Fast-Casual IPOs in 2021: First Watch Leads the Pack, Portillo's and Sweetgreen Face Challenges in 2025.
ByAinvest
Wednesday, Oct 29, 2025 5:20 am ET1min read
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Three fast-casual chains that went public in 2021 are facing different challenges four years later. First Watch's breakfast concept is still popular, with foot traffic growing steadily since Q1 2024. Portillo's, known for its Midwestern comfort food, saw strong visit growth through 2024 but is now experiencing normalization, with foot traffic declining 2.0% YoY in Q3 2025. Sweetgreen, a premium salad chain, has slowed down its visit growth, with same-store visits declining 6.8% in Q3 2025.
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