Flip Flop Shops Reaches Epic Milestone with 50th Franchise Agreement, 'Super Stoked' About Future Growth
March 11, 2010 // Franchising.com // ATLANTA - Merely two years after launching its franchise program, Flip Flop Shops is continuing to expose its toes and "flip-ping out" about the signing of its 50th franchise agreement.
"The signing of our 50th shop proves that there are droves of people just as passionate about freeing their toes as we are," said Brian Curin (Size 10), the President of Flip Flop Shops. "By focusing on doing right by our franchisees, consumers and the hottest brands we carry, we are continuing to grow what has become a breakthrough brand with a cult-like following. We are super stoked about hitting this milestone and look forward to the future growth of our brand."
At a time when 1/3 of all small business startups fail during the first two years and less than half make it to four years*, Flip Flop Shops, North America's first retail chain exclusive to the hottest brands and latest styles of flip flops and sandals, has defied the odds and grown its franchise system at a record pace. Since 2008, the growing brand has received nearly 5,000 franchise applications, generated more than $1 million in franchise fees and opened 12 shops throughout the United States, Guam and Canada.
"Flip Flop Shops appeals to consumers because we are filling an untapped niche in the retail landscape - which obviously has huge potential - and we have done it with a very original and sexy concept," said Darin Kraetsch (Size 10), the CEO of Flip Flop Shops, highlighting that the flip flop is the largest selling shoe in the world. "Flip Flop Shops is one of the fastest growing lifestyle franchises in the world. We are humbled by the reception we have received."
Once reserved only for poolside or beachwear, flip flops have grown to become the "global youth uniform," as well as accepted footwear for anyone ranging from surfers to high-level corporate executives. Flip Flop Shops' mission is to provide the opportunity for anyone, in any climate, to "live…work …play with their toes exposed®" while wearing the freedom of flip flops on their feet. The shops carry the hottest brands of flip flops and sandals - such as REEF, Sanuk, havaianas, Flojos and O'Neill, among others - and sell on average for $45 to $56. Higher-priced flip flops by Olukai are made of premium leather.
The smell and sound of each shop captures the Flip Flop Shops laid-back, yet adventurous character. If the 500-900 square foot shops aren't near the beach, they bring the beach to consumers with coconut suntan oil scents wafting through the air, active lifestyle inspired music tickling consumer senses and the top action sport films playing on flat screens.
"We provide our customers with a unique retail experience, where they can indulge in all the hottest brands and latest styles at their leisure," Curin added. "We invite everyone to join our World-Wide Movement To Free Their Toes."
To further augment the company's growth, Flip Flop Shops is seeking single- and multi-unit franchisees that exude the lifestyle tenets and casual nature that are affiliated with this liberating footwear style. The average cost to open a single shop can be between $167,300 and $272,500, with a franchise fee of $28,000.
With 14 shops currently operating and 40 more in development, the company plans to open 236 shops by 2013.
Founded in 2004, Flip Flop Shops is North America's first retail chain exclusive to the hottest brands and latest styles of flip flops and sandals from big names such as REEF, Sanuk, Flojos, Havaianas and O'NEILL. The company began franchising in January 2008. Flip Flop Shops is an Environmentally Responsible Retailer™ and encourages the nation to free their toes®. The executive team boasts more than 50 years of franchise experience building and growing some of the world's fastest-growing franchise concepts, category leaders and some of America's most well-known brands, including Cold Stone Creamery, Moe's Southwest Grill and Nike. With 14 shops currently operating and 40 more in development, the company plans to open 236 shops by 2013.