The restaurant industry is a winner-take-all market for scaled players.
Ron Shaich · Panera Founder Ron Shaich · Nov 11, 2025 · at 44:18
Panera founder Ron Shaich explains the core investment and operating thesis behind his vehicle Act III Holdings.
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“My industry is an industry of winner-take-all. Think McDonald's and Burger King. Think Panera and Corner Bakery, Chipotle and Qdoba. All of the value creation tends to happen for those that are building something of large scale.”
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