Panama City Donuts, LLC has signed a multi-unit store development agreement with Dunkin' Donuts to develop five new restaurants in New Orleans, Louisiana.
The development and operations of the five new Dunkin' Donuts restaurants will be managed by Vik Patel and his team.
"We are excited to expand the brand's presence in New Orleans and play an important role in the daily lives of people who live, work and visit here," said Vik Patel, Dunkin' Donuts franchisee. "We have a passion and loyalty for the Dunkin' Donuts brand and look forward to opening our restaurants in the years to come."
According to the press release of Dunkin' Donuts in PR NewsWire, Patel has also previously signed an agreement to develop two new restaurants in Baton Rouge in August 2015. At present, Panama City Donuts, LLC operates 31 restaurants in Florida, two in Alabama, and three in Louisiana. Two existing restaurants of Dunkin' Donuts in New Orleans were also bought by Panama City Donuts, LLC in line with the agreement.
"Our enthusiastic and dedicated franchisees contribute to our brand's growth, which has helped solidify our position as one of the fastest growing brands by unit count in the quick-service restaurant industry," said Grant Benson, CFE, vice president of global franchising and business development at Dunkin' Brands. "We are thrilled that Vik and his team have chosen to expand in the Louisiana market, and know these new restaurants they are developing will satisfy a growing consumer demand in the New Orleans community."
Dunkin' Donuts was founded in 1950 and is now the market leader in the hot regular/ decaf/ flavored coffee, iced coffee, donut, bagel and muffin categories, with more than 11,500 restaurants in 40 countries worldwide.
Dunkin' Donuts has also announced that franchise opportunities for Lafayette, Lake Charles and Monroe, Louisiana, as well as other states across the Southeast including Alabama, Arkansas, Mississippi and Tennessee, are still available. Special development incentives such as reduced royalty fees for three years, and up to $5,000 in local store marketing support for timely openings, are also being offered by Dunkin' Donuts in order to help fuel additional growth in the market.
