(For more retail coverage, click GlobeSt.com/RETAIL.)

CHICAGO-Potbelly Sandwich Works Inc. has raised $58 million and added seasoned retail food execs in support of expansion. Dan Fogarty, SVP of marketing, tells GlobeSt.com, the 110-unit locally based chain plans between 35 and 40 new units this year.

A new investor in the company, New York City-based American Securities Capital Partners LLC, provided $30 million. An additional $28 million has come from the chain’s existing stockholders. Fogarty says expansion will take place in existing markets this year, allowing units to “percolate” in those markets before reaching to new ones. Potbelly currently operates in Illinois, Indiana, Maryland, Michigan, Minnesota, Ohio, Texas, Virginia, Wisconsin and Washington, DC. Units range between 2,300 sf and 2,800 sf, he says.

Fogarty, a nine-year veteran of Chipotle, joined Potbelly in January. During his tenure with the Colorado-based Mexican chain, it grew from three units to 500.

Since January three former Starbucks executives have joined him at Potbelly. Arthur Rubinfeld, former EVP and chief development officer of Starbucks, has taken the same title at Potbelly. In his 10 years with the Seattle-based coffee chain, it grew from fewer than 100 units to more than 4,000 worldwide.

Jayson Tipp is named Potbelly’s VP of store development and analytics. As the former Starbucks’ director of portfolio strategy, Tipp introduced new concepts.

This month, Bill Sleeth was named Potbelly’s VP of store design. He founded Vizworks, a creative services agency, and was involved in developing retail environments for Starbucks. Prior to joining Potbelly, Rubinfeld, Tipp and Sleeth worked together at Seattle-based Airvision, an agency founded by Rubinfeld that specialized in brand positioning.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.