Pie Five

Pie Five Pizza is an American fast casual restaurant chain specializing in personal pizza. The brand is owned by Rave Restaurant Group, which also owns Pizza Inn. As of November 2019, Pie Five had over 56 restaurants.[2] As of August 2020, they were in the following states: Arkansas, California, Delaware, Florida, Illinois, Iowa, Kansas, Kentucky, Mississippi, Missouri, Oklahoma, Oregon, and Texas.[3]

Pie Five Pizza
TypePublic
NASDAQ: RAVE
IndustryFast Casual
FoundedJune 2, 2011 (2011-06-02) in Fort Worth, Texas[1]
HeadquartersThe Colony, Texas, United States
Number of locations
42 (Oct 2020)
Area served
United States
Key people
  • Brandon Solano, CEO RAVE Restaurant Group
  • Mike Burns, COO RAVE Restaurant Group
  • Douglas Kwong, VP of Marketing RAVE Restaurant Group
  • Aaron Archuleta, Director of Operations Pie Five Pizza
ProductsHandcrafted personal pizza, fresh salads, desserts, drinks
ParentRave Restaurant Group
Websitepiefivepizza.com

Concept

Pie Five was named for the concept of preparing a customized pizza in five minutes.[1] The menu offers standard and made-to-order personal pizzas, salads, calzones, bread, and dessert. Many locations serve beer.

History
Original logo

On June 3, 2011, the company Pizza Inn opened the first Pie Five Pizza in Fort Worth, Texas.[4][5] They had five locations within the Fort Worth area by the end of the year, and as of January 2015, they had 31 locations.[5]

Former PepsiCo and Yum! Brands executive Randy Gier joined the company in 2012. He served as CEO until 2016.[6][7]

On January 9, 2015, the parent company Pizza Inn Holdings (ticker symbol: "PZZI") was rebranded as a portfolio company named RAVE Restaurant Group (ticker symbol: "RAVE") as Pie Five Pizza locations began to increase.[5]

In March 2017, Pie Five announced that all but one of the nine Chicago locations were closing, with only one more opening. Pie Five closed several midwestern stores in March 2017, including two locations in the Twin Cities metro in Eden Prairie and Woodbury and several Chicago area locations, to focus on its other markets. Later that year, they opened their first West Coast store in San Francisco, California.

Three locations opened in south central Pennsylvania in early 2017, before converting to a regional franchise and ultimately closing in early 2018.[8][9]

In October 2019, RAVE Restaurant Group announced that its Board of Directors has named Brandon L. Solano as Chief Executive Officer.[10]

In end-of-quarter/fiscal-year reporting as of October 2020, Pive Five comparable store retail sales had decreased 15.7 percent from the previous year, with most of the 42 locations said to be using third-party delivery services.[11]

A January 2021 analysis of the chain's struggles identified reasons such as a highly competitive market, very fast location growth and franchising, accustomizing pizza customers to the fast-casual individual experience, mixed reviews at individual locations that may have kept customers from returning, poor marketing investment, potential impending Nasdaq delisting, and a 2018 credit card security breach.[12]

Awards

Pie Five Pizza is considered a pioneer of the first fast casual pizza category and has twice been named among Fast Casual's Top 15 "Movers & Shakers" (2013/2014). Pie Five has also been recognized as a 2012 Hot Concepts winner[13] by Nation's Restaurant News and one of "10 Hot New Restaurant Chains from Established Brands"[14] by Forbes.com.

  • 2016 – Ranked #1 Restaurant Business by Future 50
  • 2016 – Patty Scheibmeir listed on Fast Casual's Movers & Shakers people list
  • 2015 – Named Best Franchise Deal by QSR Magazine
  • 2015 – Ranked #3 on Fast Casual's Top 100 Movers & Shakers list
  • 2014 – Hermes Creative Award Gold Winner for "Be Pie-Partisan" campaign
  • 2014 – Listed on Fast Casual's Movers & Shakers people list
  • 2014 – Ranked #13 on Fast Casual.com Top 50 Restaurant Brands of the Year
  • 2013 – Ranked #40 on Fast Casual.com Top 50 Restaurant Brands of the Year
  • 2013 – Named in "Top Trendsetting Executives in Pizza" by Pizza Marketplace
  • 2012 – Named one of "10 Hot New Restaurant Chains from Established Brands" by Forbes
  • 2012 – Named Hot Concepts Award winner by Nation's Restaurant News

See also

References
  1. "Company". Pie Five Pizza. Retrieved August 3, 2020.
  2. "RAVE Restaurant Group, Inc. Reports First Quarter 2020 Financial Results" (Press release). RAVE Restaurant Group. PR Newswire. November 13, 2019. Retrieved August 3, 2020.
  3. "Locations". Pie Five Pizza. Retrieved August 3, 2020.
  4. Thompson, Steven R. (September 20, 2011). "Pizza Inn to expand Pie Five concept". Dallas Business Journal. Retrieved December 30, 2020.
  5. "Pizza Inn parent becomes Rave Restaurant Group as sister brand, Pie Five, grows". Dallas News. January 9, 2015. Retrieved December 30, 2020.
  6. Hunter, Glenn (March 2016). "A Tale of Two Pies". D Magazine. Retrieved January 18, 2021.
  7. Kezar, Korri (July 21, 2016). "Rave Restaurant Group names interim CEO as top exec steps down". www.bizjournals.com. Retrieved January 18, 2021.
  8. O'Connor, David (April 10, 2017). "Route 30 location first of two York County locations to open in early 2017". Central Penn Business Journal. Retrieved September 29, 2020.
  9. Machcinski, Anthony J. (February 12, 2018). "Six months after debut, Willy's Originals closes last pizza shops in York, Chambersburg". York Daily Record. Retrieved September 29, 2020.
  10. Inc, RAVE Restaurant Group. "RAVE Restaurant Group, Inc. Names Brandon Solano CEO". www.prnewswire.com. Retrieved January 18, 2021.
  11. "Q4 revenues down near 40% at Pie Five, Pizza Inn". Fast Casual. October 1, 2020. Retrieved January 28, 2021.
  12. "Here's Why Pie Five Is Struggling To Stay In Business". Mashable. January 21, 2021. Retrieved January 30, 2021.
  13. "NRN names 2012 Hot Concepts winners". Nation's Restaurant News. October 25, 2012. Retrieved July 28, 2012.
  14. "10 Hot New Restaurant Chains from Established Brands". Forbes. Archived from the original on December 20, 2018.
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