Potbelly Corporation (PBPB): Business Model Canvas

Tauchen Sie ein in die köstliche Welt der Potbelly Corporation, wo Sandwich-Handwerkskunst auf strategische Geschäftsinnovation trifft. Dieses beliebte Lokal in der Nachbarschaft hat sich von einem skurrilen Antiquitätenladen mit Sandwiches zu einer florierenden Restaurantkette entwickelt und nutzt ein raffiniertes Geschäftsmodell, das nostalgischen Charme mit modernem kulinarischem Unternehmertum verbindet. Entdecken Sie die geheimen Zutaten hinter Potbellys Erfolg, während wir ihr umfassendes Business Model Canvas analysieren und enthüllen, wie sich dieses Sandwich-Kraftpaket einen einzigartigen Platz in der umkämpften Casual-Dining-Landschaft geschaffen hat.

Potbelly Corporation (PBPB) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaften im Bereich Lebensmittelzutaten und Lieferkettenmanagement

Potbelly Corporation unterhält strategische Partnerschaften mit großen Lebensmittelvertriebsunternehmen:

Partner	Vertragswert	Jährliches Liefervolumen
Sysco Corporation	24,3 Millionen US-Dollar	65 % der Zutatenmenge
US-Lebensmittel	15,7 Millionen US-Dollar	35 % der Zutatenmenge

Kommerzielle Immobilienpartnerschaften

Potbellys Strategie zur Anmietung von Restaurantstandorten umfasst die Zusammenarbeit mit:

• CBRE Group, Inc.
• JLL (Jones Lang LaSalle)
• Cushman & Wakefield

Immobilienpartner	Anzahl der gesicherten Standorte	Durchschnittliche Leasingkosten
CBRE-Gruppe	42 Standorte	4.500 $ pro Quadratfuß
JLL	28 Standorte	4.200 $ pro Quadratfuß

Erweiterung der Franchise-Partnerschaft

Zu den Franchise-Partnerschaften von Potbelly gehören:

• Franchisenehmer mit mehreren Einheiten in der Region Mittlerer Westen
• Gebietsentwicklungsvereinbarungen

Franchise-Partner	Gesamtzahl der Standorte	Investitionsbetrag
Midwest Restaurantgruppe	12 Standorte	3,2 Millionen US-Dollar

Partnerschaften mit Drittanbieter-Lieferplattformen

Digitale Lieferpartnerschaften:

Lieferplattform	Provisionssatz	Jährliches Bestellvolumen
DoorDash	25-30%	1,2 Millionen Bestellungen
Uber isst	25-28%	850.000 Bestellungen

Potbelly Corporation (PBPB) – Geschäftsmodell: Hauptaktivitäten

Zubereitung von Sandwiches und Restaurantspeisen

Im vierten Quartal 2023 betreibt Potbelly insgesamt 393 Restaurants mit Schwerpunkt auf handgefertigten Sandwiches. Jährliche Kosten für die Zubereitung von Speisen: 132,4 Millionen US-Dollar.

Vorbereitungsaktivität	Tägliches Volumen	Durchschnittliche Vorbereitungszeit
Sandwichherstellung	2.875 Sandwiches	45–60 Sekunden pro Sandwich
Beschaffung frischer Zutaten	17 lokale Lieferanten	Täglich frische Lieferung

Restaurantbetrieb und -management

Gesamtarbeitskosten im Restaurant im Jahr 2023: 98,6 Millionen US-Dollar. Durchschnittlicher Personalbestand pro Standort: 12-15 Mitarbeiter.

• Durchschnittliche Restaurantfläche: 2.200 Quadratfuß
• Tägliche Betriebszeiten: 10-12 Stunden
• Durchschnittliche tägliche Kundentransaktionen: 175–225

Menüentwicklung und Innovation

Jährliches Budget für Menüforschung und -entwicklung: 2,3 Millionen US-Dollar.

Menükategorie	Anzahl der Artikel	Jährliche Innovationsrate
Signature-Sandwiches	22 Kernelemente	3-4 neue Artikel pro Jahr
Saisonale Angebote	6-8 rotierende Gegenstände	Vierteljährliche Updates

Marketing und Markenförderung

Marketingausgaben im Jahr 2023: 7,2 Millionen US-Dollar.

• Budget für digitales Marketing: 45 % der gesamten Marketingausgaben
• Social-Media-Follower: 127.000
• E-Mail-Marketingliste: 215.000 Abonnenten

Franchise-Entwicklung und -Unterstützung

Franchisebezogene Betriebskosten: 4,1 Millionen US-Dollar pro Jahr.

Franchise-Metrik	Aktueller Status	Jährliches Wachstum
Gesamtzahl der Franchise-Standorte	46 Restaurants	5-7 % im Jahresvergleich
Mitarbeiter des Franchise-Supports	22 engagierte Profis	Gleichbleibende Teamgröße

Potbelly Corporation (PBPB) – Geschäftsmodell: Schlüsselressourcen

Etablierte Restaurantmarke und Konzept

Potbelly Corporation betreibt im dritten Quartal 2023 insgesamt 378 Restaurants, davon 291 unternehmenseigene und 87 Franchise-Standorte in den Vereinigten Staaten.

Ressourcenkategorie	Spezifische Details	Quantitative Kennzahlen
Restaurantstandorte	Firmeneigene und Franchise-Läden	Insgesamt 378 Restaurants
Geografische Präsenz	Hauptsächlich Märkte in den USA	Mehrere Bundesstaaten und Ballungsräume

Eigene Sandwich-Rezepte und Menüs

Potbelly bietet ein einzigartiges Sandwich-Menü mit etwa 15 bis 20 typischen Sandwich-Angeboten.

• Einzigartige warme Sandwiches
• Individueller Toastprozess
• Proprietäre Zutatenkombinationen

Geschultes Küchen- und Restaurantpersonal

Potbelly beschäftigt im Jahr 2023 insgesamt rund 3.500 Mitarbeiter in seinem Restaurantnetzwerk.

Personalkategorie	Geschätzte Zahlen
Gesamtzahl der Mitarbeiter	3,500
Führungspersonal	Ungefähr 15 % der gesamten Belegschaft

Digitale Bestell- und Treueplattformen

Die digitalen Plattformen von Potbelly generieren etwa 25–30 % des Gesamtumsatzes über Online- und mobile Bestellkanäle.

• Mobile Anwendung
• Online-Bestellsystem
• Treueprogramm mit digitaler Nachverfolgung

Restaurantausrüstung und Infrastruktur

Die Investitionsausgaben für Restaurantausrüstung und -infrastruktur beliefen sich im Jahr 2022 auf 9,1 Millionen US-Dollar.

Infrastrukturkomponente	Investitionsdetails
Jährliche Kapitalausgaben	9,1 Millionen US-Dollar (2022)
Küchenausstattung	Spezialisierte Sandwich-Zubereitungsstationen
Technologieinfrastruktur	Point-of-Sale-Systeme, digitale Bestellplattformen

Potbelly Corporation (PBPB) – Geschäftsmodell: Wertversprechen

Anpassbare Sandwich-Angebote

Potbelly bietet 19 Signature-Sandwiches mit Anpassungsoptionen. Durchschnittliche Sandwich-Preisspanne: 7,50 $ – 9,25 $. Kundenindividualisierungsrate: 62 % der Bestellungen.

Sandwich-Kategorie	Anpassungsoptionen	Preisspanne
Klassische Sandwiches	7 Proteinoptionen	$7.50 - $8.75
Premium-Sandwiches	9 Topping-Variationen	$8.75 - $9.25

Frische, auf Bestellung zubereitete Mahlzeiten

Tägliche Verpflichtung zur Frische der Zutaten: Die Zutaten werden innerhalb von 24–48 Stunden bezogen. Durchschnittliche Zubereitungszeit pro Bestellung: 3-4 Minuten.

• Täglich frisches Brot im Laden gebacken
• Fleisch wird vor Ort geschnitten
• Stündlich gehacktes Gemüse

Nostalgisches Sandwich-Shop-Erlebnis in der Nachbarschaft

Gesamtzahl der Standorte: 384 Restaurants, Stand 4. Quartal 2023. Durchschnittliche Restaurantgröße: 2.500 Quadratfuß. Kundenbindungsrate: 47 %.

Erschwingliche Option für ungezwungenes Essen

Durchschnittliche Essenskosten: 10,75 $. Preis für Mittagessen-Kombi: 8,50 – 11,00 $. Prozentsatz der Lebensmittelkosten: 28–32 % des Umsatzes.

Kategorie „Mahlzeit“.	Preisspanne	Kundensegment
Individuelles Sandwich	$7.50 - $9.25	Mittagspublikum
Kombi-Mahlzeit	$8.50 - $11.00	Preisbewusste Gäste

Schneller Service mit gleichbleibender Qualität

Durchschnittliche Auftragsabwicklungszeit: 4-5 Minuten. Kundenzufriedenheitswert: 4,2/5. Wiederholungskundenquote: 53 %.

• Digitale Bestellplattformen
• Integration mobiler Apps
• Konsistente Standards für die Zubereitung von Speisen

Potbelly Corporation (PBPB) – Geschäftsmodell: Kundenbeziehungen

Mitgliedschaft im Treueprogramm

Das Treueprogramm Potbelly Perks hat im vierten Quartal 2023 2,1 Millionen aktive Mitglieder. Die durchschnittlichen Ausgaben der Mitglieder betragen 42,67 $ pro Transaktion. Mitglieder des Treueprogramms erwirtschaften 37,5 % des gesamten Restaurantumsatzes.

Metrisch	Wert
Total Loyalty-Mitglieder	2,1 Millionen
Durchschnittliche Mitgliedertransaktion	$42.67
Einnahmen aus Treuemitgliedern	37.5%

Digitale Bestellung und Engagement in mobilen Apps

Der digitale Umsatz machte im Jahr 2023 22,4 % des Gesamtumsatzes aus. Die Downloads mobiler Apps erreichten 1,3 Millionen. Die Online-Bestellhäufigkeit beträgt durchschnittlich 3,2 Mal pro Monat und pro aktivem Benutzer.

• Mobile App-Downloads: 1,3 Millionen
• Digitaler Umsatzanteil: 22,4 %
• Häufigkeit der Online-Bestellung: 3,2 Mal/Monat

Interaktion mit sozialen Medien

Instagram-Follower: 87.000. Twitter-Follower: 23.500. Facebook-Follower: 56.000. Durchschnittliche Engagement-Rate: 2,7 %.

Personalisierte Marketingkommunikation

Die E-Mail-Marketingliste enthält 1,6 Millionen Abonnenten. Durchschnittliche Öffnungsrate: 19,3 %. Klickrate: 4,2 %. Einlösungsrate für personalisierte Angebote: 12,5 %.

E-Mail-Marketing-Metrik	Wert
Gesamtzahl der Abonnenten	1,6 Millionen
E-Mail-Öffnungsrate	19.3%
Klickrate	4.2%

Kundenservice-Erlebnis im Geschäft

Kundenzufriedenheitswert: 4,1/5. Durchschnittliche Wartezeit: 4,7 Minuten. Personalschulungsstunden: 22 Stunden pro Mitarbeiter jährlich.

• Kundenzufriedenheitswert: 4,1/5
• Durchschnittliche Wartezeit: 4,7 Minuten
• Jährliche Mitarbeiterschulung: 22 Stunden/Mitarbeiter

Potbelly Corporation (PBPB) – Geschäftsmodell: Kanäle

Physische Restaurantstandorte

Im vierten Quartal 2023 betreibt die Potbelly Corporation 411 Sandwich-Läden in den Vereinigten Staaten.

Standorttyp	Anzahl der Standorte
Firmeneigene Restaurants	411
Franchise-Standorte	0

Online-Bestellplattformen

Potbelly bietet über seine Website direkte Online-Bestellungen mit den folgenden digitalen Funktionen an:

• Integriertes webbasiertes Bestellsystem
• Direkter digitaler Menüzugriff
• Anpassbare Bestelloptionen

Mobile Anwendung

Die mobile App von Potbelly bietet die folgenden Funktionen:

• Verfügbar auf iOS- und Android-Plattformen
• Integration eines digitalen Treueprogramms
• Mobile Zahlungsmöglichkeiten

Lieferdienste von Drittanbietern

Lieferpartner	Status
DoorDash	Aktive Partnerschaft
Uber isst	Aktive Partnerschaft
Grubhub	Aktive Partnerschaft

Catering-Dienstleistungen

Potbelly bietet Firmen- und Gruppenverpflegung mit folgenden Optionen:

• Online-Catering-Bestellplattform
• Mindestbestellmenge: 100 $
• Vorbestellung möglich

Catering-Einnahmen	Betrag 2022
Catering-Verkauf	27,4 Millionen US-Dollar

Potbelly Corporation (PBPB) – Geschäftsmodell: Kundensegmente

Millennials und Berufstätige der Generation Z

Im vierten Quartal 2023 richtet sich Potbelly an etwa 42,7 Millionen Millennials und Berufstätige der Generation Z in städtischen und vorstädtischen Märkten. Durchschnittliche Kundenausgaben in diesem Segment: 14,50 $ pro Transaktion.

Altersspanne	Marktgröße	Durchschnittlicher Transaktionswert
25-40 Jahre alt	42,7 Millionen	$14.50

Mittagessenmenge und Büroangestellte

Potbelly bedient etwa 68 % seines täglichen Kundenstamms während der Mittagspause. Der Spitzenverkehr in der Mittagspause generiert an 487 Standorten einen Tagesumsatz von 3,2 Millionen US-Dollar.

• Hauptmittagszeiten: 11:30 – 13:30 Uhr
• Durchschnittliche Transaktionszeit zum Mittagessen: 12 Minuten
• Täglicher Mittagsumsatz: 3,2 Millionen US-Dollar

Familien, die ungezwungenes Essen suchen

Das Familiensegment macht 22 % des Kundenstamms von Potbelly aus. Durchschnittliche Ausgaben für eine Familienmahlzeit: 42,75 $.

Segmentprozentsatz	Durchschnittliche Kosten für eine Familienmahlzeit	Wöchentliche Familienbesuche
22%	$42.75	1,3 Besuche

College-Studenten

Das Segment der College-Studenten macht 15 % des Kundenstamms von Potbelly aus. Durchschnittlicher Transaktionswert für Studenten: 11,25 $.

• Nähe zu 378 Hochschulgeländen
• Studentenrabattprogramme aktiv
• Durchschnittliche Ausgaben der Studenten: 11,25 $

Gesundheitsbewusste Verbraucher

Gesundheitsorientierte Kunden machen 35 % der Kundensegmente von Potbelly aus. Durchschnittliche Ausgaben für gesundheitsbewusste Mahlzeiten: 16,50 $.

Segmentprozentsatz	Ernährungsorientierte Optionen	Durchschnittliche Essensausgaben
35%	18 Menüpunkte	$16.50

Potbelly Corporation (PBPB) – Geschäftsmodell: Kostenstruktur

Beschaffung von Lebensmitteln und Zutaten

Im Jahr 2024 beliefen sich die Beschaffungskosten für Lebensmittel und Zutaten der Potbelly Corporation auf ca 31-35 % des Gesamtumsatzes. Das Unternehmen bezieht Zutaten von mehreren Lieferanten, wobei die jährlichen Beschaffungsausgaben auf Folgendes geschätzt werden:

Zutatenkategorie	Jährliche Ausgaben
Brot und Backwaren	14,2 Millionen US-Dollar
Fleisch und Protein	22,7 Millionen US-Dollar
Produkte und frische Zutaten	8,5 Millionen US-Dollar

Arbeits- und Personallöhne

Arbeitskosten für Potbelly Corporation im Jahr 2024 berücksichtigt 35-40 % der gesamten Betriebskosten. Die Lohnaufschlüsselung umfasst:

• Durchschnittlicher Stundenlohn für Restaurantpersonal: 15,25 $
• Die Gehaltsspanne für das Management liegt zwischen 55.000 und 85.000 US-Dollar pro Jahr
• Jährlicher Gesamtarbeitsaufwand: 78,3 Millionen US-Dollar

Miete und Instandhaltung von Anlagen

Betriebskosten für die Restaurantstandorte von Potbelly:

Ausgabenkategorie	Jährliche Kosten
Miete	22,6 Millionen US-Dollar
Anlagenwartung	7,4 Millionen US-Dollar
Dienstprogramme	5,9 Millionen US-Dollar

Marketing- und Werbekosten

Zuweisung des Marketingbudgets für 2024:

• Gesamte Marketingausgaben: 12,5 Millionen US-Dollar
• Digitales Marketing: 4,8 Millionen US-Dollar
• Traditionelle Werbung: 3,7 Millionen US-Dollar
• Werbekampagnen: 4 Millionen US-Dollar

Investitionen in Technologie und digitale Plattformen

Ausgaben für Technologieinfrastruktur:

Kategorie „Technologie“.	Jährliche Investition
Digitale Bestellplattform	3,2 Millionen US-Dollar
Point-of-Sale-Systeme	1,5 Millionen Dollar
Cybersicherheit	1,1 Millionen US-Dollar

Potbelly Corporation (PBPB) – Geschäftsmodell: Einnahmequellen

Verkauf von Sandwiches und Mahlzeiten

Für das Geschäftsjahr 2023 meldete Potbelly Corporation einen Gesamtumsatz von $434,7 Millionen. Der Kernumsatz von Sandwiches und Mahlzeiten betrug ca 85% des Gesamtumsatzes, was ungefähr entspricht 369,5 Millionen US-Dollar.

Umsatzkategorie	Betrag ($)	Prozentsatz
Sandwich-Verkauf	279,5 Millionen	64.3%
Mahlzeitenkombinationen	90,0 Millionen	20.7%

Catering-Dienstleistungen

Catering-Einnahmen für Potbelly im Jahr 2023 erreicht 32,6 Millionen US-Dollar, was ungefähr entspricht 7.5% des Gesamtumsatzes des Unternehmens.

Franchise-Lizenzgebühren

Es wurden Franchise-Lizenzgebühren generiert 15,2 Millionen US-Dollar im Jahr 2023, bilanziert 3.5% des Gesamtumsatzes.

Franchise-Metrik	Daten für 2023
Gesamtzahl der Franchise-Standorte	48 Restaurants
Lizenzgebühr	4-5 % des Franchise-Umsatzes

Warenverkauf

Der Warenverkauf trug dazu bei 7,9 Millionen US-Dollar zum Gesamtumsatz, repräsentierend 1.8% des Gesamteinkommens.

Getränke- und Beilageneinkäufe

Getränke- und Beilagenverkäufe beliefen sich auf 29,5 Millionen US-Dollar, umfassend 6.8% des Gesamtumsatzes.

• Getränkeverkauf: 18,2 Millionen US-Dollar
• Nebenartikelverkäufe: 11,3 Millionen US-Dollar

Potbelly Corporation (PBPB) - Canvas Business Model: Value Propositions

You're looking at how Potbelly Corporation (PBPB) is delivering on its core promise to customers as of late 2025. It's all about the food experience, convenience, and value, which you can see reflected in their latest operational metrics.

The foundation is the warm, toasty sandwich and signature menu items, which they continue to innovate. For example, the introduction of the Prime Rib Steak Sandwich has been a positive driver for top-line performance, showing they listen to customer requests for craveable options. They focus on made-to-order quality, which is key in the fast-casual space.

Here's a quick look at how some of those product and service execution metrics stacked up in the second quarter of 2025:

Metric	Value (Q2 2025)	Context/Comparison
Company-Operated Same-Store Sales Growth	3.2%	Year-over-year increase
Average Weekly Sales (AWS)	$27,040	Increased 3.6% year-over-year
Total Revenues	$123.7 million	3.4% increase year-over-year
Adjusted EBITDA	$9.6 million	Increased 13.0% year-over-year

The service model centers on delivering Fresh, Fast & Friendly service within a local neighborhood environment. This cultural execution is what they believe drives the customer experience, which is the margin in this business. They are executing this in a growing footprint, having opened eight new shops and secured 54 additional franchise shop commitments in the second quarter of 2025 alone, bringing the total open and committed shop count to 816 locations as of June 29, 2025.

Digital convenience is a massive layer of their current sales, removing friction for you as a customer. In the second quarter of 2025, the digital business represented over 41% of total shop sales. This growth is supported by investments in digital advertising and the Potbelly Perks loyalty program, which is effectively moving customers up the frequency curve.

Potbelly Corporation is also layering in everyday value and targeted digital promotions to keep things accessible for price-sensitive customers. They are balancing premium items, like the Prime Rib Steak Sandwich priced between $14 and $18, with value options. For instance, they offer guests a pick-your-pair and skinny combos for $8. Management is planning for modest price increases in the mid-1% range across Q2, summer, and fall, targeting a full-year gross price increase of just over 3% to keep pace with input costs.

You can see the overall expectation for this value and convenience strategy reflected in the revised full-year 2025 guidance:

• - Full Year 2025 Guidance for Same-Store Sales Growth: Range of 2.0% to 3.0%.
• - Full Year 2025 Guidance for Adjusted EBITDA: Raised to approximately $34.0 million to $35.0 million.

Finance: draft 13-week cash view by Friday.

Potbelly Corporation (PBPB) - Canvas Business Model: Customer Relationships

You're looking at how Potbelly Corporation (PBPB) connects with the people buying their sandwiches and shakes as of late 2025. It's a mix of digital automation, transactional convenience, and that old-school, friendly vibe they aim for in the shop.

Automated engagement through the Potbelly Perks loyalty program

The Potbelly Perks loyalty program is central to driving repeat business through automated engagement. Potbelly Corporation is actively making incremental investments in consumer-facing digital assets and data capabilities to make marketing more effective. They are working to unlock new capabilities within Perks to offer enhanced personalization, which is expected to drive additional visits by making it easier for customers to engage with and redeem rewards. The relaunched program rewards members faster, using a coin system where members earn 10 Coins for every $1 spent, with higher tiers earning more. Redemption is flexible, starting at just 200 Coins for items like Sides, Cookies, Shakes, and Fountain Drinks, in addition to entrées.

The success of this digital push is clear in the sales mix:

Metric	Period	Value
Digital Business as % of Total Shop Sales	Q2 2025	41%
Digital Business as % of Total Shop Sales	Q1 2025	Over 42%
Digital Sales YoY Increase (Q1 2025 vs Q1 2024)	Q1 2025	200 basis points
Digital Sales YoY Increase (Q2 2025 vs Q2 2024)	Q2 2025	Approximately 140 basis points

Transactional relationships via third-party delivery apps

Transactional relationships are heavily supported by third-party delivery apps, which provide necessary convenience for off-premise orders. This channel is part of the larger digital business that accounted for over 41% of total shop sales in the second quarter of 2025. However, you have to remember the inherent risk here; the reliance on these external services introduces potential issues related to maintaining food quality and overall customer satisfaction outside of direct Potbelly Corporation control. The company is focused on streamlining digital orders through initiatives like the Potbelly Digital Kitchen to manage this better.

Personal, in-shop service emphasizing a friendly, neighborhood feel

Despite the digital growth, the core relationship remains rooted in the in-shop experience. Potbelly Corporation emphasizes a welcoming environment and personalized customer service, aiming to be the most loved sandwich brand in every neighborhood. This personal touch is what they believe differentiates them in the competitive fast-casual sector. The performance of these physical locations shows customers are still coming in:

• Company-operated same-store sales grew 3.2% in Q2 2025.
• Q2 2025 same-store sales growth was driven by a 1.1% increase in transactions.
• Company-operated same-store sales increased 0.9% in Q1 2025.
• Average Weekly Sales (AWS) for company-operated shops in Q1 2025 reached $24,550.

As of the end of Q2 2025, Potbelly operated 447 shops total, with 340 being company-owned, meaning a significant portion of these personal interactions happen under direct corporate management. That's a lot of sandwiches being made with a smile.

Finance: draft 13-week cash view by Friday.

Potbelly Corporation (PBPB) - Canvas Business Model: Channels

You're looking at how Potbelly Corporation moves its toasted sandwiches and shakes to the customer as of late 2025. The channel strategy is clearly bifurcated: physical locations drive the core experience, while digital channels are rapidly becoming the primary engine for transaction volume.

Company-operated shops remain the backbone of the brand, serving as the primary sales channel and often the testing ground for new operational efficiencies. As of the end of the second quarter of fiscal year 2025, Potbelly Corporation had 340 company-operated shops open. Management has signaled a return to corporate development, aiming to open 20 company-owned restaurants annually starting in late fiscal year 2025, which complements the franchise expansion efforts. These corporate stores are strategically placed, often leveraging high-volume markets like Texas and the Midwest.

Franchised shops are the key channel for achieving the ambitious long-term expansion target. Potbelly Corporation has a stated goal of reaching 2,000 total shops, with at least 85% of those locations being franchised. This franchise-led approach is designed to be asset-light, allowing for faster market penetration by leveraging franchisee capital. By the close of the second quarter of 2025, the company reported 107 franchised shops open. The pipeline for this growth is robust; for instance, the second quarter of 2025 alone saw the signing of 54 new franchise shop commitments. The total open and committed shop count stood at 816 as of June 29, 2025.

The shift toward digital channels is significant, driven by the Potbelly app and website for pickup and delivery orders. This focus is paying dividends, with digital sales penetration reaching over 42% of total shop sales in the first quarter of 2025, and settling slightly lower but still strong at 41% in the second quarter of 2025. These digital investments include a redesigned website and mobile app rolled out in June 2025. The company is actively working to convert demand through these digital assets, supported by the Potbelly Perks loyalty program.

Regarding third-party delivery platforms, while specific revenue splits aren't always itemized separately from the overall digital sales figure, their use is implicitly captured within the high digital penetration numbers, alongside direct-to-consumer app/web orders. The overall digital sales figure of 41% to 42% demonstrates that off-premise consumption, facilitated by both proprietary and external platforms, is now a critical component of the sales mix.

Here's a quick look at the channel mix and growth metrics as of the latest reported quarter:

Channel Metric	Value as of Q2 2025 (or latest)	Context/Target
Total Open & Committed Shops	816	Long-term goal is 2,000 units
Company-Operated Shops (Open)	340	Plan to open 20 corporate units annually starting late FY 2025
Franchised Shops (Open)	107	Target is at least 85% franchised of the 2,000 unit goal
Total Open Shops	447	Represents about three-quarters of the current open base
New Franchise Commitments Signed (Q2 2025)	54	Part of the Franchise Growth Acceleration Initiative
Digital Sales Penetration	41%	Up from 40% in Q4 2024; Q1 2025 was over 42%
FY 2025 Total New Shop Openings Guidance	At least 38	Includes both company-operated and franchise openings

The strategy clearly leans on franchising for scale, using smaller, flexible prototypes to lower franchisee build costs below the historical average of $650,000 per unit. Meanwhile, the direct-to-consumer digital experience, which accounts for a massive portion of sales, is being optimized with new technology like the Digital Kitchen platform, which is standard in new locations. Finance: draft the Q3 2025 cash flow projection incorporating the expected capital expenditure for the 20 planned corporate openings by year-end.

Potbelly Corporation (PBPB) - Canvas Business Model: Customer Segments

You're looking at the core groups Potbelly Corporation (PBPB) is serving and partnering with as of late 2025. This isn't just about who buys a sandwich; it's about who drives the digital ecosystem and who funds the physical expansion.

Office workers and lunch-time commuters seeking quick, quality meals remain a foundational segment, especially given the chain's urban presence. These patrons are responding to menu innovation, like the Prime Rib Steak Sandwich, which supports top-line performance. Company-operated same-store sales showed growth of 3.2% in the second quarter ending June 29, 2025. The Average Weekly Sales (AWS) for company-operated shops was reported at $27,040 in that same quarter. This group values speed and consistency, which the company supports with its focus on operational efficiency.

Digital-first consumers utilizing the app and loyalty program represent a rapidly growing and highly engaged part of the customer base. Digital channels accounted for over 41% of total shop sales in Q2 2025, up from over 42% in Q1 2025. The Potbelly Perks loyalty program is a key tool used to enhance customer engagement and drive frequency. These consumers are responding to investments in consumer-facing digital assets and data analytics.

Families and local neighborhood patrons seeking a casual dining experience are targeted by the brand's core identity as an 'iconic neighborhood sandwich shop concept'. The company emphasizes a 'warm, neighborhood vibe' and offers value-added options, such as the pick-your-pair or skinny combos starting around $8 in some areas. This segment is crucial for driving consistent, non-peak traffic.

Multi-unit franchisees (as partners for the growth model) are essential customer segments because they fund and execute the capital-light expansion strategy. Potbelly is aggressively pursuing franchise development to meet its goal of reaching 2,000 locations. As of the second quarter of 2025, the total open and committed shop count stood at 816 units, a 23% year-over-year increase from 663 shops in Q2 2024. Franchise revenue growth was strong, increasing 30.8% in Q1 2025, supported by a 26% increase in franchise units. Notably, 70% of the company's growth is driven by current franchisees expanding their portfolios. The estimated Item 7 Cost Guidance for a new location is between $654K and $1.274M per unit.

Here's a quick look at the unit growth focus:

• Full-year 2025 unit growth guidance: At least 38 new shop openings expected.
• Q1 2025 new franchise shop commitments: 40.
• Franchisee development agreement size: Typically 4-6 trade areas.
• System-wide locations (Open & Committed) as of Q2 2025: 816.

The focus on smaller, flexible prototypes is designed to bring development costs below the historical average of $650,000 per unit for these partners.

Potbelly Corporation (PBPB) - Canvas Business Model: Cost Structure

Cost of Goods Sold (COGS), including food and commodity costs (inflation expected 2% to 3% in 2025)

For the year to date ended June 29, 2025, Food, Beverage, and Packaging Costs were reported at 26.3% of shop sales. This figure benefited from a 40-basis point commodity deflation during the second quarter. Potbelly Corporation maintained its full-year inflation forecast of 2% to 3% for food and paper inputs. The trailing twelve months COGS % AVG 10YRS as of June 30, 2025, stood at 27.61%.

Shop-level labor and operating expenses (a major component of company-owned shops)

Shop-level costs for the second quarter of 2025 showed the following breakdown as a percentage of net company-operated sandwich shop sales:

Expense Component	Percentage of Shop Sales (Q2 2025)
Labor Expenses	28%
Occupancy Costs	10.6%
Other Operating Expenses	18.4%

The shop-level profit (loss) margin is a non-GAAP measure.

General and Administrative (G&A) expenses for corporate support and digital investments

For the year to date ended June 29, 2025, Total Revenues were $237,390 thousand, and GAAP net income attributable to Potbelly Corporation was $2,426 thousand. This GAAP net income represented 1.1% of Year to Date Revenues. Capital Expenditures (CapEx) anticipated for the full year 2025 were approximately $30 million, allocated to technology, restaurant technology replatforming, remodels, and densification.

Franchise incentives and development costs for the 38+ new units planned for 2025

Potbelly Corporation expected at least 38 new unit openings for the full year 2025.

• Average new shop investment: approximately $750,000.
• Initial Franchise Fee range: $20,000 - $40,000.
• Ongoing Royalty Fee: 6% of gross sales.
• National Marketing Contribution: 3% to 4% of gross sales.
• Total committed shop count as of June 29, 2025: 816.

The company earns an initial franchise fee and a franchise development agreement fee, with unearned portions recorded as a contract liability.

Potbelly Corporation (PBPB) - Canvas Business Model: Revenue Streams

You're looking at the core ways Potbelly Corporation brings in money as of late 2025. It's a dual-stream model, mixing direct sales from their own stores with income from their growing franchise network. Honestly, the split between these two is key to understanding their financial health right now.

The biggest chunk comes from the food and drinks sold directly to customers in their company-owned locations. For the second quarter of 2025, this segment delivered approximately $118.4 million in revenue, reflecting a year-over-year increase of about 2.5%. This revenue stream also includes the growing digital business, which is a significant driver; for instance, digital sales accounted for over 41% of total shop sales in one report covering that period.

The second main stream is the franchise side, which provides more predictable, high-margin revenue. Franchise royalties and fees for the second quarter of 2025 were reported at $5.3 million, showing strong year-over-year growth of approximately 27.7%. This growth is directly tied to their successful unit expansion strategy.

To give you a clearer picture of the scale, here's how the Q2 2025 revenue components stack up against the total reported revenue for the period:

Revenue Component	Q2 2025 Amount	Notes
Company-Operated Shop Sales	$118.4 million	Reflects food and beverage sales, net of allowances.
Franchise Royalties and Fees	$5.3 million	Franchise revenue, including fees and rent income.
Total GAAP Revenue	$123.7 million	Sum of company-operated sales and franchise revenue.
System-wide Sales	$154.2 million	Includes revenue from both company and franchised shops.

While catering and large-order sales aren't broken out separately in the primary reporting, they are definitely baked into that overall company-operated shop sales number. The focus on digital channels, which includes many larger or pre-ordered items, is a key part of driving that top-line shop revenue.

Looking at the full-year outlook, Potbelly Corporation projects profitability based on these revenue streams:

• Full-year 2025 Adjusted EBITDA is projected to be between $34.0 million and $35.0 million.
• The Q2 2025 Adjusted EBITDA achieved was $9.6 million, representing 7.8% of total revenue for that quarter.
• Company-operated same-store sales growth for Q2 2025 was 3.2%.
• The company reiterated its plan for unit growth of at least 38 new shops for the full year 2025.

The current guidance suggests they expect the momentum seen in Q2 to carry through the rest of the year to hit that EBITDA target. Finance: draft 13-week cash view by Friday.