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WorldWide Papa's, the area developer of Papa John's International Inc. restaurants in St. Petersburg, Russia and the Leningrad region, has opened its fifth restaurant location on Vasilievsky Island, with a sixth location secured and slated to open next month.
"The phenomenal success in sales that we've already received at this location has exceeded our expectations and further reinforces our belief in the untapped potential we'd initially recognized in St. Petersburg and the Leningrad region," said Darrin Stock, CEO and Founder of WorldWide Papa's. "Furthermore, our sixth location will be opening in less than a month, and we are currently sourcing locations for an additional three restaurants, bringing us ever closer to our ultimate goal of more than 40 restaurants by 2014."
The Vasilievsky Island location is a dine-in restaurant with a capacity for 30 diners and a seasonal patio extension that adds 30 seats during the summer months. Delivery service is also available, extending the reach of WorldWide Papa's to nearly 450,000 residents in the area.
The sixth location is on the main floor of a newly constructed apartment building in a densely populated region near downtown St. Petersburg. This location will offer dine-in, carry-out and delivery service, taking advantage of the nearly 600,000 residents in the surrounding area.
"Not only have we made rapid strides in growth since our public listing on the Frankfurt Stock Exchange in February, but we've also seen a sharp increase in sales from our existing restaurants for Q1 2011, as compared to this period in 2010," said Stock. "Based on current sales patterns, we predict that our two new restaurants will not only perform on par with our existing locations but may well eclipse existing locations before the year is out because of the enormous resident base in their areas."
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