Popeyes enters fast food's 'value wars' with its own $5 meal

A new contender has entered fast food's "value wars" arena — and at a time that feels uniquely apt for its brand image.

Amid National Chicken Month, Popeyes has introduced a new deal serving up three pieces of fried chicken for just $5, the price point that many other chains have settled on as they drop signature menu item prices to entice inflation-weary customers back to their restaurants.

The craze started earlier this summer when McDonald's began offering a $5 value box for a limited time. Then came similar deals from Burger King, Wendy's , Taco Bell , Dunkin' and more.

In a press release announcing its deal, Popeyes said it was "excited" to finally be joining the value wars conversation after taking time to ensure its customers would be satisfied with the offering it chose.

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"We first saw the 'Value Wars' taking off early in the summer, as consumers were looking for ways to indulge in their favorite foods, without the high price tag," Popeyes said. "This made our team think, how can we continue to serve our food, without compromising on the quality we are known for, but at a price our customers will be happy with?"

In landing on the three-piece chicken deal, the New Orleans-originated restaurant said it's celebrating what Popeyes has done best since 1972: serving up fried chicken that's "expertly marinated in Popeyes signature blend of savory Louisiana herbs and seasonings then battered in a crunchy southern coating and fried to golden brown perfection."

Other quick-service restaurants in the value wars ring have also leaned on their signature items to build deals that they know customers already love. For example, Subway temporarily made all of its footlong subs $6.99, and Sonic created a $1.99 menu that carries all 12 flavors of its 16-ounce shakes, among other popular menu items.

It's a tactic aimed at boosting foot traffic in the fast food industry that's slowed amid rising menu costs and decreasing flexible spending budgets. And with most restaurants offering the deals for a limited time, customers are pushed to cash in on the savings quickly.

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However, the success of the deals has seen some companies extending the length of the offerings while others, like Popeyes, are just joining the race. McDonald's, for example, recently announced it'd be keeping its $5 meal around until December though it initially planned it to be a summer promotion.

This is likely a result of the success it's seen so far. Data from Placer.ai in July showed McDonald's saw a massive boost in foot traffic in the first week of its $5 deal, from 5.4% to 7.9% year over year for the four days following its launch.

To join in on Popeyes value deal, you can order in participating restaurant locations nationwide, through the Popeyes app or on its website.