Panera Bread is a recognized leader in fast casual restaurants with over 2,100 bakery cafes across the United States and Canada operating under the Panera Bread® or Saint Louis Bread Co.® brands. As the company continued to grow, Panera began looking for a partner to facilitate all aspects of their real estate strategy and store development processes to support future café growth and ensure compliance with the FASB ASC 842 lease standards.
Panera recognizes the value of a strategic approach to real estate and store development and had previously leveraged several separate solutions to meet their goals. However, internal and regulatory changes outpaced the existing solutions’ ability to accomplish long-term goals and they began to look at the next generation of solutions. Moreover, the new FASB ASC 842 standards were looming, and there was a high probability that achieving compliance would require a re-implementation of existing software. Panera saw this as an opportunity to assess their then-current providers and search out the right long-term solution.
Tango offered more than a Lease Administration & Accounting point solution. Tango end-to-end Store Lifecycle Management provides an holistic approach to managing the real estate and store development lifecycle.
Each of the products in Tango’s Store Lifecycle Management suite is designed from the ground up to address customers’ strategic challenges. Panera selected Tango’s Market Planning & Site Selection, Program & Project Management and Lease Administration and Accounting products to help them address the challenges they were facing.
The implementation of a new project management solution will help support new construction, remodels, and refits. The integration with Panera Bread’s modelling and site selection tool, enables better visibility into potential sites and new stores, and under which were closing or being remodeled.
Each of the products in Tango’s Store Lifecycle Management suite was designed from the ground up to address strategic challenges and, coupled with Tango’s deep industry knowledge and experience, Panera Bread began to see the benefits of the solution quicker and at lower overall cost of ownership. As for their critical ASC 842 needs, Tango’s history of guiding companies through to compliance with built-from-the-ground-up solutions gave them peace of mind.
The FASB ASC 842 deadline for private companies is fast approaching, but there is still time to ensure compliance if you focus on the right things.
Don’t be left out in the lease compliance cold and register for our webinar today.