Latest / Bloomberg Intelligence / Le Pain Quotidien's Satzman on New Product Offerings (Audio)

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Le Pain Quotidien's Satzman on New Product Offerings (Audio) · Bloomberg Intelligence

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  Speaker 1: Bob Moon Bloomberg Radio. House Minority leader Nancy Pelosi says
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  Speaker 1: you and again recapping stocks lower SMP five. How did
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  Speaker 1: it index down ten points to a drop of five
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  Speaker 1: tenths of one pent? I'm Charlie pellett Um, that's a
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  Speaker 1: Bloomberg business flash. This is taking stock with Kathleen Hayes
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  Speaker 1: and Pim Fox on Bloomberg Radio. After fourteen years working
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  Speaker 1: at Starbucks, our next guest finally decided it was really
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  Speaker 1: all about bread and food and a their tasty delights.
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  Speaker 1: Doug Satsman is the chief executive of Le pan Quotidia
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  Speaker 1: USA and he joins US now in studio. He can
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  Speaker 1: be followed on Twitter at Doug Satsman s A t
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  Speaker 1: Z M A N and of course at le pin
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  Speaker 1: Quo Titian Doug, thanks very much for coming in. Thank
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  Speaker 1: you tell us about the pan Quotitia for people that
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  Speaker 1: may not know about the what two hundred and thirty
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  Speaker 1: eight different locations and a little bit of its history. Sure,
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  Speaker 1: we are an authentic European brand that has started years
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  Speaker 1: ago with Alain Cuman, our chef who grew tired of
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  Speaker 1: the bread that was available in the marketplace. He started
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  Speaker 1: making on his own and became very popular for that,
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  Speaker 1: very well known. And further he started with one restaurant
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  Speaker 1: in Brussels and it grew to a few and the
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  Speaker 1: success went overseas over twenty five years. And because we
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  Speaker 1: are a privately owned company, we grow responsibly, carefully. But
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  Speaker 1: we're now up to two thirty eight restaurants, two eight restaurants,
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  Speaker 1: ninety locations in the United States. How do you what
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  Speaker 1: is the strategy here? How? What kind of markets, what
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  Speaker 1: kind of neighborhoods, what kind of cities? Um? Do you
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  Speaker 1: keep the product line that the you know, the coffees
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  Speaker 1: and the food you offer the same everywhere you are?
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  Speaker 1: How does this work? We are food is organic as
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  Speaker 1: often as we can make it and from local suppliers.
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  Speaker 1: So as we move around the world, we will have
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  Speaker 1: slightly different menus. In the US, we're pretty consistent. We
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  Speaker 1: were healthy and organic before it was on trend twenty
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  Speaker 1: five years ago. And we are a neighborhood, community based
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  Speaker 1: business and that's where we started. Big tables are want
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  Speaker 1: to sit up community. The communal table has been one
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  Speaker 1: of our our hallmarks where the community can come together
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  Speaker 1: and uh sit down, take a break from the hustle
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  Speaker 1: and paul all of the day. And we have expanded
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  Speaker 1: into more locations with higher daytime population, so we're a
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  Speaker 1: very popular place for lunch, not just brunch on the
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  Speaker 1: weekends or or or a light dinner, and that has
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  Speaker 1: informed where we go. We started in New York or
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  Speaker 1: in l A, Washington, d C. Recently Philadelphia and Chicago
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  Speaker 1: as well, and there's a lot more to go. I
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  Speaker 1: gotta ask you what is dirty noodle soup? I thought
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  Speaker 1: it'd be a good way to get you to tell
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  Speaker 1: us about your newest concept. Yeah. Lobaltonist is our newest concept,
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  Speaker 1: created by Alan Cuman, our chef, and he came up
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  Speaker 1: with a lot of creative naming for some really good
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  Speaker 1: vegan and plant based food. One of my favorites. Is
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  Speaker 1: free range tofu really plays with you, get you interested
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  Speaker 1: in trying. It's all delicious. But what is the dirty
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  Speaker 1: noodle soup? What is it? And tell us about this
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  Speaker 1: concept because this is something you're just introducing in the
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  Speaker 1: United States. Yes, it's another example where we're innovating, respecting
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  Speaker 1: our our twenty five year heritage. But food, you can
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  Speaker 1: go so many directions and and what l M set
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  Speaker 1: to prove is we can have really delicious, innovative food,
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  Speaker 1: still plant based and organic. But he went further with
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  Speaker 1: recipes we wouldn't necessarily have in the Penko didion today,
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  Speaker 1: but hopefully you'll see some inspiration coming across to our menu.
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  Speaker 1: So dirty soup is just the it implies the muddy
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  Speaker 1: uh visual when you look at the soup and more
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  Speaker 1: intended to pique your interest. It's delicious. So what did
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  Speaker 1: you take from your role at Starbucks? He's less served
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  Speaker 1: as Senior vice president of Business Development, License retail Operations
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  Speaker 1: for Europe and East and Africa. What do you bring
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  Speaker 1: from that experience to Lepanton? Starbucks was great at innovating.
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  Speaker 1: They still are and it's a great people culture. And
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  Speaker 1: I found when you can take a great product, and
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  Speaker 1: you invest in your people and then you stay current
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  Speaker 1: without compromising your heritage. You you have an unbelievable brand
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  Speaker 1: and a great experience. And I found all of the
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  Speaker 1: same pieces at Le panc Tidi and I started as
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  Speaker 1: a customer, fell in love with the brand. I thought
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  Speaker 1: it was one of the few in my neighborhood in
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  Speaker 1: Amsterdam where I was last posted, and found out it
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  Speaker 1: was this really great, beautiful company that's set to grow
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  Speaker 1: and its next phase, it's next twenty five years. Price points.
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  Speaker 1: Tell me about price points for the Panqutidium because of
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  Speaker 1: course you've got competition and fast casual, whether that is
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  Speaker 1: Panera Bread, whether it is shake Shack, five guys. UH.
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  Speaker 1: You've got a lot of competition, and some of them
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  Speaker 1: are publicly traded companies. You have a number of headwinds
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  Speaker 1: for businesses and arrange. You have high rents, were in
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  Speaker 1: high profile real estate wherein some of the best cities
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  Speaker 1: and most expensive cities, labors high, and your ingredients are
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  Speaker 1: high and you will see that reflected in the experience
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  Speaker 1: UH and the investment we make in the restaurants, but
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  Speaker 1: further in the level of quality and the food that
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  Speaker 1: you have so we're not a value chain. We're not
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  Speaker 1: looking to compete with some of the more pedestrian brands. UM.
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  Speaker 1: But if we feel the food that you get UH
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  Speaker 1: and the experience that you have and the customer service
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  Speaker 1: that you have, UM, pricing becomes less important as the experience.
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  Speaker 1: All right, Well, Doug Satsman, thank you so much for
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  Speaker 1: joining us, and congratulations on your new job and good
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  Speaker 1: luck with lp Q le pen Kadidion. Thank you very much, Statsman,
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  Speaker 1: CEO of le pen Kadidian in the United States. He's
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  Speaker 1: based in New York now moving his family over from Amsterdam.
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  Speaker 1: I'm sure we'll have him back on the show as
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  Speaker 1: his new venture continues. Me, thank you so much for
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  Speaker 1: joining us today. I'm Kathleen Hayes along with Pim Fox.
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  Speaker 1: Later in the show, we're gonna be looking at democratic
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  Speaker 1: politics and feder Reserve policy. I'm Kathleen Hayes along with
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