Arby’s strong and unique positioning among the $1B+ QSR chains is based upon a credible, affordable NY deli format (with a drive-thru) that bakes beef roasts and freshly slices all other roasts in-house to create fast crafted, made-to-order hot deli sandwiches. Its “We Have the Meats” lineup includes a full selection of roast beef, beef brisket, corned beef, turkey, chicken & gyro and its sandwiches are distinguished by generous stacks of meat toppings (big, meaty sandwiches) and leading-edge protein variety which extends well beyond Arby’s core roast beef heritage. Notably, Arby’s menu offers a compelling alternative to competitors focused on: burgers, chicken-only, cold-cut subs and veggie-heavy fast casual offerings. TV ads cut through the clutter by featuring Ving Rhames’ distinctive bass voice using humor to illustrate compelling food shots. While the brand’s value proposition is most apparent in comparison to a NY deli which may charge $10 to $15 for a Reuben vs. $5.99 at Arby’s, the chain’s price point value position is strengthened by its 2 for $6 platform, $1.79 Sliders and $1 LTOs. All this translates into all-time high EBITDAR margin and dollar profits although the chain’s AUV underperformance reveals the need for increased capacity utilization. The current prospect of low-income consumer weakness (as government assistance ends) suggests that the brand may need to further emphasize lower price points to support traffic and more progress on mobile ordering could also help sales growth. In conclusion, while Arby’s is well positioned as a QSR DT player that can serve as a credible alternative to a NY deli, the chain could benefit from strategies to bring its AUV closer to the segment average and more progress in digital.