Amy Reeves details how Panera was able to introduce a high price point winner against the same economic maelstrom that everyone else faced,
Panera is also taking the non-discount approach to its new loyalty program, called MyPanera, which is currently in testing. Rather than rewarding customer loyalty with, say, the occasional freebie, Shaich says Panera aims to give its diners unique experiences.
"It may be coming in early to get an opportunity to see our new products, come in for a tasting, (or) cooking school, working in the bakery itself with the kids," he said. "We also do find opportunities to surprise people with something they didn't expect, a gift maybe. But it's all unique to that individual."
Over its 29-year existence, Panera has endured several recessions. And its main key to survival is to not panic, says Piper Jaffray analyst Nicole Miller Regan.
"They're benefiting from what they didn't do," she said. "Unlike some of their peers who've cut labor costs, cut services and discounted menu items, they just stuck with their core strategy."
