As a clear-cut consumer favorite in the fast casual food industry, Panera Bread has etched out a large following. Headquartered in St. Louis, Missouri, Panera has over 2,000 US locations. The average annual sales growth for Panera in 2019 was 8.94% while the S&P 500 average was at 5.50%. Panera locations tend to be situated in busy town centers, outside of malls, near business centers, and college campuses. On average, Panera prototypes are around the 4,500 square foot size and offer a 15-year lease term with typical rent escalations of 10% every 5 years.