The company currently expects to open four to six new Bistrorestaurants and two to four new Pei Wei restaurants during fiscal2009. Last year, the company opened 17 Bistros and no Pei Weiunits, while closing 10 of the latter. No store closures areplanned for either Bistros or Pei Wei. <p."Because there arelimited opportunities, maybe 10 to 20 units per year, so we can bevery selective about where we choose to go," said Richard Federico,chairman and co-CEO. "There are fewer and fewer developmentsgetting financed, and fewer lifestyle retailers gettingdeveloped."

The result, he said, is that unit growth will be on the low endfor 2009 and into 2010. The company also is working onrenegotiating terms with developers.

[Landlords] are in a bit of a pickle themselves these days,"said Robert Vivian, co-CEO. "We're both trying to work our waythrough this morass. Obviously we would like to pay less; theywould like for us to pay more."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
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.