Panera Bread releases its first-ever value menu with “Mix & Match” offerings.

Panera Bread is entering the so-called value wars with its new “Mix & Match” offerings in an attempt to win back price-conscious customers.

The chain, known for its soups, salads and sandwiches, is in the early stages of a turnaround, focusing on reinvesting in its business and reversing years of declining traffic. After being the top fast food brand in the United States, Panera fell to third place, giving up the top spots to Chipotle Mexican Grill And Panda Express.

In 2024, Panera’s sales fell 5% to $6.1 billion, according to Technomic estimates.

A key part of Panera’s comeback strategy is focusing on value.

Across the restaurant industry, executives are reporting weak spending among consumers, who are trying to save money by switching to fast food or eating out less. Strings like McDonald’s Taco Bell has turned to value propositions to try to win back customers.

About 3 in 4 diners said daily specials, discounts or valuable promotions are important when choosing where to dine or order takeout, according to the National Restaurant Association’s annual State of the Restaurant Industry report.

“[Consumers] “They’re looking for value, and they’re also looking for quality,” Panera CEO Paul Carbone told CNBC. “This is very important.”

Starting Wednesday, Panera customers can choose half-portions of sandwiches and salads, as well as cups of soup, from the “Mix & Match” menu. Each of the 10 items is priced at $4.99, and diners must purchase at least two items. Seasonal menu items will also rotate through “Mix & Match” options.

Each order also comes with a choice of baguette, potato chips, or apple.

Panera has explored other value propositions, but the Mix & Match menu has been tested successfully, Carbone said.

“The guest responded well to it,” he said, adding that the menu is expected to drive increased visits to the restaurant.

And while Panera is offering the deal, its popular “You Pick Two” offer still stands.

Customer research has shown that diners view the option to buy two entrees from the menu as an opportunity for variety, not an opportunity to save money, Carbone said. As with Mix & Match, the offer allows customers to choose half a salad, half a sandwich, a cup of soup or mac and cheese. However, the “You Pick Two” option extends throughout the menu, rather than being limited to just 10 items.