Boston Market is Cooking; One Year After McDonald's Acquisition, Boston Market On Strong Growth Path.Business Editors GOLDEN, Colo.--(BUSINESS WIRE)--May 24, 2001 Known for its high-quality, home-style meals, Boston Market Boston Market (known before 1995 as Boston Chicken), headquartered in Golden, Colorado, is a chain of American fast-food restaurants. Founded in December 1985 in Newton, Massachusetts, the chain grew rapidly in the early and mid-1990s, filed bankruptcy in the late 1990s, and (R) Corporation is producing solid financial results since its acquisition by McDonald's Corporation one year ago. With an increased focus to grow and renew the business last year, the leader in "home meal replacement" now operates nearly 700 company-owned restaurants in 28 states. Fueled by consistent comparable store sales growth, restaurants now average $1 million in annual unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. volume. "Boston Market is financially sound and profitable, and we've exceeded McDonald's initial expectations," said Jeffrey Kindler kin·dle 1 v. kin·dled, kin·dling, kin·dles v.tr. 1. a. To build or fuel (a fire). b. To set fire to; ignite. 2. , chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Boston Market Corporation. "The Boston Market brand has tremendous potential, and we intend to continue growing the company with several key initiatives that will enhance the Boston Market experience for our customers, and ultimately, continue to drive our overall profitability." Acquisition History and Vision McDonald's acquired the Boston Market chain on May 26, 2000. McDonald's initial interest was based upon the potential to convert sites to McDonald's restaurants There are more than 30,000 McDonald's restaurants in 119 countries. Restaurants The first McDonald's was not a restaurant at all, but it was a sit-in stand. The company's early franchises were built to a standard pattern that did not offer seating; this was in part to prevent or other McDonald's-owned brands. However, McDonald's soon recognized the potential of the Boston Market brand's equity and strong consumer loyalty. Convinced that Boston Market had a bright future, McDonald's appointed Jeffrey Kindler, a McDonald's executive, as chairman and CEO, and Mike Andres, an 18-year McDonald's veteran, as president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . With a strong focus on building sales and overall profitability, Boston Market's promise to consumers is to provide "great meals made easy" - delicious home-style meal solutions that are easy and convenient. Boston Market continues to deliver the great-tasting food its consumers love, with contemporary new options to introduce new dining experiences that fit well with today's tastes and broaden the restaurant chain's appeal to more consumers. New initiatives include refreshing the brand with a more inviting interior decor, expanding the menu with new products, such as grilled chicken entrees and more dessert varieties, and enhancing catering services to extend Boston Market's reach beyond its restaurants. As part of a broad three-year enhancement plan, Boston Market is implementing the changes that represent the "new Boston New Boston is the name of some places in the United States of America:
The changes, which have been tested in Tucson, Ariz., to positive consumer feedback and increased sales, feature an expanded menu with new grilled chicken entrees, salads and sandwiches; a new, more inviting decor with warmer colors, and booths and padded seats; and a more family-friendly environment with baby cradles, kid's cups and coloring books. The "new Boston Market" improvements were recently introduced at company restaurants in Milwaukee and Pittsburgh. The changes will be rolled out market by market with system-wide completion targeted for year-end 2003. Catering Services Expanded Boston Market also has expanded its catering services at Boston Market restaurants nationwide. Menus are designed to deliver wholesome whole·some adj. whole·som·er, whole·som·est 1. Conducive to sound health or well-being; salutary: simple, wholesome food; a wholesome climate. 2. meals for a variety of occasions - from business meetings and graduation Graduation is the action of receiving or conferring an academic degree or the associated ceremony. The date of event is often called degree day. The event itself is also called commencement, convocation or invocation. parties to church events or even weddings. In addition, broader delivery options at select restaurants allow Boston Market customers the choice of pick up, delivery or delivery with set-up. Moreover, Boston Market is testing several other delivery initiatives, including enhanced drive-thru operations and call-ahead pick up services. "One of Boston Market's greatest competitive advantages is its brand equity and strong consumer appeal," Kindler said. "Our assets - Boston Market's high-quality food, enviable en·vi·a·ble adj. So desirable as to arouse envy: "the enviable English quality of being able to be mute without unrest" Henry James. customer loyalty, strong leadership team and dedicated, talented employees - combined with McDonald's industry expertise are a powerful formula for continued growth and success." About Boston Market Boston Market Corporation, based in Golden, Colo., specializes in quick, convenient meals, featuring home-style entrees, fresh vegetables, sandwiches, salads, soups, side dishes side dish n. A dish served as an accompaniment to the main course. Noun 1. side dish - a dish that is served with, but is subordinate to, a main course entremets, side order and desserts. Boston Market restaurants combine the freshness and quality of traditional home cooking with convenience, value and contemporary flair. With nearly 700 restaurants, Boston Market Corporation operates in 28 states. The company is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of McDonald's Corporation. For more information on Boston Market, visit the company's Web site at www.bostonmarket.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion