Hmm...you mean seating is easier because Chipotle isn't filling its restaurants, and Panera is? that could be bad for diners, but it's great for investors! I always laugh when I own restaurant stock, because I'm quite happy to find out that the wait is unacceptable, and I then turn elsewhere. It's fine to let others have your leavings, until you decide to expand some more and take that away from them, too.
That said, I do think Panera is overvalued. I just think your viewpoint is wrong.
PNRA serves lots of "wish sam'iches"....Like I wish there was some meat in between the two pieces of bread. Of all the restaurants that I've been at, PNRA has the most flavorful iced tea around; it doen't taste like water---even better than SBUX iced tea.
spitting a single item menu (burrito), versus buying two multiple item purchases (there is not single item at 17, nor even at half that, if I recall correctly). Let me try
I prefer putting two people in my new honda, versus buying two toyota's. And I think the tire quality is changing in the Honda....I measure that using my tire quality meter (also double as a meat meter). Plus seating is easier in the honda than the toyota
easier seating...do the seats roll by and you lean back into them before they whisk you away to the seating area ?