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Welcome back to the Rundown interview edition. Today I'm joined by Brett Shulman, the CEO and co founder of Cava. Kava is one of the most talked about companies in the restaurant space. They went public back in 2023 and the stock has more than 3x since. So in today's conversation, I asked Brett how Cava has continued to grow despite macroeconomic challenges, where Kava sees their next area for expansion and if he's worried about things like AI or GLP1s as a potential threat to the company long term. I also got a sneak peek at some new menu items coming to Cava this summer. I think you guys are going to really enjoy this conversation, especially the Cava fans out there. So let's get into it. Brent Shulman, welcome to the Rundown.
B
Zay, great to be with you.
A
I'm super excited for today's conversation. I appreciate you making the time today. By the way, happy 15 year anniversary to Cava. I mean, that's incredible. You guys are celebrating 15 years. So I just, I want to start there. Like, what got you into the fast casual restaurant business? I think your, your background is more in the banking, Wall street space. But then you got into fast casual restaurants.
B
Yeah. So it was a pretty circuitous path. I mean, I did wait tables in college and worked in restaurants to help paint my way through college and then went into the finance industry and then left and went into the entrepreneurial world actually to help my wife start a natural snack food company and learned an incredible amount in that business. The metaphor we like to use was it was like pushing a boulder up a hill. And so it was a lot of work and not a tremendous outcome, but it was a tremendous learning experience. And as fate would have it, I got a call from a friend from college and it said, well, you talked to my cousin, he's got this restaurant called Cava Mezze, Full service Mediterranean restaurant. Said, you know, have you heard of it? I said, I think I've heard of it. So. Well, they partnered with one of their customers to sell their dips and spreads in a couple of local Whole Foods markets. I said, oh yeah, I think we've, we bought the hummus. It's in our refrigerator.
A
So.
B
Well, that business isn't going so well. We talked to my cousin. You've got experience with this snack food company, with Whole Foods? I said, sure. So that actually connected me to my now co founders, Ted, Ike and Dimitri, who are all sons of Greek immigrants who really started the brand back in 2006 with that single full service restaurant as their modern American expression of their family's heritage and culinary and then subsequently started to sell dips and spreads in a couple local markets where that's when I came into the picture, got connected with them and they asked me to help them with that business. We hit it off. They said, brett wants to be our fourth partner. I said, well, let me talk to my wife. That's a big career change. And we actually went down to the restaurant, didn't tell them, and they had opened a second restaurant by that, that time and ate there. Loved it, loved what it was about, loved the potential, and went to them the next day and said, listen guys, I'm in, but have you thought about bringing this amazing food, this unique cuisine where it's flavorful, it's satisfying and oh, by the way, it's healthful and bring it to the world in a fast health based format? And that was the beginning of the conversation that then about a year later, ultimately, you know, manifest itself into us raising some friends and family money and opening the first location to test out our hypothesis.
A
And 15 years later, you guys are just seeing incredible growth right now. You know, I, I want to talk about when I, I first heard about Cava. It was back in like 2018 when you guys acquired Zo's Kitchen. You know, I live in Houston. I'm, I'm, I'm a big time Zoe's fan. And that when I heard about the acquisition, I was like, okay, who's this Kava Kava place? And I don't think you guys had any locations in the area at the time. But when I went to visit my buddy in Maryland, that's when I first tried Kava. This is the 2018, 2019 range. It was incredible. So I want to talk about that acquisition though, because I remember I saw that you guys mentioned that it was a tough acquisition process. You guys learned a lot from there. What did you apply from that experience when it came to then expanding to new markets?
B
Yeah, that's this Jose. That's where I got all this gray hair. It was a near death experience. You know, it was a very counterintuitive move at the time. It was very atypical. We were about 65 restaurants. We were on this great growth path. We were starting to get accolades as, you know, a growth brand and a hot emerging brand. And, you know, we were on this trajectory of just opening some new units. We've been raising private equity capital and we saw this opportunity. It was actually brought to me by our chairman who is an early investor, Ron Shaikh, who is the former founder and CEO of Panera Bread. And it was Zoe's. It was a public company that was really struggling. And we saw it as an opportunity to catapult our expansion and get real estate in a part of the country we had been trying to enter. So at that time, we were on this expansion phase, and we were looking in markets like Dallas and Houston and Atlanta, where we were seeing real population growth, and we were having trouble getting good real estate and good entries. And here was a great portfolio of real estate that also was 100% in the suburbs. And we were seeing early on, we were already 80% in the suburbs. We had a great presence in the urban cities, but we saw the opportunity and the demand in the suburbs. And so this was a way for us to also expand our presence in the suburbs and the Sun Belt. Now, easier said than done. So that Zoe's at the time was three times our size in restaurant in revenue, and even more than that in restaurant count. But what gave us the confidence was that we had about a half a dozen to a dozen Cava restaurants that were in the same either across the street or the same neighborhood as Zoe's location. But we were doing 2x the revenue. And then when we looked at the real estate portfolio, it was similar in a lot of these Louis locations, where they were performing at half the levels of some of the competition. And so we felt that there was a lot of value to unlock in this real estate, and that by applying the Cava brand to the same real estate, we could unlock significant value and acquire leases that were negotiated five years ago that had very advantageous lease rates, and that we could do these in a conversion way that was half the cost of a new build, so that we could ultimately generate the return on investment and really, at the same time, ramp our scale and our presence and kind of, you know, expand across the country. And so that all proved out true, right? In hindsight, what we missed, I think, that caused the near death experience, is the brand was even in greater distress than what we saw in due diligence.
A
And.
B
And it was decelerating even faster. And so once we took change of control, we went almost in a triage mode because this business was starting to kind of bleed out the balance sheet, and we had to stop the bleeding so that it didn't drag kava down with it. So the first order of business was to stabilize the Zoe's business so that we could have it to then convert into kavas. And fortunately, we live to tell about it.
A
Yeah, I know. Thankfully you guys did. And now you guys are doing fantastic. I mean, I'm looking at your recent numbers. You guys crossed a billion dollars in revenue in 2025. You guys, you guys IPO'd back in June of 2023. The stock is up 3x since, you know, same store sales up 4% last year. So you guys are growing now. What do you think is the main driver of that growth? Is it just people being introduced to Mediterranean food for the first time in new markets and just falling in love with it?
B
Yeah, it was that hypothesis we had 15, 16 years ago. We talked about this on our roadshow for the ipo. We really believe there were these large scale secular trends that were really converging where we sit at the nexus of which is the country is growing more diverse. When you look, you know, 48% of Gen Z identify with an ethnic minority group, up from 39% of millennials. Gen Alpha will be the first to cross that 50% paradigm. And what we know is as the country's getting more diverse, palates are shifting. People are seeking spicier, bolder, more adventurous flavors. And they're looking beyond the traditional cuisine categories, cultural cuisine categories of Mexican, Asian, and Italian. And then when you combine that with the increasing interest in longevity, modern health and wellness. What am I eating? How is that affecting my body? Mediterranean diet, number one ranked diet, eight years running, actually nine years running now, this year. And it's not so much a diet as a way of eating and a way of life. And it is the unique cuisine where taste and health unite, where flavor and health unite. It's satisfying, it's flavorful, it's, oh, by the way, healthy. You don't have to make compromises or sacrifices to meet your dietary needs or restrictions. And so those trends have only gained momentum and have only gained steam. And we sit at the nexus of those trends. And, you know, I remember years ago, people questioning, like, you know, Mediterranean's niche. How big can Mediterranean be? And we always believed it could be this next large scale cultural cuisine category. And I think as you see by, you know, our recent results, it's real. And even by evidence of how we've been able to prove our portability, we don't just work in Bryant park in Manhattan or Back Bay in Boston. We're operating successfully in Topeka, Kansas, and Mobile, Alabama, and Jacksonville, North Carolina. And that's what gets us so excited, is that we're in. We have this saying that we welcome everyone to our table and the fact that we can welcome everyone to our table and that everyone can feel like they have a seat at that table, no matter where they are on the income strata, no matter their gender, their ethnicity, what part of the country they live in, whether they live in the city or the suburbs or the exurbs, they feel like they can go get a great meal at cava.
A
Let's talk about that. When it comes to expansion and the locations you guys are looking to expand, uh, at the end of 2025, you guys had 439 locations. You're targeting a thousand by 2032. So what kind of locations is Kava going to prioritize for those next 500 stores? You mentioned the suburbs. I'm, I'm happy you guys are in the suburbs. I live in the suburbs of Houston. There's a Cava five minutes from where I live. I go there once or twice a week to get lunch. I love that. But is that, is that still an area to expand? Are you looking at universities? Are you looking at some of the more rural areas? Just kind of curious to get your take on how do you guys prioritize expansion?
B
Yeah, kind of all the above. And we appreciate you driving those same restaurant sales. So hopefully you're in the loyalty program. No, I think that's another thing we talked about is that we have a lot of ways to win. When you look at our top decile, it's not just one type of trade area or one type of market. It is college adjacent sites. It's a suburban grocery anchored NCAP strip center. It's a urban site with some residential around it. It's an ex urban site with our pickup by car drive through pickup lanes. Right. So we have a lot of different ways to succeed and that allows us to cast a wide net. So we really qualify our markets in four categories. So we have greenfield, which means there's not a CAVA existing today. And then on the other end of the spectrum we have established which would be like our home market of the District, Maryland, Virginia. And in between we have emerging and growth. And so we try and create a balanced portfolio with 20 to 30% greenfield, roughly 50 to 60% in that emerging in growth, and then 10 to 20% in established. And then what we do is we look at those and then we spread it around the country. So we've really focused on the Sun Belt in recent years. But we last year made our first foray into the Midwest and now we're expanding in the Midwest region. And then we layer another Filter over all that, which is about roughly 90% suburban, 10% urban. And so that framework helps guide our real estate team on how to build the pipeline of restaurants to keep that balanced portfolio approach, but also take advantage of the broad and diverse appeal we have.
A
Yeah, I mean, I just. Anecdotally speaking, I remember when the first CAVA opened up here in Sugar Land, Texas, which is where I live. It was in 2022, I believe. And then now when I drive around the city, there's like one on every corner, you know, so it's incredible to see the growth.
B
But.
A
But I also want to talk about, like, the fast, casual space. You know, I feel like as of late, the space has kind of come under a bit of stress. You have Chipotle, Sweetgreen, some others that are reporting a decline in traffic and same store sales. I think more consumers are focusing on affordability. So, like, that's driving up sales of some of the fast food restaurants, I guess. Is Kava doing something differently to kind of combat the. The economic environment that we have right now to kind of not lose some of these, these customers, especially some of the younger customers that are facing these challenges?
B
Yeah, we. We focus on the long term, and that's to improve our relative value each and every year. And, and one of the things we focused on is how do we drive great value every day and not discount in the short term and set an unrealistic expectation to try and hit a quarterly number. And so when you look back to 2019, we've taken over 10% less price increases than CPI than inflation. So we've underpriced inflation by over 10%, and we've underpriced our peers by almost half or even more than half. So the average restaurant has taken over 35% in price. We've taken less than half of that. And I think that's what's coming through and shining through that it's really about bang for the buck. You know, what value am I getting in my bowl? Because you, as a, as a, as a consumer, I think we've all experienced this. You might, you might buy something or go out to a meal that cost you $100 and you're like, that was amazing. That was so worth it. And then you might buy something for $10 and feel like that really wasn't worth it. I feel kind of ripped off. I feel like I didn't get what I paid for. And so how do we deliver great value? And I think the other thing I'd say is I think there's a, you know, a bit of a misunderstanding in a sense of that people don't wake up and say, I want a fast, casual meal. People, people don't wake up and think about that way. They say, I want a certain, I want comforting food, do I want light food, do I want Mexican food, do I want Mediterranean food? And how are you competitively different than all the restaurants next door to you? Why is somebody walking by the three or four restaurants next to you? To come in to your restaurant, you got to deliver great value. But what's your competitive advantage? What's your differentiation? For us, it's our unique Mediterranean cuisine. And we continue to lean into that differentiated Mediterranean cuisine and then delivering it with a great value, which we kind of qualify as not just price, but the quality of the ingredients we serve, the relevance of the cuisine. I talked about Mediterranean diet number one ranked diet nine years running. The convenience in which you can access it, our multi channel format physically or digitally or the experience you have when you engage with our brand and how do we deliver that Mediterranean hospitality to you? And that all comes together, I think, to drive more and more people to come into Cava and coming to Cava more frequently.
A
I think the other problem right now is though, besides just, you know, the affordability. So there's also like this feeling of now you see these videos that go viral of like the portions not being the same or the burrito isn't as big anymore, or like, you know, the bowl is 20 bucks, but then it's half of what it used to be, you know, five, six years ago. And then that leaves a bad taste in the customer's mouth. And then it's like, well, I don't know if I want to do that again.
B
Yeah, we focus on that all the time. And in fact, one of our values is generosity first, always. And we talk about our spirit of generosity with our teams. And when we say like, err on the side of generosity with the bowl, because we're a subjective format. You walk the line, you pick out the ingredients. And one of the things we joke about with the team is don't shake the spoon. So, you know, our team dips in and they get that scoop of chicken. If you scoop more than you expected to, don't shake it off. Give it to the guest and put it in the bowl. Like, don't.
A
I'm so happy you said that. That's awesome. So that's, that's a point of emphasis. Then it's like, hey, just like, just throw it in there. Okay?
B
It is a point of emphasis. We want to err on the side of generosity. It's our Mediterranean spirit. It goes to our brand essence. And so we really coach our teams on that because we don't want you to feel like you got shortchanged or that, you know, we're, we're kind of counting the portions or nickel and d diming you, which is why you get all the toppings included. And I talk about this, you know, and I think we've tried to communicate this. You know, toward the end of last year, I think we sharpened our message that, you know, we're not a $20 bowl in, in most markets we're 1125, 1165. Mobile, Alabama, we're 1065 for chicken or falafel with all the toppings included. Right. So you can go down that line and pick out the toppings to your heart's content. We don't charge you for all those add ons or different things. It's all included in that base custom bowl.
A
I do imagine though, like being generous with the portions, that's all great. But then you kind of have to deal with the realities of your supply chain and costs and things like that too. I think you guys raised prices by 1.4% in January and you said that that was going to be it for the year. But like now we're dealing with higher energy, energy prices because of the war. There's still tariff uncertainty. So like, how do you, how do you kind of balance that? How do you hold the line between affordability, but then you have like the real realities of your supply chain and cost going up.
B
Yeah. And that's something we've worked again long term to structurally build into the business that we think, you know, it's structurally advantaged, whether it's over 87% of our ingredients we directly source from our grower rancher producer partners. We handle the inbound freight, bring it to our distributor opcos. They serve as last mile transportation or our vertically integrated manufacturing. So we have 100,000 square feet of our own manufacturing production facilities where we produce those fresh crafted dips and spreads like our tzatziki with the same recipe chef Dimitri used to make back in that original cava mezze restaurant. We're just making it in 10,000 pound batches now using fresh garlic, fresh dill, fresh cucumber. And we're passing along that consistency, quality and cost effectiveness to you as the customer by not having to raise those price increases like our peers have had to raise in recent years. By being a more efficient, effective operator, smarter sourcing, taking that complexity out of the four walls so we have better labor efficiency and really working on behalf of our guests and reinvesting in the business, reinvesting in our guests and reinvesting in our team. And that's driven that traffic growth, which allows us to get leverage on the fixed costs, which allows us to continue to maintain or even improve margins while not having to increase prices for our guests.
A
You know, I have a few buddies who, who own, you know, they own franchise locations of, you know, fast food restaurants and the number one thing they talk about is like the struggles when it comes to costs and you getting the whole of that because a lot of it is not in their control, especially when it comes to energy and things like that. So I don't, I don't envy your position, Brett. I also want to bring up, you know, you mentioned that the same store sales were positive in Q4 according according to your earnings, but foot traffic was, was down a bit. So I guess the growth is coming from pricing and not as many people walking in the door, but at some point you're going to need more humans to kind of walk through the restaurant, I guess. How do you, how do you fix that long term to get more people to come to the restaurant?
B
Yeah, and I don't think there's a need to fix it. I think it's there. I think when you take a step back and I talked about this, coming out of the third quarter, we were lapping astronomical same restaurant sales from the prior year. So on a two year basis, our same restaurant sales and our traffic actually grew every quarter last year. Right. And our NROs, our new restaurant openings were opening at record levels. So the underlying strength of the business has been as strong as ever. And I think as we cycled through some of those higher hurdles, you'll see, you know, you start to see the traffic start to stabilize and re inflect on a quarterly or a one year basis. I think, look, it's the nature of the public markets. Everybody focuses on the next quarter in the short term. And that's what we've tried to talk about, that we're in this for the next decade and beyond, not the next quarter and beyond. And you know, it's our job to now prove that out in the coming quarters and the coming years. But we believe if we continue to focus on our playbook of reinvesting in our guests, reinvesting in our team member delivering excellent, consistent food with exceptional hospitality, that traffic will continue to Grow.
A
I'm kind of curious when you see all these headlines about AI, you know, doing all these advancements, there's a new announcement every other day at this point. And you kind of, do you, do you worry about like I imagine a lot of your customers are white collar workers like me. And are you worried that like, oh my God, they're going to get replaced by Claude or Chat GPT, we're going to have less people going to the office, which could impact sales long term. Is that a concern at all? Do you guys have meetings about that? I mean, I don't know what you can do about it, but does it concern you?
B
Well, people ask me what keeps me up at night. I usually say everything. So I worry about everything. So it's just one of many things that, that I would worry about. But I would, I would point again, like we're 87% suburban. We're not so tied to an office worker environment. Okay. And you know, we see, when you look in our dining rooms, you see people of all backgrounds, of all, whether it's, it's students, whether it's workers, whether it's, you know, folks, you know, plumbers, H vac technicians, FedEx drivers, like it's great. That's why, you know, it's awesome that everybody can feel welcome at our table. We look at AI as certainly a massively disruptive technology, but you've seen this over history. There will be jobs that go away, but there will be new jobs that are created. And then how can we use AI and apply it to our business to become more efficient, effective operators to then not again not have to pass along menu price increases and make ourselves even more accessible? You know, I always, I always challenge the team like it's our job. What we get paid for is to be smarter operators, be more efficient operators so that we can pair people better and that we don't have to raise prices. Because I think a lot of price increases guests experience is because the business is inefficient. They're passing along those inefficiencies and putting it and taxing it on the guests. And we don't want to do that. So we think AI is an opportunity to make ourselves whether it's predictive, prep, predictive cook, production, labor, scheduling, inventory management, huge opportunities to get even more sophisticated, take that complexity off of our team members plate or how their mind share and be more efficient operators, thereby passing along those savings to the guests.
A
Are we going to get like a robot made tzatziki sauce or robot made hummus in the near future. Is that, is that, is that a possibility?
B
It's a great question. We're actually doing it in our manufacturing facilities. We have some robotics in those facilities today. You won't see that on the in restaurant serving line. We believe in the power of human connection and in hospitality and we are a hospitality business and we want that human connection, that human interaction. We believe that, you know, as technology continues to infiltrate our daily lives, screens, kiosks, AI, that it's disintermediating those moments of human connection. People are craving for places and spaces that are able to deliver it. Now on our second make lines, we have second dedicated production lines for digital ordering in every restaurant. You could easily see automation deployed on those make lines because when a guest is ordering from us digitally or having it delivered, the things they care about most are speed, accuracy and convenience. And that's where automation can deliver. In those channels, in our physical channels, people want all the five senses. They want the human interaction, they want to see the food, pick it out, they want to smell it, hear it cooking, right? So automation we don't view as applicable in our in restaurant line, but we view it on those second digital make lines as well as certainly the automation we're using in our production facilities.
A
I like that perspective because I, I'm mostly a digital order guy myself. Put the digital order in, go in, pick it up, it's quick, it's fast. And so I do like the fact that that's what you guys are emphasizing on the same token as AI. I think the other thing that I imagine restaurant CEOs have to worry about is like the whole GLP1 craze with the whole GLP1 boom. More and more people are on these, on these weight loss drugs, which could potentially mean people eating less long term. I personally think it's a little bit overblown. But is this something that you think about as well? Like how much of do you guys have meetings about that as well and what can you do? Maybe, maybe it's a benefit to you guys because you guys are more of like a healthier option.
B
Well, that's what we believe. We believe it's a benefit. We've seen some research and some data that shows that out that that's actually bringing more people to our style of eating, right? You think about legumes, you think about, you know, chickpeas, lentils, you think about Greek yogurt, hummus. These are low caloric, low bad fats, but high in nutrient dense ingredients. Whether it's protein Whether it's fiber, you know, it's satisfying food that's, oh, by the way, healthy for you, right? And so the GLP eaters, we see them cutting out alcohol, cutting out sugar, cutting out, you know, bad fats, greasy foods, salty snacks. But then to stay and maintain the weight that you lose or to keep the weight off that you've lost from the GLPs, if you want to migrate off the GLPs, it's really shifting people to our style of diet, our style of eating. So we see it as a net benefit for us and really also helping to bring awareness and education around why our food is the type of food they should be eating.
A
Love it. I got two last questions for you. Number one, how often do you eat at Cava? And do you have to, like. Do you have to, like, sneak around to try other restaurants? Like, if you want to get Chipotle one week, do you have to, like, hide to get it or get it. Get it picked up? How often do you really.
B
Well, I had it for lunch today about an hour ago. It's funny, my team looked this up on the app. I ate, I think I had 187 bowls last year and bowls and pitas last year. So about every other day, a little bit more than that helps keep me in shape. You know, I say, like, you know, when I. When I am eating kava, I'm able to maintain my. My fighting weight. So I love it. I think the beauty of it is over 17.4 billion combinations. You can change up the flavor profiles, you can change up how. How filling, how satiating it is. So you can have very. A great deal of variety within that same portfolio of ingredients. So, yeah, I. And then as far as, you know, I like to see what. What's around us. So I haven't had the hide yet, but, yeah, I don't definitely don't want to be caught carrying a. Another. A Chipotle bag or another bag. But, yeah, you're going to go viral
A
on Twitter or something.
B
Yeah. Right.
A
Okay, last question, and this is more of a personal question for me. What are you guys putting in those pita chips? Because if I can't, I just cannot have one and put them down. I have to have the whole bag right way. What is the secret sauce in those pita chips? They're so addicting.
B
Oh, they're crazy addictive. They're so delicious. And our. Our culinary team's doing an amazing job. You know, we started to really leverage them as a flavor platform. So we have our classic Salt and pepper pita chips, which are delicious but now really bringing fun new flavors. We got our sumac, sour cream and onion out right now. We got a a phenomenal new one coming this summer. Can't talk about right now, but I think they might be the best ones yet. Stay tuned for those. And I think it's not only the great seasonings we use, but it's the sprouted grain pita that we custom made with our baker partner. It's got seven sprouted grains and then we flash fry them where you get that crispiness with some chewiness on the inside. And man, those things are so hard to put down. They are delicious.
A
This is making me really hungry. I'm going to literally get some kava right after this interview. Brett Shulman, thank you so much for the time. Love this conversation. And we'll have to have you back on in the summer so we could do a review of the, of the new pita chips because now you got me hyped. I'm so excited.
B
Sounds like a plan. Thanks, Sage. It's great to be with you.
A
Appreciate it. Thank you. Well, all right, guys. Hope you enjoyed that conversation with Brett Shulman. Yokava stock have been one of the winners this year, up more than 30%, which is nice given that the overall market is down now. Their stock is still down like 50% from its peak back in 2024. And I do think that they'll face some challenges moving forward, especially when it comes to costs. But I gotta say, I find myself eating at Cava a lot more than Chipotle these days. Maybe the fact that the Cava staff doesn't shake the spoon before giving the portions is making the difference here. Let me know what you guys thought about that interview. If you enjoyed that conversation, consider giving us a five star rating and dropping a comment on Spotify or YouTube. All that engagement really does help us out and it helps other people find the shelf. And if this is your first time with us, just a heads up, we do post a 10 minute daily market recap every morning throughout the week. So if you're looking for a way to stay up to date on what's happening in the market, especially these days, consider subscribing to the podcast. Thank you guys again for listening, watching and commenting. Shout out to Mike and Connor for all the work behind the scenes and we'll see you guys back here tomorrow. Your next chapter in health care starts at Carrington College's School of Nursing in Portland. Join us for our open house on Tuesday, January 13th from 4 to 7pm you'll tour our campus, see live demos, meet instructors, and learn about our Associate Degree in Nursing program that prepares you to become a registered nurse. Take the first step toward your nursing career. Save your spot now at Carrington. Edu Events. For information on program outcomes, visit carrington. Edu Sci.
Guest: Brett Shulman, CEO & Co-Founder of Cava
Host: Zaid Admani
Air Date: April 6, 2026
Episode Theme: CAVA’s Growth Playbook – How the Mediterranean Fast-Casual Leader Outpaces Rivals with Smarter Expansion, Relentless Value, and a Generous Spirit
This episode features a candid conversation between host Zaid Admani and Brett Shulman, CEO of CAVA, a Mediterranean fast-casual restaurant chain that has tripled its stock value since its 2023 IPO. Shulman shares the unconventional path he took to join CAVA, lessons from their pivotal acquisition of Zoës Kitchen, and the company’s deliberate, methodical expansion strategy. The interview addresses the challenges and opportunities presented by changing consumer behavior, inflation, artificial intelligence, and the rise of weight-loss drugs, as well as insights into how CAVA maintains loyal traffic while holding the line on prices and portions. CAVA fans also get hints about upcoming menu innovations.
"One of our values is generosity first, always...One of the things we joke about with the team is, don't shake the spoon. If you scoop more than you expected to, don't shake it off—give it to the guest." – Brett Shulman (15:46–16:16)
“We have a lot of different ways to succeed and that allows us to cast a wide net.” (10:34)
"You might buy something for $10 and feel like that really wasn't worth it...So how do we deliver great value? For us, it's our unique Mediterranean cuisine." (13:01–15:21)
"Don't shake the spoon...err on the side of generosity...we don't want you to feel like you got shortchanged." (15:46–16:16)
“We look at AI as...an opportunity to be more efficient...so that we don’t have to raise prices.” (21:15)