s sales rose by 22% to reach £1.1 billion, marking a significant milestone.
- The first half of 2024 saw a further 10% increase in sales, amounting to £569 million.
- Franchising and overseas markets now represent considerable portions of Pret’s revenue.
- The expansion strategy includes opening new stores in the US and beyond London within the UK.
Pret A Manger has reported a striking 22% increase in sales, reaching a record £1.1 billion in 2023, driven by international expansion. This growth persisted into the first half of 2024, with sales climbing another 10%, totalling £569 million. A significant 25% of customer spending now occurs outside the UK, underscoring the success of Pret’s overseas ventures.
The company’s footprint has expanded to 18 international markets, with franchising playing a pivotal role, accounting for a third of total sales. Notably, New York has emerged as Pret’s largest market outside the UK, attributed to a strategic joint venture with Dallas International.
Pret A Manger’s expansion strategy is ambitious, aiming to establish over ten new shops along the US East Coast by 2026, as part of a broader plan to triple its presence in the region over five years. In the UK, the company is also diversifying its geographical presence, with 87% of new store openings since early 2023 located outside London.
In tandem with spatial expansion, Pret has diversified its menu offerings considerably. Over 300 unique recipes have been introduced globally, alongside the launch of the largest range of new products in five years, highlighted by the 2024 autumn menu. The introduction of ‘Little Pret Stars’, a children’s menu, marks another innovative development.
To manage rising commodity costs, Pret has implemented reductions on popular items and adjusted its Club Pret subscription to accommodate further price decreases. CEO Pano Christou emphasised, “Looking to the future, our recipe for success is to focus on doing what Pret does best: creating delicious, freshly made food for our customers, only using the high-quality ingredients that we’re proud to have in our kitchens.”
Pret A Manger’s robust growth reflects a successful expansion strategy, highlighting its strong potential for sustained international presence.
