Bun Mee celebrates its 15th anniversary this year. | Photo courtesy of Bun Mee.
Fifteen years ago, when Denise Tran first launched her banh mi concept Bun Mee in San Francisco, she used to have to give her staff a script.
Back then, guests would walk in and inevitably ask: What’s a banh mi?
So she’d train her staff to explain the traditional Vietnamese sandwich on a baguette, and how the fast-casual Bun Mee played a bit with the format.
Now, as Bun Mee jumps for the first time to the East Coast with its first franchised location, Tran doesn’t really have to explain what a banh mi is.
“No one asks,” said the Bun Mee CEO. “I take a lot of pride in knowing we had a small part to play in that.”
Maybe—finally—the banh mi is ready to be a national brand, or even the “Shake Shack of Vietnamese sandwiches,” as Tran has been known to say.
Bun Mee has five locations, including two in the San Francisco International Airport, which both Bloomberg and Food & Wine have included among the best airport meals in the world.
All are company-owned—even the airport units, she said. But the concept launched franchising in 2024.
Now the chain’s first franchisee has committed to three units in New York City, with the first opening later this year.
Tran doesn’t want to reveal who the operator is. “It’s a high net worth individual” who doesn’t want to be identified, at least not yet, she said.
Tran is also planning to open more company locations in the Bay Area, and also in New York down the road.
What Tran would love to find is a strategic partner, whether private equity or a family office. She’s looking for investors with the patience to grow this emerging concept, which has the support systems in place for company, franchise and nontraditional growth, she said.
“I’m looking for investors that are interested in a long-term strategy and long-term growth for us, that are aligned with our values,” she said. “I want to build a legacy brand that is focused on building value and having a longer perspective on growth.”
What she’s not looking for: investors looking to get in and out in five to seven years, she said.
Bun Mee units range from 700 to 1,600 square feet. | Photo courtesy of Bun Mee.
Bun Mee’s journey has been a bit slower than Tran expected.
When she first opened the concept in 2011, the plan was to grow organically at a thoughtful and deliberate pace of about a unit every other year. Things started out well.
But then COVID-19 hit, of course, and, like many operators, Tran said she spent three or four years after the pandemic fog lifted in recovery mode.
It wasn’t wasted time, she said.
Tran was also working on the franchising plans. She wanted to take some complexity out of Bun Mee’s menu.
That meant reducing the number of sandwiches from nine to six, for example. Those that required more prep were moved off the core menu to limited-time offer status. And Tran added more salads, for those who want to be carb-light, as well as room for more customization.
Tran also expanded the chain’s Vietnamese coffee program, adding matcha and other variations. “We think Vietnamese coffee is a trend that’s here to stay,” she said.
The top sellers continue to be the traditional Lemongrass Pork, which is tucked into a toasted baguette with shaved onion, pickled carrot and a daikon/jalapeno/cucumber/herb mix, with garlic house mayo. (A more classic variation adds pate de campagne and mortadella.)
Mama Tran’s Chicken Pho, made with sous vide chicken breast, is also a popular comfort food, particularly at the airport units, she said. And the Crunchy Saigon Chicken Salad with a nuoc cham vinaigrette is also a big seller.
The average check at Bun Mee is about $22 to $24, and units serve beer and wine. In the units that do catering, that program is robust, said Tran, accounting for about 20% of sales.
For the three streetside locations, which range from 700 to 1,600 square feet, the average unit volume is $1.7 million, Tran said.
And the airport locations average $5.5 million, which explains why airport outlets are so in demand.
“We’ve gotten ourselves to a model I feel confident we could scale,” she said. “I’m at the point where I would like to really expand and push the pedal to the metal, and put ourselves out there and look for opportunities for growth.”
Of course, now that the banh mi needs no explanation, Bun Mee has more competition.
Chains like Paris Banh Mi Café & Bakery, with close to 50 units, are franchising across the country. The San Jose, California-born Lee’s Sandwiches boasts more than 60 locations. And there are countless mom-and-pop banh mi shops, especially around Asian communities.
“Since us, there have been quite a few,” said Tran. “But I think there’s a lot of white space here.
