Real Estate in Retail Franchising - With Larry Strain

DESCRIPTION:

Dr. John Hayes interviews Larry Strain, Chief Development Officer of Retro Fitness, in

the Franchise Hot Seat episode, discussing the complexities of real estate in retail

franchising. Larry shares his three-decade experience in retail development,

highlighting the changes brought about by e-commerce giants like Amazon. He

underscores the growing significance of service-based retailers, particularly fitness

centers, and the real estate challenges they encounter, such as competition for

space and parking needs. Larry points out the crucial role of franchisors in

supporting franchisees, especially newcomers, by managing broker negotiations,

lease terms, and construction. He compares the ease of development between

various brands he has worked with, including Starbucks and McDonald’s, and

identifies key factors for long-term franchisee success, such as understanding

customer needs and reinvesting in the business. The conversation also covers the

cyclical nature of the real estate market, the importance of choosing the right

location, and the impact of institutional pressures on franchise sales and selection

criteria.

- With Larry Strain.

TIMESTAMPS:

00:00 Introduction

00:29 The State of Retail and Fitness Franchising

01:21 Challenges in Real Estate for Fitness Franchises

02:24 Iconic Brands and Real Estate Development

04:32 Navigating Real Estate for New Franchisees

07:36 Franchisor Support in Real Estate

10:53 The Importance of Strategic Real Estate Planning

24:13 Traits of Top Performing Franchisees

32:27 The Role of Strategy in Franchise Expansion

33:32 Food vs. Fitness Franchises

34:29 Conclusion and Final Thoughts

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