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Covid-19 has influenced just about everything – and that includes franchise development. We asked Joe Malmuth, Managing Director of Franchise Development at Batteries Plus Bulbs, how Covid-19 has affected the brand’s timeline from time of signing to actual opening.
From our perspective, Covid-19 actually has affected our timeline from signed agreement to opening in a positive way. The current economic climate has created an opportunity for our process to speed up, allowing us to get our franchisees into better locations at a faster rate.
We have seen an increase in the availability of great real estate and have been discovering properties that are both on the market and also off the market, yet still available. Landlords are moving faster to fill available spaces, and because we were deemed an essential business very early in the pandemic, landlords are beginning to perceive our locations as an anchor store instead of a secondary retailer. We are able to go into plazas that used to have exclusivity and move forward on a location quickly.
The increase in speed from signed agreement to opening has also affected our internal structure in a positive way. We have added to our team, bringing in people who can assist with the process and a faster timeline. We also have invested in tools and resources that allow more accurate intel on market studies and demographics.
Finally, as a huge benefit to our franchisees, when it comes to finding real estate, we have adjusted our due diligence process and are able to identify good sites earlier in the process. This eliminates much of the legwork, so once a franchise is awarded much of the work is already behind them.