P.F. Chang's Eduardo Luz speaks to Trinity Chavez
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00:00Today we're talking about the future of dining with an iconic brand, P.F. Chang's.
00:04With 300 restaurants around the world, they're taking a bold new step into fast, casual dining.
00:09A new concept called Fagoda, and I have the CEO here to tell me all about it, only on Taking Stock.
00:21Now obviously your focus is your 300 P.F. Chang's that you have around the world,
00:27but talk to me more about this new Fagoda concept.
00:30The type of service and food that we serve, which is made from scratch,
00:35high quality ingredients, great hospitality, great ambience, and you know that can be used
00:41in more use cases, more need states, more occasions, to more people more frequently.
00:47So the light bulb moment if there's one is, wait a second, we can do a great job for you on a lunch
00:53during the week, and it can be very fast, it can be very affordable, it can be very abundant,
00:58and of course delicious. We just have to adapt the way we do things, steps of service, abundance,
01:04price points, to be able to serve you this way.
01:07Now while you're remaining so agile with this ever-changing landscape in the food and beverage
01:12sector, how do you sustain your authenticity?
01:15The brand has to know what they stand for, right? In our case, every day is a celebration.
01:21We want to elevate every occasion and make it special to people, right?
01:26So if it's a, you know, day-to-day lunch, we created the concept here in the U.S.
01:30that we call express lunch in our bistros, which is lunch in 20 minutes or lunches on us.
01:38It's the same ingredients, same kitchen, same steps of service, just individual bowl,
01:43because that's the occasion there. So understand who the brand is, what the brand stands for,
01:49and what the consumer, the customer, in our case the guests, the way they want to live their lives
01:54and adapt ourselves to serve you this way. I believe that's where we found a lot of success
01:59and we continue to do that moving forward.
02:01How do you think your new pagoda concept will impact the broader food and beverage sector?
02:06We believe we can play in a segment which is fast casual, where it's more a customizable,
02:11super fast, abundant experience that's very affordable, that we can put people through the
02:17line and build their bowl or plates in one to three minutes. So it's a different experience
02:22from a traditional pfchang, which is more a sit-down occasion with food service, but we
02:26believe that we can extend the best of our culinary and hospitality capabilities and ethos
02:32towards a fast casual occasion.
02:34You build it, it will come, right?
02:37Well, thank you so much for joining me on Taking Stock.
02:39Thank you so much.