Given its heavy corporate footprint and family-owned roots, Panda Express has long been one of the category’s under-the-radar growth stories. But that’s been steadily ramping up in recent years, with plans to hit another level in 2025.
The 1983-founded brand grew by a net 89 restaurants last year to reach 2,502, according to its recent FDD. That was a material step-up from 61 in 2023 and 53 the year prior.
How it’s tracked over the years (year-end total count)
- 2007: 1,052
- 2008: 1,195
- 2009: 1,289
- 2010: 1,336
- 2011: 1,420
- 2012: 1,533
- 2013: 1,586
- 2014: 1,708
- 2015: 1,790
- 2016: 1,893
- 2017: 2,011
- 2018: 2,104
- 2019: 2,184
- 2020: 2,263
- 2021: 2,334
- 2022: 2,353
- 2023: 2,413
- 2024: 2,502
Naturally, the vast majority of Panda Express’ expansion in 2024 came via company development. It lifted by 81 there and eight on franchised stores, bringing the split to 2,248 corporate restaurants and 173 licensed. Of those, 59 were licensed as joint ventures in which an affiliate of the company’s was a minority owner.
Panda Express, which does business under the names “Citadel Panda Express” and “Panda Express,” has offered and registered franchises in various states since 1995. In 2004, it began granting franchises under license agreements, which it also does overseas.
Panda Express closed just six corporate locations in 2024 alongside 87 openings. It reacquired one franchise and terminated two (next to 11 openings). The six company-run closures were materially fewer than 2023’s 21, 2022’s 14, and 2021’s 14.
Panda Express’ franchised base has climbed from 157 year-end 2022 to 173 ahead of 2025. The largest market is Texas, with 21 stores. Only Virginia (12) and North Carolina (11) are in the double-digits.
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The company also had 97 international franchised restaurants as of December 28, 2004 (for a total licensed footprint of 272). That international number was up from 93 year-end 2023 and 78 year-end 2022. The all-in licensed count has gone from 237 to 272 in that span.
For corporate, Panda Express’ homebase of California (it was launched in Glendale) boasted the deepest fleet with 597 restaurants, a rise from 586 in 2023 and 577 in 2022.
Texas (301), Arizona (113), Florida (113), Illinois (111) were all triple-digit states.
But the large swing appears to be on deck. Panda Express, in its FDD, projected 123 new company-owned outlets in fiscal 2025 alongside 14 new franchised stores. That would represent one of its largest growth runs based on that above multi-year trail, where Panda Express doubled in size over an 11-year window (2007 to 2018) and kept expanding.
Its 2025 expectation includes 15 openings in Texas and Florida—the most of any state—followed by 10 in California, eight in Virginia, seven in Illinois, six in Georgia, and then a spread-out map.
According to last year’s QSR 50 (update coming in August), Panda Express finished 2023 with average-unit volumes of $2.551 million. The company only shares franchised data in its FDD, which unveiled performance across a host of non-traditional venues. There was an airport unit last year making north of $9 million.
The first Panda Express Restaurant was opened in 1983 in Glendale by Galleria Panda Express, Inc., a California corporation, a majority of whose stock was held by Andrew and Peggy Cherng, the principal indirect owners of PRG. Galleria Panda Express, Inc. was merged into PEI on February 18, 1994. PEI has owned and operated Panda Express Restaurants since November 1990. As of December 28, 2024, it owned and directed 2,329 Panda Express Restaurants.
Andrew has been the chairman of the board since inception and served as president until January 1995. He’s also been chairman of the board of PRG since 1986 and president and chairman of the company’s other affiliates. In October 2009, he took on his current role as co-CEO—a title he shares with Peggy, who has been a director and treasurer since day one. She was CEO from April 1998 until January 2005 before joining Andrew as co-CEO.
Panda Express boasts longevity across its C-suite. CFO David Landsberg joined in October 1997 and was promoted to CFO in January 2011. CDO James Ku, a former Walmart executive, came onboard in January 2023. SVP, general counsel and secretary Monte Baier joined the company in 2007 and took on his current job in May 2016. VP of international Douglas Stalgren arrived in August 2004 and was elevated in May 2016.
Andrew Chan, director of domestic and international licensing operations, started working at Panda Inn, Pasadena, in July 1978 as a waiter. He became its manager in 1983, director six years later, and was named regional director of Panda Express in 1990. Chan retired in February 2012 after 35 years but decided to return in February 2019.
VP of real estate legal and property management Donna Wanser came to PRG in November 2000. Executive director of business development, non-trad, licensing, and international, Brian Jarvis, has been with PRG since 2006 and in his current job since August 2022.
PRG has deep training modules as well. The company requires 11 weeks for head of business and operations positions; four for certified operations training leaders; eight for store managers; six for assistant managers and head chefs/cooks; two for “kitchen help;” two for shift leads; and one for counter help.
PRG also owns and operates Panda Express stores in Canada, Japan, and Korea, and is a minority owner in some joint ventures, as noted, that own and operate Panda Express Restaurants in various captive venue locations in the U.S., such as military bases and airports, the first of which opened in 2010. Licensees are not required to participate in joint ventures and can license any approved location independently, including airports and other captive venues.
The total investment necessary to begin operation of a Panda Express franchise ranges from $514,500 to $3,275,500. This includes an initial franchise fee of $25,000 paid to Citadel Panda Express, Inc. or its affiliate.
