There is a good article on Greggs today on in the FT...

They also talk about their insatiable urge (need) to expand, which leaves me just a little bit hesitant.

Rapidly expanding concept restaurants are famous for growing till they go "boom". First you open the good locations, then you open the marginal ones, then you open the ones that don't justify the capital and expenses just to keep the top line growing and the momentum shareholders on board. I am certainly not saying this is the fate of Greggs, I don't know them. But it is a sadly common pitfall. Particularly so since there really haven't been very many chain eateries anywhere in the world that had truly excellent economics over the long term. A great business should do well even when it reaches its growth limit.

Jim
(...a friend ran a three big rapidly expanding chains you'd have heard of, all of which have had bankruptcies since then...though he is not poor. No, wait, four.)

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