Company Snapshot: Pinkberry
3130 Wilshire Blvd, Flr 4
SANTA MONICA, CA 90403
Total Current Locations:
27 U.S. states, Middle East, South America, other international countries
CEO, President: Ron Graves
CFO: Pawan Kalra
From a single small storefront in 2005, Pinkberry Yogurt can now be found in nearly 260 locations around the world. Especially popular in areas and regions with routinely high temperatures such as the Middle East, India, California, Arizona, and Texas, outposts can also be found in Rhode Island, Massachusetts, Canada, and Russia.
Pinkberry was among the first of the so-called fro-yo chains that have sprouted in recent years. Some are full-serve, some self-serve and sell yogurt by the ounce, some feature Greek yogurt, others have sweetened and flavored products. At the core of all of them is the yogurt, a fermented milk product with origins shrouded in history. It is mentioned in ancient Indian writings, and the first written reference to it comes from the first century A.D. Yogurt has been available in the U.S. for more than a century but was primarily consumed by ethnic immigrants. However, late in the 20th century it was discovered by mainstream consumers when it became known as a health food.
Growth of the Pinkberry frozen yogurt concept has been primarily through franchising, and no new corporate stores are planned for the near future. Franchisees are expected to open more than 20 new domestic locations in 2014. Typical sites average between 800 and 1,200 square feet, and the average unit volume (AUV) for a traditional store last year was more than $665,000. Kiosks run from 250 to 450 square feet. Management has identified the following as key development targets: California, Canada, and the market areas of Baltimore, Chicago, Denver, Minneapolis, Phoenix, Portland, Salt Lake City, and Seattle.