It was only two years ago that Pret a Manger looked on the ropes.
With fewer people commuting in favour of working from home, the high-street tuna sandwich hawker faced dwindling footfall and revenues.
Now that the world has in large part returned to normal – at least in the pre-Covid sense of the word – Pret is back on the march.
In July, the chain posted an 83% increase in gross profits year on year, even though footfall in the City of London was basically flat year on year.
Thanks to the diligent work carried out by the Financial Times, we have an idea why.
In this macroeconomic environment, prices were bound to increase, but the level of inflation on a Pret baguette might surprise even the most profligate of white-collar sandwich grabbers.
According to data scoured from the Wayback Machine, the price of a Pret sandwich or baguette has soared anywhere from 50% to 75% against pre-pandemic levels.
The basic egg and mayo sandwich has gone up a whopping 101%, from £1.89 to £3.80, while a top-end classic super sub comprising chicken, bacon, mayo and salad has increased a more modest 49% - from £3.69 to £5.50.
A plain butter croissant has nearly doubled, from £1.50 to £2.90, while the price of a chocolate brownie has increased 85%, from £1.75 to £3.25.
An online-ordered Pret ham sandwich, brownie and Coke was £5.55 in 2020, £6.80 last May, and £9.90 today.
For reference, cumulative consumer price inflation between June 2020 and June 2023 was 20%, though there are also surging energy, rent and staff costs to consider.
“Pret’s recent pricing strategy strongly suggests that it’s been prioritising margin over volume,” wrote the FT’s Bryce Elder.
“Transaction levels might therefore be overestimating areas where there’s no alternative (airports, shopping malls, Yorkshire), while underestimating the workday population in places like the City, where convenience food is plentiful and there’s an established pre-pandemic memory of what a tuna baguette should cost.”
“Pret has worked hard to mitigate the impact of cost inflation on customers (by) providing more value-driven options,” the company said in its most recent annual report.
However, it is worth noting that a standard Tesco or Sainsbury’s meal deal has only risen 50p since the pandemic.