Pret A Manger's boss Pano Christou has a front-row seat to shifting consumer habits, and he's sharing what he's learned—from a growing appetite for salads to the enduring quiet of Fridays in the office.
Christou told the BBC's Big Boss Interview podcast that customers are increasingly trading bread for greens, slowly returning to offices, and splurging on premium, protein-packed meals. But the overriding theme? People want value for money.
The Subscription Struggle
Pret's coffee subscription has been a rollercoaster. Launched at £20/month for five free daily drinks during COVID, it's now £5/month for five half-price drinks. Despite criticism, Christou says sign-ups have jumped nearly 25% in the last year. Rivals like Costa offer loyalty programs and meal deals—like a hot drink and toastie for £6.49—putting pressure on Pret to compete.
Pret is testing its own meal deals in some stores, adjusting prices to gauge customer reaction. But Christou notes that value doesn't always mean cheapest.
Salads Soar, Bread Still Rules
Pret's "Super Plates" salad range, priced up to £12.95, raised eyebrows at launch. Yet sales are 40% above expectations, with the miso salmon salad topping the charts. Christou attributes this to a shift toward lower-carb, nutrient-dense meals. Still, bread-based items dominate—over half of Pret's top sellers are sandwiches or baguettes.
Interestingly, these salads sell better later in the day, often as an evening meal, suggesting they're filling a dinner gap.
Weight-Loss Drugs: Wait and See
While rivals like Greggs and Leon are resizing portions due to weight-loss drugs, Christou says it's too early for Pret to adjust. "We're monitoring the trend," he explains.
Fridays Are Here to Stay (Quiet)
Hybrid work has permanently altered commuter patterns. Pret stores in city centers and transport hubs see a noticeable dip on Fridays, and Christou doesn't expect a full return to five-day weeks. "New employees want flexibility but also value human connection," he says. However, each store remains open at least five days a week.
Pret is slowly adapting its real estate, shifting toward residential areas, but analyst Jonathan De Mello notes the bulk of its estate is still city-based, leaving it vulnerable to hybrid work trends.
Inflation and the Budget Bite
Pret's 2024 accounts show 2.8% like-for-like sales growth but a heavy loss due to a £500m writedown tied to economic uncertainty and Autumn Budget costs. The chain absorbed £20m in food inflation without raising prices.
Ongoing geopolitical tensions—specifically the US-Israel-Iran conflict—are also causing fuel price volatility, affecting daily deliveries to 550 UK stores. For now, Pret isn't passing these costs to customers, but that could change if disruption persists.
"People don't have as much money," Christou acknowledges. "They're looking for value."