Sales at Pret A Manger soared to a record £1.1 billion in 2023, driven by global expansion.
- The company’s international sales strategies led to a 22% increase in annual revenue.
- A significant portion of Pret’s revenue now comes from overseas markets, with New York emerging as a key focus area.
- Regional growth in the UK outside London has contributed to Pret’s success.
- Product innovation and strategic partnerships have been central to Pret’s growth.
Pret A Manger’s revenue rose impressively by 22% in 2023, reaching a landmark £1.1 billion. This achievement was predominantly fueled by the company’s strategic global expansion initiatives.
In the first half of 2024, Pret’s sales increased by 10% to £569 million, with same-store sales experiencing a 3% growth. Now, £1 in every £4 spent at Pret comes from outside the UK, illustrating the brand’s expanding global footprint.
The brand has successfully ventured into 18 international markets, with a significant boost from its franchise-based model. Franchising now represents one-third of Pret’s sales, underscoring its importance to the company’s growth strategy.
New York has emerged as Pret’s largest market outside the UK, largely due to a new joint venture with franchise partner Dallas International. Pret plans to strengthen its presence on the US East Coast by opening over ten new shops by 2026, aiming to triple its regional footprint within the next five years.
Within the UK, Pret has expanded its reach beyond London, with 87% of its new openings since January 2023 occurring outside the capital. This growth trajectory includes new shop openings across Scotland and Ireland, supported by newfound partnerships.
The brand has also prioritized product innovation, launching over 300 unique recipes worldwide as part of its most extensive product range in five years. Notable among these is the introduction of a children’s menu, Little Pret Stars.
In response to rising commodity costs, Pret began reducing prices on popular items earlier this year and adjusted its Club Pret subscription service to facilitate further price cuts. Chief Executive Pano Christou stated, “Our recipe for success is to focus on doing what Pret does best: creating delicious, freshly made food for our customers.”
Pret A Manger’s international growth and innovative strategies have solidified its position as a leading global food retailer.
