Giggles N’ Hugs, Inc. (GIGL) Building on Proven Formula with Award-Winning Family Restaurant Concept
Combining entertainment with dining is a proven formula that’s been successfully utilized by some of the restaurant industry’s most recognizable brands for decades. Chuck E. Cheese has been a favorite amongst families looking for a more exciting dining experience since opening its first location in 1977, while Dave & Buster’s Entertainment, Inc. (NASDAQ: PLAY) has achieved strong financial growth in recent quarters by targeting adults with a soft spot for video games. Likewise, Giggles N’ Hugs, Inc. (OTCQB: GIGL) has leveraged its own inventive take on the traditional family fun dining concept to achieve considerable growth in the category since opening its first location in 2009.
GIGL offers a first-of-its-kind, award-winning family restaurant and play space that combines exciting play elements for children with healthy, organic foods that are perfect for health conscious parents and families. In just over six years, GIGL has grown to include three locations in some of Los Angeles’s top malls, and its prospects for future growth are extremely promising. In a recent press release, Joey Parsi, the company’s founder and chief executive officer, detailed plans to open new locations in a collection of viable markets in the coming months. GIGL is already in active negotiations for this expansion with several of the largest mall owners in the country – including General Growth Properties (NYSE: GGP) and Simon Property Group (NYSE: SPG).
“[W]e’re moving forward on our plan to open new locations in markets like Seattle and San Francisco in the north and San Diego and Orange County in the south,” Parsi stated. “With the expected significant discounts from current market rents as well as attractive tenant allowances that have been offered, we should see great reductions in construction costs and rent for the new locations.”
The company is also reportedly receiving substantial interest from potential franchisees in both domestic and international markets. In addition to GIGL’s core company-owned expansion plans, franchising its innovative concept represents an immense opportunity for rapid growth at very attractive margins. The vast experience of the company’s management team – which includes John Kaufman, former president of Koo Koo Roo Chicken, and Philip Gay, former CEO of Wolfgang Puck Restaurants – is expected to play a key role in any future ventures into the franchising space.
Demand for GIGL’s innovative restaurant concept is at an all-time high, and the company is in a strategic position to translate this demand into sustainable growth moving forward. Look for GIGL to make noteworthy progress toward its goal of 12 company-owned locations by the end of 2017 while continuing to evaluate the tremendous upside of franchise opportunities in the months to come.
For more information, visit www.gigglesnhugs.com
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