WorldWide Papa’s, Plc, the exclusive area developer of Papa John’s International, Inc. restaurants in St. Petersburg, Russia and the Leningrad region, announces the opening of its fifth restaurant location on Vasilievsky Island, with a sixth location already secured and slated to open in July 2011.
“The phenomenal success in sales that we’ve already received at this location has exceeded our expectations and further reinforces our belief in the untapped potential we’d initially recognized in St. Petersburg and the Leningrad region,” said Darrin Stock, CEO and Founder of WorldWide Papa’s. “Furthermore, our sixth location will be opening in less than a month, and we are currently sourcing locations for an additional three restaurants, bringing us ever closer to our ultimate goal of more than 40 restaurants by 2014.”
Restaurant No. 5, (the ‘Captain’ location), located on Vasilievsky Island, is a dine-in restaurant with a capacity for 30 diners and a seasonal patio extension, (May-September) which adds 30 seats to the total capacity of the restaurant during the summer months. Delivery service is also emphasized at this location, extending the reach of WorldWide Papa’s to nearly 450,000 residents in the area.
Restaurant No. 6, (the ‘King’ location) is located on the main floor of a newly constructed apartment building in a densely-populated region near downtown St. Petersburg. This location will offer dine-in, carry-out and delivery service, taking advantage of the nearly 600,000 residents in the surrounding area.
“Not only have we made rapid strides in growth since our public listing on the Frankfurt Stock Exchange in February, but we’ve also seen a sharp increase in sales from our existing restaurants for Q1 2011, as compared to this period in 2010,” said Stock. “Based on current sales patterns, we predict that our two new restaurants will not only perform on par with our existing locations but may well eclipse existing locations before the year is out because of the enormous resident base in their areas.”
“Our goal is to drive the Papa John’s brand further into St. Petersburg and the Leningrad region than any other restaurant of this type has dared to go,” said Gary Hamilton, Secretary/Treasurer and Co-founder of WorldWide Papa’s. “The push is on; strategic sourcing of restaurants seven, eight, and nine is already in the pipeline, with others soon to follow.”