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Panera Bread CEO Says Pay What You Can
Key Excerpts from Article on Website of Reuters News
Posted: June 28th, 2011
http://www.reuters.com/article/2011/06/14/idUS13088726202011...
One in six Americans live in "food insecure" homes. This means one in six Americans is seriously hungry, likely under-nourished or malnourished and doesn't know when he/she will have their next meal. When Panera Bread Founder and CEO Ronald Shaich learned this, he thought about how Panera Bread opens two restaurants every week, employs 60,000 people, and he knew Panera's resources could have impact on America's hunger problem. He personally set out to help, pitched his board (with a lot of respect and credibility under his belt), created a foundation and the result is a new kind of chain restaurant: pay-what-you-can Paneras. Panera Cares shops look like any other Panera Bread, but the prices are just suggestions. If you can pay, you do. If you can't, you don't. If you can pay more, you're welcome. More than one year into the program, Panera Cares has restaurants in St. Louis, Detroit and Portland, and the shops will serve between 500,000 to 1 million meals this year. Each restaurant must generate enough revenue to be self-sustaining, and so far, all of them are. One out of five customers leaves more than the suggested donation; three in five leave the suggested donation; and one in five customers leaves less or nothing, usually because they have real need. "People get it, people feel it and people appreciate it," said Shaich.
Note: It is interesting that no major media reported this inspiring Reuters article. Could it be that they don't welcome a new paradigm like this?
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