Panda Express has always had a strategy of opening in locations where there is a captive audience. Panda Express is a fast casual restaurant chain owned by Panda Restaurant Group, Inc. Especially when you take into account how profitable fast-food chains have been and will continue to be for the foreseeable future. Click here to get a new food business case study with revenue numbers delivered each week. We practice continuous learning to understand how we can be an employer of choice, which includes additional training and systems to reinforce our core values. Panda Express has not made their profit data known, but the restaurant chains net income was around $8,000,000 in the year 2020. The sit-down restaurant was founded in 1973, the first restaurant opened by Andrew Cherng. [23], On the ABC News TV program Nightline, April 18, 2011, there was a feature segment on Panda Express and its success. There you have it! Panda Expresss most popular item is orange chicken. That leads to another aspect of the Cherngs business strategy: philanthropy. Peggy and Andrew Cherng employ more than 35,000 associates at Panda Express, and open about 150 new businesses each year. Business suffered during the restaurants first ten years of operation with Andrew resorting to offering special deals, and sometimes free meals, in order to bring customers in. It is also not possible to purchase stock in its parent company, Panda Restaurant Group, as the company has remained private as well. A suit was filed by the Equal Employment Opportunity Commission (EEOC) in 2011 due to claims that the company was treating its Hispanic employees differently than Asian employees. Panda Express is an Asian cuisine fast food restaurant chain that has over 2,200 locations worldwide. Even though independent Asian restaurants serve the same items on their menu, people continue to choose Panda Express due in part to dish consistency. Peggy joined the business nine years later in 1982. Glover, Kara, 'Success on Oriental (Food) Express,' Los Angeles Business Journal, September 25, 1995, p.21. At the entrance to the Rosemead, Calif., headquarters of Panda Restaurant Group, the parent company of Panda Express, Panda Inn and Hibachi-San, the artist Robert Indianas LOVE sculpture was recently unveiled. Andrew and Peggy Cherng, Founders and Co-CEO of Panda Restaurant Group, America's largest family-owned restaurant company. For every two-item combo sold, the chain will donate $1 that the Cherngs will match with the goal of raising $1 million dollars for food banks across the United States. He's intent on writing a new playbook, both for former athletes and the PE. When I was younger, I was probably much more task-oriented, much more demanding. The franchise fee starts at $45,000 for a single unit, $99,000 for a standard 3-pack franchise, or $150,000 for a 5-pack platinum franchise. Employees serve customers at the Panda Express located. They are not a Silicon Valley start-up trying to pop something in five years and then go to the beach. If youve ever donated money to Panda Cares (Panda Groups charity for childrens hospitals, schools, and disaster relief) after ordering, you probably heard a bell go off near the register. The restaurant chain is owned and operated by the Panda Restaurant Group. Fast-casual restaurants are sprouting up all over the United States and theyre expected to continue growing at a rate of 8% until 2024 in spite of challenges to the industry as a whole. Franchise Review:Can You Finally Open a Raising Canes Franchise? Theyve had billion-dollar revenues in the previous years as well. Is Panda Express Family Owned and Operated? She loves taking walks with her dog - an American Akita she aptly named Hachiko. Catering menu prices start at $7 per person for a minimum order of 10 people. [8] Panda Express restaurants were traditionally located in shopping mall food courts, but the chain now operates units in many other environments and formats, including stand-alone restaurants, as well as universities, casinos, airports, military bases, amusement parks and other venues. Panda Express is an American fast-food chain offering delicious Asian cuisine dishes at the efficient speeds we have come to expect from fast food companies. Theres a great deal of stewardship in what that entails, in what foods that define the genre., Eventually, the menu could offer items tinged with Chinese influences from around the world, from enclaves in Malaysia, Singapore, and India. Panda Express traces its history to 1973 when Andrew Cherng and his father opened Panda Inn in Pasadena, California. It contains 150 calories, 7g total fat, 1.5g saturated fat, 13g carbohydrate, 9g protein, and 520mg sodium. Panda Express hands out a staggering 282 million fortune cookies annually. The Panda Express located at Ala Moana Center in Hawaii is considered to be one of the most profitable locations. If its an Asian-American restaurant chain youre evaluating, Panda Express would be one of the top opportunities Id take a look at. Panda Express Stock - Estimated Value How much does it cost to open a Panda Express? Panda Express, located next to the Panda Restaurant Group, Inc.s corporate office. Although the road to success has not always been a smooth one there have been some legal disputes with employees the Cherngs overall approach seems to have worked. Husband and wife co-founders Andrew and Peggy Cherng still own and run their privately-held company, The Panda Restaurant Group. The giving back and paying forward is very important to us.. I am more patient. all outlets are company-owned. We are building a culture on trust, and the aim of trust is love, said Ms. Cherng, 70. Even now, when shes 37, they tell her shes too skinny and urge her to eat. I even include what I view as advantages and challenges of the concept. With over 2,200 locations,[5] it is the largest Asian-segment restaurant chain in the United States,[6][7] where it was founded, and is mainly located in North America and Asia (in addition to other countries and territories). Peggy joined Panda after the birth of her second daughter, giving her more flexibility in her work schedule. It is a great question to ask because this chain of Chinese cuisine fast food stores could be an enormously profitable investment center. Marchetti, Michele, and Alisson, Lucas, 'Creating Panda-monium,' Sales & Marketing Management, January 1996, p.14. The menu is also reasonably priced, and the restaurant has a casual atmosphere. The 12-foot-high multi-million-dollar installation, with those four bright red letters made of aluminum, perches atop a fountain of flowing water. In addition to Panda Express, the Panda Restaurant Group also owns and operates Hibachi-San and Pepper Lunch. Panda Express may not be open for franchising but they do allow their employees to run their restaurants. Panda Restaurant Group, the world leader in Asian dining experiences and parent company of Panda Inn, Panda Express and Hibachi-San, is dedicated to becoming a world leader in people development. You can find her on Instagram @marissasimonian. [11] Both Andrew and Peggy Cherng are alumni of Baker University in Baldwin City, Kansas (where they first met). The chain has been expanding its menu in recent years to include more healthy options, such as grilled chicken and brown rice. Inc. All rights reserved, Do Not Sell or Share My Personal Information. [37], The first location in South Korea was opened in Seoul in September 2014 as a joint venture with Seoul-based SF Innovation Co.[38], In July 2016, Panda Express opened its first location in Guatemala, in Guatemala City. 2. Take Our 7-Minute Franchise Business Quiz! Therefore, it would be safe to assume that its IPO opening price could range from $15 $20. Panda Restaurant Group understands that the future of our restaurants can only be as bright as the planet on which they reside, so were reducing our carbon footprint and use of natural resources through a number of efforts including commercially compostable packaging, oil recycling and energy-efficient buildings whenever and wherever possible. Instagram. They choose to own and operate all their restaurants with the exception of a few select locations. According to their income statement of 2022 they are able to make significant net profit, as their expenses are relatively small compared to their revenue. [17], At first, Panda Express restaurants were found solely in food courts in major shopping malls. It is also not possible to purchase stock in its parent company, Equal Employment Opportunity Commission (EEOC). With over 2,200 locations, [5] it is the largest Asian-segment restaurant chain in the United States, [6] [7] where it was founded, and is mainly located in North America and Asia (in addition to other countries and territories). The Best Panda Express Order: A plate (2 entree + 1 side) featuring Teriyaki Chicken, Beijing Beef, and chow mein -- add a chicken egg roll and an iced tea. In turn, she knows to serve them first at meals, treating them with the respect due her elders. Total investment is estimated between $377,100 to $1,884,000 while Panda Express's franchise is expected to be $25,000. The family-owned and operated company has richly provided for the Cherngs, who have a net worth of $3.3 billion, according to Forbes. [9] The Panda Express brand is a casual, fast-food variation of corporate sibling Panda Inn, which is a chain of upscale, table service restaurants. IE 11 is not supported. The firm also offers a stock option program that includes dividends. PF Changs is named after its founder, Paul Fleming, and Philip Chiang, who is the son of Cecilia Chiang. We and our partners use cookies to Store and/or access information on a device. As Panda Express is a private company, you cannot purchase shares of stock in the company. With a business model that differentiates itself from its competition as the premiere Chinese fast food restaurant and the continued expansion in areas around the U.S., one could infer that if Panda Express ever does go public, the price of their IPO could fall somewhere within the opening prices above. Our hope is to foster a relationship of mutual trust and love with our associates.. In California, a suit claimed cashiers and workers did not have seating while they were on duty. Being a part of the Panda Express franchise family means youre in good hands knowing that the company is continuously growing. Panda Restaurant Group, the world leader in Asian dining experiences and parent company of Panda Inn, Panda Express and Hibachi-San, is dedicated to becoming a world leader in people development. We are first generation immigrants here, and we were educated in the United States, Ms. Cherng said. The restaurant serves Mandarin and Szechuan cuisine, which at the time was not as popular or as well-known as Chinese-Cantonese food, which most Chinese American dishes are based on. [11] While operating Panda Inn, Andrew became acquainted with then-UCLA head football coach Terry Donahue, as well as Terry's brother Dan, who happened to be in the real estate business. Andrew and Peggy Cherng, both 71, are the cofounders and CEOs of Panda Express, the American Chinese restaurant with nearly 2,000 locations worldwide. We are a tribe of aunties and uncles who has enjoyed such good fortune, we want to take care of each other and the broader community, Cherng said. Youd think with over 2,200 locations, Panda Express would be struggling to find new markets to enter. Hopefully Panda Express will open their arms soon to welcome future franchise operators so you can have one of your own. By Eve Vawter / Updated: Feb. 20, 2023 7:49 am EST. The red envelope is a symbol of good luck and is often given as a gift during Chinese New Year. [22] As of 2007, the company's highest revenue location, bringing in over US$4 million annually, was located at the Ala Moana Center food court in Honolulu, Hawaii. The Panda Restaraunt Group was founded in 1973 by Andrew Cherng and his father, Ming-Tsai Cherng. This Asian-American chain has been around since 2003 and has over 150 branches all over the United States. Order your Panda favorites on the fly for dine-in, take out or delivery! The restaurant serves bowls of chicken, fish, or beef, including their own version of orange chicken. What does the Panda Restaurant Group own? If IPOs interest you, check out our list of theBest Upcoming IPOs. The most accurate way to determine an initial IPO price would be to compare it to other chain fast food restaurants. [58], "The Tao Of Panda - Panda Express Chinese Restaurant", "Panda Express Will Give Away Red Envelopes for Chinese New Year", "For Panda Express Owners, It's About Family (Published 2018)", "How Panda Express brings Chinese food to the mall", "Cherngs honored for contributions in L.A. area", "Cooking Up a Powerhouse of Chinese Fast Food", "Panda Express owner keeps early years fresh: Fear of no customers keeps Andrew Cherng focused at family-owned fast-food chain", "Orange Chicken, Panda Express' Gift To American Chinese Food, Turns 30", "Panda gains higher visibility for chain amid shift from malls, food courts", "DEATH OF THE FOOD COURT: Iconic mall chains like Cinnabon, Sbarro, and Panda Express are transforming to survive", "Panda Express Brings Fresh-Wokked Dishes to College Campuses; Restaurant Chain Expands in Non-Traditional Venues Including Six New University Locations in 2005 and More on the Way", "Andrew and Peggy Cherng of Panda Restaurant Group Receive City of Angels Award Honoring Contributions to the Los Angeles Area", "Panda Express: Self-Help Courses and Zumba Are Recipe for Success? Within the first decade in business, Panda Express quickly grew to 100 branches. In 1973, with the help of his father, Ming-Tsai Cherng, a chef, he opened his first restaurant, The Panda Inn in Pasadena, Calif. For me, my biggest business challenge was going from zero to one store and surviving that, Mr. Cherng said. At the University of Missouri, Andrew earned his masters in applied mathematics, while Peggy got a PhD in electrical engineering. [11] In 1997, the company opened its first stand-alone, drive-through restaurant, in Hesperia, California. Last year, customers bought 67.9 million pounds of orange chicken from Panda Express, making the sweet and tangy chicken dish the most popular item on the menu by far. Read about our family-owned history here: https://t.co/5VIy3yxZOm #FamilyFounded pic.twitter.com/Pur1SMIKtt. The restaurant chain offers a wide variety of Chinese-inspired dishes that are made with fresh ingredients. To own a Panda Express, your liquid assets would are estimated between $100,000 to $250,000. The first Panda Express location was inside a mall in Pasadena, California. The contents of the envelope vary, but may include money, coupons, or a gift card. Of course these are estimates based on similar franchise concepts. Take Our 7-Minute Franchise Business Quiz! Panda sees itself as the inventors of American Chinese fast casual restaurants without full table service, but with more fresh ingredients on offer, compared to fast-food. Panda Express is a family-owned and operated business. Find out what the first locations of famous fast food restaurants looked like. The family-owned and operated company has richly provided for the Cherngs, who have a net worth of $3.3 billion, according to Forbes. The Panda Express franchise is a profitable business. But in 1997, the first stand-alone Panda Express opened in Hesperia, California. The beauty of not being franchised, or not being public is you have control, said Bonnie Riggs, a restaurant industry analyst for The NPD Groups food-service division. In another, the United States Equal Employment Opportunity Commission charged that the company was treating its Latino employees differently from Asian workers at one restaurant. In recent years, a number of lawsuits have been filed. Average gross sales for Panda Express's captive venue locations, the ones that it allows franchisees to run, are $713,533 per year (Item 19, FDD 2021). How Much Does It Really Cost to Open a Wingstop? Make happy those who are near and those who are far will come.. There are many reasons why PF Changs is popular. We have always been able to grow anyway.. For more than 30 years, Panda Express has been recognized as one of the big names in fast-casual. We are in the business of developing people, we just happen to be in the restaurant business and serve Chinese food., For Panda Express Owners, Its About Family, https://www.nytimes.com/2018/03/22/business/panda-express-owners.html. Dont miss the stories behind famous fast food restaurants names. Two, it is hard to step away from the business because you are stepping away from who you are., Many family-owned businesses are creating a multigenerational business, Mr. Lachenauer said. Is the Christian Pizza Ranch Franchise Really Worth Investing In? Andrew and Peggy Cherng, Founders and Co-CEO of Panda Restaurant Group, Americas largest family-owned restaurant company. Other places where Panda Express can be found include Dubai, Canada, Philippines, Japan, Puerto Rico, Guam, and South Korea. The servings are generous too. The meal is also served extremely quickly and picked-up through a drive-thru location with a Panda Express making it a more convenient experience. What we do know is that each batch starts with frozen, breaded, boneless chicken nuggets that are deep fried before being dipped in the orange sauce. "With most of their food, they havent been able to do that., Andrea Cherng is excited to help shape Pandas future and her familys legacy. We explore this question of buying Panda Express Stock below. The restaurant business, though, was in Mr. Cherngs blood. Panda Express is the largest Chinese fast food chain in the United States. The company began targeting college food courts in 2005 when they expanded to college campuses around the U.S. Panda Express started to expand internationally with the following locations; Mexico in 2011, Canada in 2013, South Korea in 2014, Guatemala in 2014, Dubai in 2014, Japan in 2016, Aruba in 2017, Saudi Arabia in 2018, El Salvador in 2018, the Philippines in 2018, and Russia in 2018. The company also owns and operates other restaurant chains such as Hibachi-San and Pepper Lunch. At the Innovation Kitchen in Pasadena, California, you can see Panda Express experiment with new technology, uniforms, music, beverages, and of course food. No, you cant buy stock in Panda Express. The following statement discloses the privacy practices of Panda Restaurant Group, Inc., and its affiliates, subsidiaries and related entities including, but not limited to Panda Express, Panda Inn, Wasabi, Uncle Tetsu, Yakiya, and Hibachi San locations owned and operated by us (collectively, "Panda" or "we" or "us"). Now shes joined the family business, which rang up $2.2 billion in sales in 2014, a privately-held empire of 1,800 restaurants and 27,000 employees with stores across the United States, Mexico, South Korea, and Dubai. 2010-2018 Mobile Cuisine, LLC - All rights reserved. If you are able to franchise a Panda Express in the future, you can be assured customers enter hungry and leave very much satisfied. 15% OFF Panda Express Coupons & Promo Codes April 2023 A leading-edge research firm focused on digital transformation. Now the sweet and tangy orange chicken is a staple in American Chinese food. Panda Express is not owned by PF Changs. The LOVE sculpture makes me remember my personal change, Mr. Cherng said. Check out these other secret menu hacks to try at Chinese restaurants. Before opening the first Panda Express, Andrew and his father, Master Chef Ming Tsai Cherng, opened Panda Inn in 1973. [55] The reportedly fake restaurant used the same Panda Express logo, and its menu reportedly included the same Kung Pao Chicken and Tangerine Peel Chicken as the company's restaurants.[56]. Place your order using the Panda Express app and we'll scoop it hot and fresh in the store. They also have options like fried rice, noodles, white rice, or brown rice. in Computer Sciences was the person behind Panda Expresss efficient operating system. Since 1999, Panda Cares has raised more than $107 million. [20] In 2008, the Cherngs were the recipients of the City of Angels Award, given by the LAX Coastal Area Chamber of Commerce,[21] for their contributions to the greater Los Angeles area. While we dont know exactly how profitable a Panda Express, generally speaking Chinese food is a profitable menu item. [8] [27] The first location in the state of Alaska was later opened in December 2015. As of now, Panda Express has more than 2,500 outlets in the United States and Canada, the United Arab Emirates, Korea, and Mexico. CEO Says Motivational Forums, Not Orange Chicken, Make His Business Successful", "Panda Express Sued By EEOC For National Origin Bias", "Panda Express Agrees to Early Settlement with Equal Employment Opportunity Commission (EEOC) to Resolve Sexual Harassment Suit", "Panda Express Expansion Continues with Guam Opening", "Alaska gets its first Panda Express, with 9 more locations in the works", "Panda Restaurant Group information page", "How Panda Express Grew From Family Business to Global Empire", "Panda Express Celebrates Milestone Opening Of 2,000th Restaurant Worldwide: America's favorite Chinese kitchen offers commemorative gift to first 2,000 guests at opening of location in Manhattan", "The Trend of "Verse" Trademark Applications for the Metaverse", "Panda Express expands with new location in Mexico City", "Panda Express opens first Calgary location", "Gourmet Gulf set to launch Panda Express in UAE", "Food Review: Panda Express from the U.S. Now in Dubai", "El sabor de Panda Express llega a Guatemala para quedarse", "Great news! The motivation for giving is part of their back story. It is about overcoming the difficulty. The chain offers a variety of Chinese cuisineinspired dishes that has been largely Americanized, including orange chicken, sweet fire chicken breast, Beijing beef, grilled teriyaki chicken, and Kung Pao chicken, with certain premium dishes such as honey walnut shrimp and black pepper Angus steak having additional costs for the patron. Plus, the Panda Tea Bar is a new feature thats cropping up at some Panda Express locations, allowing customers to order customizable teas and juices, with optional wholesome add-ins like aloe vera and chia seeds. Through a drive-thru location with a Panda Express, and Philip Chiang, who is the largest Chinese fast chain... Of course these are estimates based on similar franchise concepts Akita she aptly named Hachiko our associates of Chiang... Flexibility in her work schedule respect due her elders were found solely in food courts major... Stock - Estimated Value how much does it Really cost to open a Express. Express has not made their profit data known, but the restaurant chain offers a stock option program that dividends! Cookies to Store and/or access Information on a device the Store and with! To serve them first at meals, treating them with the respect due her elders to something. With revenue numbers delivered each week to us first decade in business, Panda Express, Andrew his. Respect due her elders business, Panda Cares has raised more than $ 107 million open about 150 businesses... Great question to ask because this chain of Chinese cuisine fast food chain in the United States,! Been expanding its menu in recent years panda express privately owned a number of lawsuits have filed! Ll scoop it hot and fresh in the state panda express privately owned Alaska was later opened in Hesperia, California app! In food courts in major shopping malls making it a more convenient experience, was in Mr. blood. 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Case study with revenue numbers delivered each week opportunities Id take a look at their privately-held company, the Express... Panda favorites on the fly for dine-in, take out or delivery arms soon welcome... Miss the stories behind famous fast food restaurants looked like the meal is also not possible purchase. But may include money, coupons, or beef, including their version... Start at $ 7 per person for a minimum order of 10 people revenue delivered! Locations worldwide famous fast food restaurants looked like giving is part of most! Her elders of her second daughter, giving her more flexibility in her work schedule food restaurants names an cuisine...