Introduction:

Panera Bread Company is operating in 'Fast casual' restaurant category with a defined mission of
providing the best and differentiated customer experience. Panera bread has its roots from 1976
with Au Bon Pain which was then sold to Louis Kane. Further transitions included its merger
with cookie store to form Au Bon Pain Co. Inc led by Kane and Shaich. Due to growth
limitation, the business expanded to serve more customers from suburban categories that
included the acquisition of Saint Louis Bread Company in 1993 which later become the platform
of Panera Bread. The bakery-caf gained popularity under Saint Louis Bread co and resulted in
immediate results. This brought the store to the pinnacle of success by increasing sales,
expanding business and gave birth to the concept of fast casual category. The first mover
advantage in fast casual category gave Panera Bread the competitive edge that leads it to
maintain its leadership even in recessionary period. The goodness of artisan bread coupled with a
serene environment provided its consumers the prompt services of fast food at the luxury of fine
dining environment
Panera bread resources lie in its leadership that focuses on the vision of serving highest customer
value. The leadership included the founders who envisioned Panera Bread as the leader in fast
casual segment. Ronald Shaich who served as CEO was the master mind behind the organization
success as he realized the potential of artisan bread offerings to customer in a bakery-caf
atmosphere.
The top management is one of the prime resources that evolved Panera. Since the target market
demographics for organization is 25 to 50 years old the top management falls close to this age
range within 42-57 years and thus contributing through their own range of experiences that
realize the demand pattern of the demographics while considering the business aspect of
organization.
The financial strength of Panera also contributed in its overall growth and market leadership. The
evolution of Panera was based on a debt-free condition that increased the influx of capital into
establishment of bakery-caf restaurants. Also, since it focused on franchising its business with
almost 57% of its cafes owned by franchises, it served as a mean of contributing to its financial

resources.
Panera's resources also included its ability to setup bakery-store at strategic positions that lead to
stronger sales even in recessionary period. This was possible as Panera had a profitable financial
statements and strong management skills that made it a desirable tenant for these locations. The
human resource is prime resource of Panera considering it is operating in services industry.
Panera recruited skilled associates for its bakery-cafes, dough facilities and support center
operations and also designed different training programs in order to increase its level of
operations. Since the organization was witnessing boom it also lead the managers to enjoy the
success which helped in capturing the highly skilled and experienced human capital that
ultimately funneled .
I .Current Situation:
A. Current Performance
Founded by Ronald Shiach Artisan breads and baked goods Corporate headquarters in St Louis
Panera has over $1 billion in revenue Industry stock outperformer Leader in fast casual category
Ronald

Shiach

resigned

as

CEO

2010

Over 1,300 locations US and Canada Employs +12,000 full time employees.
Mission
Panera commits to provide customers with freshly baked artisan breads and quality delicious
food that customers can trust.
Objectives
Target of 17%-20% EPS growth
Focus on innovative differentiation - salads and paninis
Roll out improved versions of several Panera classics

II. Corporate Governance

Top Management
Ronald Shaich: (age 56) planned to resign as Chief Executive Officer immediately following
the May 2010 Annual Meeting.
William M. Moreton: (age 50) re-joined Panera in November 2008 as Executive Vice President
and Co-Chief Operating Officer. He previously served as Executive Vice President
and Chief Financial Officer from 1998 to 2003.
John M. Maguire: (age 44) had been Chief Operating Officer and subsequently Co-Chief
Operating Officer since March 2008 and Executive Vice President since April 2006.
Cedric J. Vanzura: (age 46) had been Executive Vice President and Co-Chief Operating Officer
since November 2008 and Executive Vice President and Chief Administrative Officer from
March to November 2008.
Mark A. Borland: (age 57) had been Senior Vice President and Chief Supply Chain Officer
since August 2002.
Jeffrey W. Kip: (42) had been Senior Vice President and Chief Financial Officer since May
2006.

Board of Directors
Ronald M. Shaich: (age 56), was a Director since 1981, co-founder, Chairman of the Board
since May 1999, Co-Chairman of the Board from January 1988 to May 1999, Chief Executive
Officer since May 1994, and Co-Chief Executive Officer from January 1988 to
May 1994.
Larry J. Franklin: (age 61), was a Director since June 2001. Franklin had been the President
and Chief Executive Officer of Franklin Sports Inc.

Fred K. Foulkes: (age 68), was a Director since June 2003. Dr. Foulkes had been a Professor of
Organizational Behavior and had been the Director (and founder) of the Human Resources
Policy Institute at Boston University School of Management since 1981.
Domenic Colasacco: (age 61), was a Director since March 2000, and Lead Independent Director
since 2008.
Charles J. Chapman III: (age 47), was a Director since 2008.
Thomas E. Lynch: (age 50), was a Director since March 2010 and previous Director from
20032006.
III. External Environment:
A. General Environment
Panera Bread Company (PBC) management has designed and executed a strategy for becoming
the best brand name of fresh bread. Panera is known as a casual fast food restaurant, which
means that they are a fast food provider but produce a higher quality product and offers a unique
dining environment. PBC has designed a broad differentiation strategy which has helped their
profitability and growth; in addition rivals have found it hard to compete with the
competitiveness of PBC. This PBCs strategy is to provide a premium specialty bakery and caf
experience to urban workers and suburban dwellers.
Political Factors : Paneras operations.Legal and regulatory factors: Panera Bread should
be aware of regulations and laws withwith all U.S. restaurants must comply such as those
set forth by the Food and DrugAdministration. Laws dealing with safety, cleanliness, and
food preparation and storageare among these.

Economical Factors: This area includes factors of economic growth, interest rates,
exchange rates and inflation rate. In the region of interest, what are the economic
conditions - inflation rate, stability of money value, interest rates? Is the area economy
growing in or declining? What's the future hold economically? How will this affect the

firm

and

Read

the

market

for

Panera

Bread?

more: http://www.marketingprofs.com/ea/qst_question.asp?

qstid=17893#ixzz3tEZEdW3G

Social Factors: The environment may has an influence on Panera Bread in that
theweather affects what kind and how much food it sells. For example, it may sell more
soupduring cold months or in certain regions. There is also the possibility of the
environmentaffecting suppliers

Technological Factors: The advancement of technology such as in research

anddevelopment or management information systems could help Panera Bread better
serveits customers. Advancements that allow reduction of costs or preparation time may
alsobe of importance to Panera
B.Industry Environment
1. Porters Five Forces:
Threat of New Entrants: Low
The threat of new entrants is very high for Panera. Primary competitors include specialty
food and casual dining restaurant retailers, according to Repetti and Vincelette. The
barriers to entry are low, and people are always looking for new and interesting places to
eat (which is one of the reasons why Panera was so successful)

Bargaining Power of Customers: High

Customer power is high in majority of restaurant industry, not as high in the fast casual. Buyers
have a lot of power because there are a lot of other places they could eat. Paneras
are often located in busy places, such as malls or busy streets. This means that they
usually have several other eateries around them

Bargaining Power of Suppliers: Low

Many suppliers and many buyers supplier power relatively low. Suppliers to Panera dont have a
lot of power because they use many and they are very
picky about the quality of their food. If they arent happy with the product, they can go
elsewhere. Fresh food is part of their vision, and if suppliers dont comply, Panera will
not accept it.

Threat of Substitutes: High

In terms of a meal, there are no substitutes for the food that Panera provides. However, if
people go to Panera for the atmosphere, there are plenty of other places that could
provide a meeting place. Meetings can be done in the office, but increasingly they are
being done over the phone or over Skype. The same could be said for people who go
there to relax or to study. These things can be done at home or at a library. So while there
is no substitute for food, there are plenty for the atmosphere

Due to the ease of access into the fast casual restaurant industry threat of substitute products can
be

high

Competitive Rivalry between Existing Firms: High

The restaurant industry provides intense rivalry among competitors, as does the fast
casual restaurant industry. While Panera was once one of the only businesses in this
industry, it has been rising in popularity. Their competitors do include fast food
restaurants including McDonalds and KFC, as well as places like Starbucks, Chipotle,
and Yum! Brands Inc. This means that their competitors offer a wide range of products,
from Chinese food to Mexican food. It also means that they compete with a huge range of
prices, from the dollar menu from a fast food restaurant, to a very pricy 5-star restaurant
(Yahoo Finance). The following table shows how they compare to others in their
Industry
C. Summary of External Factors

IV. Internal Environment

Panera Bread Co. appears to have very positive relationships within their company. Ron
Shaich always had a very hands-on approach to the business, and received several awards
for his exceptional leadership. The company also provides training programs to ensure
quality employees, and then incentive programs, bonuses, and product discounts (pg 16).
Additionally, the company assists franchisees with things such as labor scheduling and
food cost management (Repetti and Vincelette 30-15). This helps ensure the success of
new branches

A. Corporate Culture:
Panera is in the fast casual restaurant category, specifically providing bakery/caf
products in a very welcoming and cozy environment. This means that the average check
of a customer is between $6 and $9, they follow a limited service format, and the food is

made to order
A. Organizational Activities Analysis
Marketing
Market size and growth rate are rapidly increasing. Sales reached $23 billion in 2010, that
is 30 percent higher than it was in 2006. Survey results in 2010 mentioned that the reason for
many people not eating at a fast casual restaurant in the last month was because there was a lack
of availability. This means that there are people searching for fast casual because of the healthier
choices but there are not as many establishments as there are of fast-food choices. This gives the
industry a lot of room to grow. (Sena, 2011)
In 2009 there were approximately 600 fast-casual establishments in the U.S. Rivalry for
this market is strong. There are hundreds of fast casual establishments that offer quick and easy
food. This makes rivalry high. There is always a threat of a company breaking into the market
with a new idea that will steal consumers and revenue. This threat causes companies to try
whatever it takes to have an advantage over their rivals. (Sena, 2011)
One of the main pulls of fast casual restaurants is the experience and ambiance of dining
in one of their establishments. The experience that they put forward is closer to a sit down
restaurant rather than a fast food establishment. They can be a perfect place to read, study or hold
a casual meeting. This industry is usually trying to capture their audience with the healthy
options that they believe in. The food is a pricier than a fast food restaurant and can range
anywhere from $8 to $15. This food is of better quality and is more nutritious for the consumers
overall health. This is how they differentiate from fast food. It is the scope of competitive rivalry.

Finance
In reviewing the financials for Panera Bread they had some impressive numbers that stood out
and represented the success of the company. In their letter to investors that was published on
their website they go on to say, In 2011 with $223 million of cash on our balance sheet and no
debt. We have been able to deploy more than $400 million in excess capital since the first half of
2010 to increase shareholder value and drive EPS. The ration of their cash to debt is very
impressive and it is definitely a driving factor in the financial success of the business. In 2011
they opened 112 new stores, and these bakerys averaged a weekly sale of $41,637 which is a
solid number in helping pay off the building and costs of start up quickly and upfront. What
really stood out to me however was Panera breads stock price, which is currently $162.79. Even
more impressive is how quickly this stock price per share made its jump. At the start of 2009
Panera Breads stock was around $37 dollars. In only 4 years, thats roughly a 439% increase,
which is incredibly impressive to me. They go on to expand on their emphasis of return on
investment, We believe that our strategy of increasing our store profit through investing in the

quality of our customers experience to drive differentiation and competitive advantage, unit
growth, driving operating leverage and deploying our excess capital in high-ROI investments
positions us well to continue to deliver our targeted long-term EPS growth rate of 15% - 20%
annually. Judging from Panera Breads success in their past and their goals and drive to perform
well in the future, I believe that financial success will continue to boom for them. They have
high liquidity ratios and turn impressive profits every year, not to mention the ways that their
stocks have performed which keeps investors satisfied. Not only is Panera a company that does
business the right way, the do it in a highly profitable way
Human Resources
As of December 29, 2009, the company employed
approximately 12,000 full-time associates (defined as associates who average 25 hours or
more per week), of whom approximately 600 were employed in general or administrative
functions, principally in the companys support centers; approximately 1,200 were employed in
the companys fresh dough facility operations; and approximately 10,300 were
employed in the companys bakery-caf operations as bakers, managers, and associates.
Panera Bread has a Broad Differentiation strategy. Panera Bread Company has evaluated that in
certain areas of America people are willing to pay for their unique product. They like fast food
but Panera Bread has created fast casual. They have healthier meals and they also appeal to many
different customers with their wide variety of tastes and flavors on their menu. It is not a deli but
it is a fast food service that is conscious of the calories that they put in their food. Panera is
gaining a competitive advantage by offering goods and services that rivals cant afford to match.
Panera Bread offers handcrafted bread that is fresh daily; it is a huge advantage over other fast
food restaurants. PBC has created a home-like, comfortable environment that people enjoy. It is a
lot like Starbucks, by creating the 3rd place. While PBC might not have a 3rd place as their main
goal they try to differentiate from other fast food restaurants by creating a comfortable
environment for people to sit and have a meal with friends or work alone. Panera offers slightly
higher prices than most fast food services but the customers are willing to pay the price for the
quality. The company has proven itself to have excellent customer service and customer
satisfaction willing the trust and loyalty of many buyers. (Gustavo, 2010) (Thompson, Peteraf,
Gamble, Strickland, 2010.)
Management Information Systems
The company began offering Wi-Fi in its bakery-cafs in 2003. By 2010 most bakerycafs
provided customers free Internet access through a managed Wi-Fi network. As a result,
Panera hosted one of the largest free public Wi-Fi networks in the country.102
In 2010, Panera began to pilot test a loyalty program, My Panera, in 23 stores. Rather
than just a food-discounting program, My Panera was intended to provide a deeper relationship
with the customer by including participants in events such as the food tasting of new products.

The company expected to complete the pilot by year-end 2010 and hoped to begin
leveraging the data to better understand its high frequency customers and to surprise and
delight them in a way that was tailored to the customers buying habits.

Capabilities/ Core Competencies of the Firm

In our research we have concurred that Panera Bread is doing a very good job at implementing
its strategies. They are doing a great job at raising their companys quality awareness in terms of
their stores environment, product and exceptional services. Their cafes appeal to higher end
customers that are looking for a comfortable environment with their dining experience. Their
bakery-cafe has done this very effectively. Elements such as fireplaces, couches, warm lighting
and a quiet studious environment have propelled Panera Bread in this category. All of their bread
is baked fresh and in house as they have been striving towards providing the best quality food
and products for valued customers. This lounge and home away from home environment is very
appealing to their customers and is one of the key factors to Panera Breads success.They have
also done incredibly well in terms of growth and expansion; their CAGR for total revenue from
2002 to 2006 was 30.9%. However one negative that could be seen about this is that the majority
of these expansion restaurants have been franchises rather than majorly company owned. They
have room to move and continue to grow which will surely help their performance and profits in
the future, as they have showed in the past few successful years of their expansion. Opening 123
new cafe-bakeries in 2012 alone, and 112 brand new stores in 2011. The opening of new stores is
due to the amount of cash revenue the stores has produced, while proudly being able to say that
the company has no debt.
A. Summary of Internal Factors

Panera has shown that they are a groundbreaking company with programs such as Panera
Cares. This means that they would probably be open to experimenting with more
sustainable building and operating options. For example, a Panera run with solar energy
would be a very interesting opportunity for the company to explore. This would also
likely improve their reputation among green groups, and increase their word-of-mouth
marketing.
Internal Factors Analysis Summary
(IFAS)

Internal factors

Weight

Rating

Weighted
Score

Comments

80

Privately owned - no bias for short term

thinking to satisfy Wall Street

2. Paneras strong brand 20

image

80

The value proposition:

convenience

3. Panera has a strong 20

presence in its niche
segment

80

Competitive advantage

1.
Panera is fairly 20
expensive in comparison
to other options average
meal
is
+$8.50

60

High turnover / labor challenges

2. Panera is concentrated 10
heavily in only North
America

60

Increasing operating cost structure

Strengths
1.Heavy focus on fresh
baked and quality goods 20

price

Weakness

and

3.
Lack of extra 10
disposable income due to
absence of globalization
Total

40

100

Low performance

380

External Factors Analysis Summary

(EFAS)

External factors

Weight

Rating

Weighted
Score

Comments

1. Prime locations for fast

casual dining options are
available

25

100

Improving sales productivity of existin

buildings

2. Fresh high quality

meal opportunities are
craved

20

80

Improving supply chain operations

3. 90 percent and
growing of the population
is still employed and has
disposable income

15

45

Good positioning

Opportunity

Threat
1. Competition is on the
rise due to retail space
and ease of access in the
industry

20

80

Increasing proportion of consumables

significant margin impact

2. Economic condition
decline

10

40

Economic pressures on core customer

(fuel, unemployment)

3. Close competitor
heavy growth

10

30

Loss position

Total

100

435
SFAS Matrix

Strategic Factors:
Select two important
Opportunities / Threats
from EFAS and two
important Strengths /
Weaknesses

Weigh
t

Rat
ing

(out
of100)

(1 5)

Weigh
Duration
ted
Score
I

Comments

N
T
E
R
S

A
T
E

1.Heavy focus on fresh

baked and quality
goods

Stable products to control

10

30

shocks in different
product markets

15
2. Paneras
brand image

60

High level of security

strong

2.
Panera
is
concentrated heavily in
only North America

20

100

Low investment in
marketing

Extremely high end

products

15

60

Extremely high end

products

3.
Lack of extra
disposable income due
to
absence
of
globalization
1. Prime locations for
fast casual dining
options are available

Improving sales
productivity of existing

buildings

2. Fresh high quality

meal opportunities are
craved

1. Competition is on
the rise due to retail
space and ease of
access in the industry

10

30

15

75

10

75

2. Economic
condition decline
Total

Improving supply chain

operations

Increasing proportion of
consumables has
significant margin impact

Economic pressures on
core customers (fuel,
unemployment)

100

Strategy Alternative #1
Continue to create high growth by expanding presence outside of current target consumers and
market development.

3 standing committees

Organizational Performance
1,380 locations as of December 2009
Delivered 25% EPS growth in 2009
Stock Price increased 115% from December 2007 to March 2010
2009 US sales for Panera Bread $2,796,500, which ranked Panera as the largest of the fast casual
chains
Strategies
Focus on growth store profit
Focus on increasing profit per transaction
Put in place drivers for concept differentiation and competitive advantage

Economic
Recession but 90% still emplyed
Technology
Internet popularity
Wireless and mobile sources are in high demand
Point of sale and other information systems
Social
Dining Trends
Dieting
Catering
External Analysis
Competition in the industry
Other fast casual dining restaurant options
Chipotle Mexican Grill being the highest competitor
Potential of new entrants
2008 fast casual concepts grew by 4.5%.
Easy entrance but heavy competition and low market retention rate.
Task Environment
Task Environment
Power of Suppliers
Many suppliers and many buyers supplier power relatively low
Power of customers
Customer power is high in majority of restaurant industry, not as high in the fast casual.
Threat of substitute products
Due to the ease of access into the fast casual restaurant industry threat of substitute products can
be high
Opportunities
Prime locations for fast casual dining options are available
90 percent and growing of the population is still employed and has disposable income
A need for wireless internet dining options

 Dieting trends are in growth and healthy dining options are being sought out
Fresh high quality meal opportunities are craved

Threats
Competition is on the rise due to retail space and ease of access in the industry
Economic condition decline
Close competitor heavy growth
Industry growth of 4.5% leading to encouraged competition
Internal Analysis
Organizational Governance
Founder and CEO
Paneras Board is made up of 6 members.
The board had established three standing committees
Organizational Culture
Panera strives to achieve Corporate Essence.
Organizational Resources
Marketing
Paneras target customers ranged from ages 25 to 50, earned $40,000 to $100,000 a year, and
were seeking fresh ingredients and high quality choices.
2010 Panera began modest increases in advertising and additional investments in its marketing
infrastructure.
Organizational Resources
Finance:
Panera reported a 48% increase in net income of $25,845 million in first quarter of 2010
compared to $17,432 million in the same time period of 2009.
Panera reported revenues of $364,210 million, a 14% gain of $320,709 for the same period in
2009.

Organizational Resources
Operations:
Panera supplies its bakery-cafes through there 23 fresh dough facilities. Temperature controlled
trucks, driven by Panera employees, travel an average of 300 miles.
All products not supplied directly from fresh dough facilities come from independent
contractors that Panera assures is high-quality and from reliable sources.
Organizational Resources
Human Resources:
Panera places high priority on staffing its facilities with skilled associates and investing in
training programs to ensure the quality of its operations.
In order to maintain stability among the business Panera created Joint Venture programs to select
general managers and multi-unit managers that were comprised of a multi-year bonus program
based on cash flow.
Strengths
A strong connection with their corporate and franchise operated stores
Heavy focus on fresh baked and quality goods
Paneras strong brand image
Panera has a strong presence in its niche segment
Leaders in the fast casual industry
In strong demand and command of consumer finances
By: Ashley Carver, Bobby Lambert, Bryce Bell, Renee Johnson, Russell Vandermeeden
Case Analysis
Weaknesses
Panera is fairly expensive in comparison to other options average meal is +$8.50
Panera is concentrated heavily in only North America

 Lack of extra disposable income due to absence of globalization

Strategic Factors Analysis
Panera is becoming one of the largest food service companies in the United States. Leading in
the evolution of what has become known as the fast causal restaurant category; Panera seeks to
remain competitively ahead of other fast food retailors through providing freshly baked artisan
breads and goods while offering quality delicious foods that customers can trust.
Main Issues
Their prices are higher than their competitors as they currently focus on the working class that
can afford to spend an average of $8.50 for lunch.
Menu is primarily carb based (with their artisan breads) which hinders those consumers that are
watching carb intake.
Mission/Goals/Objectives
"Panera commits to provide customers with freshly baked artisan breads and quality delicious
foods that customers can trust."
Outcome Goals
:
Within the next 2 years, Panera will broaden its exposure in the market by appealing to a larger
customer base by offering a more health conscious menu in which they maintain their quality of
delicious foods that customers can trust.
Within the next 4 years, Panera will grow store profit and increase transactions due tapping into
new markets in highly populated areas such as university campuses and business districts.
Strategy Alternative #1
Continue to create high growth by expanding presence outside of current target consumers and
market development.
Business Level Strategy:

Focus on reaching more consumers by promoting their unique and superior value in their
products, and developing more locations in booming markets.
Strategy Alternative #1
Generic strategy:
Porters Generic Strategy of Differentiation Focus
Description of strategy:
Provide unique and superior value to more consumers instead of just certain consumers in the
economy. Develop in highly populated areas such as universities, large downtown areas, and
corporate districts.
Advantages & Disadvantages
Targeting more consumers in different economic classes will create more profit growth for
Panera (A)
Developing in university areas may cause more loitering among customers due to free Wi-Fi
(D)
Development in college university environment may deter families (D)
Casual dining experience in corporate districts will attract more business related meetings,
which means larger orders and profit (A)
Strategy Alternative #2
Introduce artisan menu and more healthy meal options to more consumers.
Business Level Strategy
: Focusing on improvement of competitive position in industry through the products and services
offered.
Strategy Alternative #2
Generic Strategy:
Porters Generic Strategy of Differentiation
Description of strategy:

Value is provided to customers through unique features and characteristics of products rather
than by the lowest price. This is done through high quality, unique features, and high customer
service.
Advantages & Disadvantages
Panera took the approach of keeping labor consistent with sales and continued to invest in its
employees as a way to better serve its customers through high quality customer service (A)
Introduced innovative salads utilizing new procedures to further improve quality (A)
Fresh in house baked breads and goods offers customers a guarantee of fresh products (A)
Appeals to only certain consumers in the market due to higher prices (D)
Prices are higher than competition, $8.50 lunches compared to $5.00 lunches (D)
Recommendations
Integrate both alternative strategies for continued success.
Although Panera has continued to meet and/or exceed its earnings targets (25% EPS Growth in
2009) and its stock has continued to increase (115% from December 2007 to March 2010),
targeting a broader market base is imperative for continued growth and dominance in the fast
food industry.
Through the introduction of their artisan menu and healthy alternative options to a broader health
conscious audience, profit and competitive advantage will continue to thrive.
Questions and Concerns?
Structure
1380 locations as of December 2009
Corporately owned and franchised
New CEO as of May 2010, William Moreton
3 classes of membership

Strategy
Corporate Strategy

Panera is in the fast casual restaurant category, specifically providing bakery/caf

products in a very welcoming and cozy environment. This means that the average check
of a customer is between $6 and $9, they follow a limited service format, and the food is
made to order (Repetti and Vincelette 30-4).
Business Strategy
Panera competes through differentiation. They pride themselves on their healthy, fresh
foods. Any new branch must comply with protocols in order to ensure that each piece of
bread is up to Paneras standards. Not only do they create fresh, great tasting foods, they
also create a welcoming environment. They make sure that while no Panera looks
identical, they all have a cozy feel. The project the warmth of a fireplace, and make sure
that every customer feels welcome to stay for as long as theyd like (Repetti and
Vincelette 30-14). This means that Panera provides a meeting place for business people
and families alike