The company now will open 25 new units in 2008, down from the 37 opened in 2007. This consists of already signed leases, as well as one or two strategic units, he said. New units will be located in existing markets, to reduce pre-opening costs and make best use of experienced staff.
"It appears that the macroeconomic speed bump is more long-term in nature," Mumford said. "This also allows us to focus on our number one priority—improving Pei Wei's operating results."
The move is one of several to increase sales, margins and efficiency, which include menu changes and strategic marketing tests. Last week, the company announced that it would sell a majority interest of its foray into Japanese cuisine, the single-unit Taneko Japanese Tavern.
"Although we continue to believe that the Japanese face is an opportunity, this is not the right time to dilute our attention from our core business," Mumford said.
PF Chang's operated 172 Bistros and 144 Pei Wei units.
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