My nephew went to the Spring, TX location and he said is was very busy with several people in line. Also, he was shocked at how good the pizza tasted not expecting it to be better than some of the gourmet pizzas. He also said the location is perfect with plenty of visibility and traffic. Houston has huge potential, could easily get to 20 locations.
We should see a number of new store openings in December, I believe 2 company owned and possible 3 franchised. Any idea on store traffic? Comps have been strong, would like to hear from someone who has been to a location and how busy the store was?
They slowed down the new locations to refine the process and store format and now we need to see evidence they are going to kick it into high gear. There are plenty of markets left regardless of what you may hear on this board, we are very early in the fast casual pizza space. Houston could handle at least 30 locations across the metro market, it is probably one the largest markets out there. I agree with other posters on the call for Goebel take a bigger role, he could easily lead the charge with all the connections within Applebees.
We will likely see a continuation of the strong comp numbers from Pie 5 pizza, last qtr comps ran north of 12% which are numbers we are not seeing from many players in the restaurant space. Also, mgt needs to provide clarity on their strategy for company locations and also additional franchise opportunities. The KC franchise fun by the Goebel family (Applebees) is off to a strong start with their 5th location. I wouldn't be surprised if they take on a larger territory than they currently have. Should see earnings this week.
We have heard nothing from mgt about their corporate strategy to roll out company owned or franchised units What is the plan? They are running this like a private company! Zero communication with shareholders.
Why can't they do 20 company owned locations this year?
He is down a quick $1.50 on his purchase. It would be nice to see him double down here and add to his position. Bigger question is we need to see some new franchise awards for the areas with no coverage, still plenty of real estate to be had. Also, I would like to see a doubling in company units this year.
Have you been to the location? Not a good neighborhood. I know they have criteria for locations based on income levels and other demographic statistics.
I'm just trying to get an idea of how busy the locations are in the various restaurants? Would appreciate comments from any poster, please identify the location and time. Comp sale for the last qtr were up over double digits, so things must be going pretty good. According to Roth Capital report, newer locations are averaging around yearly sales of $1 million, this is a big improvement from the older locations. Any chance they start having conference calls around earnings reports?
It would be a big mistake to ignore the 12th largest economy in the world, which could be home to hundreds of Pie 5 locations. I agree with the previous poster we are in Land Grab stage and the one who captures the most territory will have 1st mover advantage. It will be very difficult to take a market that is already occupied by a competitor. We are still early, but it is time to get aggressive and start launching company locations into several metro area.
I agree Goebel is the real deal, he needs to have a bigger role at Pie 5. When he came on board with a franchise his reputation and business experience brought plenty of other deals. I would put him in charge of company owned locations and let him go nuts opening new outlets. My only complaint is the methodical opening of company owned units, they need to beat others to the top geographical locations before competition gets there
Still plenty of territory to be had, but no announcements in the last few weeks. They really have nothing to show for in the Midwest, West coast, or Northern east cost.
I'm glad to see we are finally moving forward in Houston, which in my opinion has the opportunity to be a monster market for Pie 5. I don't see why we can't have 30 units in the greater Houston metro area. The next company owned markets will be San Antonio and Austin. More franchise deals should be on the way after the 10% comps of the previous quarter. Newer units are running well above existing units in terms of sales. New units are doing close to $1 million per year versus the $750,000 of existing units
Post from Facebook:
Tina Anderson Went tonight about 6-6:30 and line was wrapped all through business and out the door so i went down to McAlister's instead.
October 2 at 8:57pm
Imagine what we could do if we have some more locations. Time will tell and fully understand mgt wanting to be cautious here, but the lack of company locations is frustrating. By the way, Houston was announced over a year ago and no locations. Very disappointing. Franchise locations will not get the job done, they don't contribute enough to the bottom line.
This is still a mystery if that we have not seen an announcement about locations in Houston, this is monster market that PZZI could own it if they get in gear and start opening some units. You could see 30 units easily in this metro area, which is one of the largest in the country. 30 locations may be conservative.
Also, those trumpeting franchise locations need to realize PZZI gets a 6% royalty, versus taking $750,000 per year for a company owned location
Pie 5 needs to get moving and open new outlets quickly before competition takes new markets. Uncle Maddio's and Pizza Rev are aggressively expanding into new geographical locations. I can't figure out why they have not opened any locations in Houston, this is a monster market. If they wait too long somebody else will beat them to the market.
Why haven't they opened new company locations in the past few quarters. They talked about going into Houston at least 1 year ago and no stores yet. This is a land grap right now and competitors are being more aggressive in opening new units. We need to see company owned units now