Giggles N’ Hugs is revolutionizing the market for
‘kid-friendly’ restaurants by combining high-quality, healthy food options with
exciting, entertaining environments. In February 2008, the company opened its
first location in Brentwood, California, and achieved immediate success. Within
two years, GIGL was approached by Westfield Corp. (OTC: WEFIF) with an
expansion proposal outlining a possible nationwide rollout. Currently, the
company operates three locations serving the Greater Los Angeles area, and it’s
preparing for another wave of expansion.
“We’re very excited to enter our next phase of operations
and to begin replicating the success we’ve experienced with our first three
locations in Los Angeles,” Joey Parsi, founder and chief executive officer of
GIGL, stated in a news release. “While we’re doing great in Southern
California, where we’re known for our warm weather and sunny climate, we
anticipate our results will be even better in markets where the weather is
often less than ideal.”
In a recent news release, GIGL announced that it was in
active negotiations with several of the largest mall owners in the country –
including General Growth Properties (NYSE: GGP) and Simon Property Group (NYSE:
SPG). These negotiations are focused on expanding the company’s footprint on
the West Coast, with target markets such as Seattle, San Francisco and San
Diego being highlighted as areas of considerable interest.
Additional GIGL locations are particularly appealing to mall
operators, as the company’s family-friendly concept has been to shown to
greatly improve foot traffic. These benefits were demonstrated in 2010, when
GIGL secured a favorable agreement in exchange for opening its Westfield
Century City Mall location. In that case, the mall agreed to pay 60 percent of
construction costs in addition to meeting other, unspecified, concessions. The
company is seeking a similar deal for any new locations, with significant discounts
from current market rents and attractive tenant allowances serving as key
factors in ongoing negotiations.
As GIGL has demonstrated in recent years, demand for
healthy, family-friendly dining options is at an all-time high, and, according
to a study by NPD CREST research, children are eating more healthy food options
than ever before. Look for the company to continue capitalizing on this market
performance as it seeks to expand its national footprint in the coming months.
For prospective shareholders, these efforts could translate into an opportunity
for GIGL to realize sustainable returns for the foreseeable future.
For more information, visit www.gigglesnhugs.com
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