Panera Bread is launching a new "Mix & Match" promotion to win back price-sensitive diners as the restaurant industry engages in a "value war."
The new offering allows customers to choose from 10 select items, including half sandwiches, half salads, and cups of soup, for $4.99 each with a minimum purchase of two items.
The "Mix & Match" promotion is part of Panera's efforts to turn around its business, as the company has fallen behind competitors like Chipotle Mexican Grill and Panda Express in the fast-casual restaurant sector. Panera's 2024 sales declined 5% to $6.1 billion, reflecting ongoing traffic declines and softer consumer spending.
Unlike Panera's existing "You Pick Two" option, which customers view as a way to get variety, the new "Mix & Match" deal is specifically aimed at providing value. Each order also includes a choice of a baguette, chips, or apple. Seasonal items will rotate into the "Mix & Match" lineup.
Panera's CEO, Paul Carbone, says customer research shows diners want both value and quality, not just discounts. The company's goal is for the "Mix & Match" promotion to drive incremental visits, as nearly three quarters of diners say promotions influence where they eat, according to the National Restaurant Association.
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