Combining entertainment with dining is a proven formula
that’s been successfully utilized by some of the restaurant industry’s most
recognizable brands for decades. Chuck E. Cheese has been a favorite amongst
families looking for a more exciting dining experience since opening its first
location in 1977, while Dave & Buster’s Entertainment, Inc. (NASDAQ: PLAY)
has achieved strong financial growth in recent quarters by targeting adults
with a soft spot for video games. Likewise, Giggles N’ Hugs, Inc. (OTCQB: GIGL)
has leveraged its own inventive take on the traditional family fun dining
concept to achieve considerable growth in the category since opening its first
location in 2009.
GIGL offers a first-of-its-kind, award-winning family
restaurant and play space that combines exciting play elements for children
with healthy, organic foods that are perfect for health conscious parents and
families. In just over six years, GIGL has grown to include three locations in
some of Los Angeles’s top malls, and its prospects for future growth are
extremely promising. In a recent press release, Joey Parsi, the company’s
founder and chief executive officer, detailed plans to open new locations in a
collection of viable markets in the coming months. GIGL is already in active
negotiations for this expansion with several of the largest mall owners in the
country – including General Growth Properties (NYSE: GGP) and Simon Property
Group (NYSE: SPG).
“[W]e’re moving forward on our plan to open new locations in
markets like Seattle and San Francisco in the north and San Diego and Orange
County in the south,” Parsi stated. “With the expected significant discounts
from current market rents as well as attractive tenant allowances that have
been offered, we should see great reductions in construction costs and rent for
the new locations.”
The company is also reportedly receiving substantial
interest from potential franchisees in both domestic and international markets.
In addition to GIGL’s core company-owned expansion plans, franchising its
innovative concept represents an immense opportunity for rapid growth at very
attractive margins. The vast experience of the company’s management team –
which includes John Kaufman, former president of Koo Koo Roo Chicken, and
Philip Gay, former CEO of Wolfgang Puck Restaurants – is expected to play a key
role in any future ventures into the franchising space.
Demand for GIGL’s innovative restaurant concept is at an
all-time high, and the company is in a strategic position to translate this
demand into sustainable growth moving forward. Look for GIGL to make noteworthy
progress toward its goal of 12 company-owned locations by the end of 2017 while
continuing to evaluate the tremendous upside of franchise opportunities in the
months to come.
For more information, visit www.gigglesnhugs.com
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