In its latest deal, Raving Brands, Moe's corporate parent, has signed a 25-store deal with Boddie-Noell Enterprises Inc. of Rocky Mount, NC, one of the country's largest privately held restaurant companies, for new stores totaling an estimated 70,000 sf in Richmond, VA, the Winston-Salem-High Point Triad area and the Newport News-Williamsburg market.
"We are moving at a pace of three store openings a week," says Matt Andrew, Raving Brands' vice president of finance. "We anticipate hitting 250 restaurants by the end of 2004, which is 50% faster growth than the category's leaders."
Andrew says Moe's Southwest Grill division, less than three years old, "has become the country's hottest Fresh Mex quick casual concept, outpacing category leaders in McDonald's Chipotle and Wendy's Baja Fresh."
Martin Sprock, founder and CEO of Raving Brands, formerly Wow Brands, says 550 more franchise units, totaling an estimated 1.54 million sf of leased space, are on the drawing boards other Southeast, New York and New Jersey locations.
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