Potbelly Embarks on Aggressive Growth Strategy Following Transition to Private Ownership

The acquisition of sandwich chain Potbelly by fuel retailer RaceTrac has set the stage for a significant strategic shift. With its shares delisted from the NASDAQ on October 23, 2025, the company is now operating as a private entity. This move liberates its management from the quarterly pressures of public markets, allowing it to pursue an ambitious long-term goal: expanding its network to 2,000 locations.

The transition to private ownership has been accompanied by changes in leadership. Adam Noyes, formerly the Chief Operating Officer, has been appointed as the brand's President. Current CEO Bob Wright will remain in his position until the end of 2025 to oversee the handover process. The final public trading price for Potbelly stock was $17.12 per share.

Operationally, the focus is squarely on a "Franchise Growth Acceleration" initiative. The company intends to leverage RaceTrac's extensive resources to secure high-traffic real estate and streamline its supply chain operations.

A Detailed Roadmap for 2026 Expansion

The coming fiscal year will see Potbelly dramatically increase its development pace. The chain plans to open 50 new shops in 2026, representing a nearly 12 percent growth rate from its current base of over 425 U.S. locations.

Should investors sell immediately? Or is it worth buying Potbelly?

• To date, 23 of the 50 required sites have already been identified.
• Key target markets for entry and growth include Houston, Cleveland, Columbus, Jacksonville, Charlotte, and Hampton Roads.
• A market entry in Atlanta is planned with a shop in the Peachtree Station shopping center.
• The expansion model will utilize a mix of company-owned and franchised shops.

Financial Performance and Digital Strength

Current unit economics show an average shop volume (AUV) of approximately $1.3 million. A significant driver of sales is the digital channel, which now accounts for over 40% of total revenue, bolstered by an enhanced loyalty program. To ensure continued financial discipline during this transition, Potbelly has appointed KPMG as its auditor for the 2025 fiscal year.

Regional Clustering and Site Selection Strategy

A clear example of the new strategy is unfolding in Northwest Arkansas. A recently opened shop in Bentonville, located on the Walmart Home Office campus, is serving as a prototype for high-visibility market entries. A second location in Springdale is scheduled to open by the end of December 2025.

This regional clustering approach is central to improving unit-level profitability. By utilizing shared distribution data and insights from RaceTrac, Potbelly aims to identify optimal sites for its target demographic and accelerate what were previously slower development cycles.

The strategic outlook is unambiguous: becoming a private company empowers Potbelly to execute a more capital-intensive growth plan, with a clear objective of establishing a far larger footprint, particularly across the Southeastern and South Central United States.