December 27, 2012 // Franchising.com // ATLANTA – Flip Flop Shops announced today that the growing retail franchise has ranked No. 230 in Entrepreneur magazine’s 34th Annual Franchise 500® list, the world’s first, best and most comprehensive franchise ranking. The Franchise 500® recognizes Flip Flop Shops for the brand’s exceptional performance in areas including financial strength and stability, growth rate and system size.
“Flip Flop Shops has seen insane growth, consistently moving up the list over the past three years,” said Darin Kraetsch, the CEO & Co-Founder (Size 10) of Flip Flop Shops. “No one else in the franchise industry is doing what we’re doing and we owe it all to our dedicated team, our passionate franchisees, the support of the best brands in the world, and our consumers who all support our Free Your Toes® Movement.”
The rankings for Entrepreneur magazine’s Franchise 500® list are determined using an exclusive formula that takes into account objective and quantifiable factors, analyzed by an independent CPA. The most important factors include financial strength, stability, growth rate and size of the system. All franchises are given a cumulative score, and the 500 franchises with the highest cumulative scores become the Franchise 500® in ranking order.
Over its 34 years in existence, the Franchise 500® has become both a dominant competitive measure for franchisors and a primary research tool for entrepreneurs.
“We’re delighted to share the positive strides the companies in this year’s listing are making and showcase them as representations of business strength,” says Amy Cosper, VP and editor in chief of Entrepreneur. “The Franchise 500® are a major force contributing to the franchise upswing. Their ability to successfully satisfy customers, continually add units, create jobs and grow overall keeps them ahead of the rest and worthy of distinction.”
Bursting onto the retail scene in 2004, Flip Flop Shops quickly became North America's first retail chain exclusive to the hottest brands and latest styles of flip flops and sandals from leading brands, such as: SANÜK, REEF, Cobian, Quiksilver, ROXY, OluKai and Cushe, among others. Its mission: to provide the opportunity for anyone, in any climate, to Live…Work…Play With Their Toes Exposed® with the freedom of flip flops on their feet.
“We’ve had one of our most epic years in 2012 with a consistent stream of entrepreneurs looking to join the ‘Free Your Toes’ revolution, the opening of our first airport location and development into new markets like New York City and Aruba,” said Brian Curin, the President & Co-Founder (Size 10) of Flop Shop Shops. “As we head into 2013 set to open tons of new shops throughout North America, we’re also beginning to dip our toes into global expansion.”
Since 2008, Flip Flop Shops has received more than 12,000 franchise applications, generated nearly $4 million in franchise fees and nearly $20 million in system-wide sales with significant same-shops sales growth and has been awarded the International Council of Shopping Centers “Hot Retailer” of the year award. The lifestyle franchise currently has more than 70 shops throughout the United States, Canada, Guam and the Caribbean. With more than 100 shops in the development pipeline, the brand is on-track to achieve its well-managed global expansion strategy, which calls for 220 locations to be open or in development throughout select markets by 2014.
Complete results of Entrepreneur magazine’s Franchise 500® list, including company profiles, can be found at http://www.entrepreneur.com/franchise500/index.html.
For more information about Flip Flop Shops, visit the company’s Entrepreneur profile at http://www.entrepreneur.com/franchises/flipflopshops/333670-0.html or company site at http://franchise.flipflopshops.com/.
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 SANÜK, REEF, Cobian, Quiksilver, ROXY, OluKai and Cushe. Flip Flop Shops began franchising in January 2008 and continues to be recognized by industry leaders as one of the fastest-growing franchises and retailers in the nation. Company accolades include: the International Council of Shopping Centers’ prestigious “Hot Retailer Award” and ranking No. 170 in the 2012 Inc. 500 | 5000 list of fastest-growing private companies in the United States, as well as the sixth fastest-growing franchise and ninth fastest-growing retailer in the nation.
Growing the brand to more than 70 shops in operation and 100-plus in the development pipeline, 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 the world’s most well-known brands, including Cold Stone Creamery, Moe’s Southwest Grill, Nike and OfficeZilla.com. The lifestyle franchise is an Environmentally Responsible Retailer™ encouraging the nation to Free Their Toes®. For more information on the franchise opportunity, visit http://franchise.flipflopshops.com/.
Fishman Public Relations
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