When United Franchise Group started franchising The Great Greek in 2018, President Bob Andersen said co-founders Nick Della Penna and Trent Jones already had a strong foundation with two restaurants performing “exceptionally well.” UFG, a franchise development company with several affiliate brands, has since helped scale the concept offering traditional Greek dishes such as tzatziki, spanakopita and chicken souvlaki. Sustainable growth, said Andersen, is not about going fast or slow, “it’s are there people who fit our criteria to be restaurant operators.” Franchisees must have the financial resources and, if they don’t have restaurant experience, show they’re capable of running a business. Even with the right franchisees, said Andersen, the ability to grow “has to really revolve around your ability to acquire sites.” The real estate component is crucial, he continued, “and it’s a lot of grind work.” Between 2021 and 2023, The Great Greek grew system sales from $13 million to $48 million, an increase of 279.6 percent, and grew units by 155 percent, to 51 locations. The brand sits in a category with less competition for space than burgers or pizza, “where landlords won’t even entertain your brand,” he said. “We bring high volume. We bring affluent customers into these centers.” The Great Greek is finding success in non-traditional locations, including via CloudKitchens, and with retail to-go formats on college campuses. Navigating the inflationary environment remains a challenge, he said, though thanks to strong brand equity restaurants were able to take price increases to maintain franchisee profitability. Examining new tech tools, meanwhile, takes constant work, he said, as The Great Greek balances the needs of operators and customers amid an ever-changing landscape.
F&S Rank 2024 | Prior Year Rank | 2021-2023 Sales Growth % | 2021-2023 Unit Growth % |
---|---|---|---|
15 | U-40M | 279.60% | 155.00% |
This article was originally published by franchisetimes.com