For the primary time in its 44 years of being in enterprise, The Vitamin Shoppe will permit impartial operators to personal their complement shops. The model has been engaged on launching the brand new franchise program for greater than a yr, stated Sharon Leite, CEO.
“This new franchise technique builds on our mission of supporting well being and wellness for all,” Leite stated. It permits us to succeed in extra clients whereas partnering with extremely motivated entrepreneurs who share our deep curiosity within the well-being of our communities. We’re providing a confirmed and worthwhile enterprise mannequin in an increasing shopper sector with robust runway for progress.”
The timing of the launch coincides with COVID-19 and the rising shopper curiosity in bodily, psychological and emotional well-being, she added. Throughout the pandemic, the worldwide dietary dietary supplements market was estimated at $170.4 billion in 2020 and is projected to succeed in $298.5 billion by 2027, in line with a report by Global Industry Analysts.
“Mixed with favorable market situations, such because the pandemic’s impression on the retail actual property market, we imagine this is a perfect time so as to add this progressive franchising ingredient to our progress technique,” Leite stated.
The Vitamin Shoppe, a subsidiary of Franchise Group, relies in Secaucus, New Jersey and provides an assortment of nutritional vitamins, minerals, dietary supplements, herbs, CBD, homeopathic cures and sports activities vitamin from 700 manufacturers along with its personal proprietary manufacturers. The model partnered with Martha Stewart in December 2020 to launch a brand new CBD assortment that’s unique to The Vitamin Shoppe and its Tremendous Dietary supplements shops.
“As a pioneer within the CBD area, The Vitamin Shoppe has taken a management place on this progressive wellness class as the one nationwide retailer to supply a broad assortment of ingestible CBD,” Leite stated, together with greater than 20 CBD manufacturers and its personal proprietary formulation.
With greater than 715 company-operated retail shops nationwide, the retailer can be working with each single-unit and multi-unit franchisees.
Although they haven’t added any new c-suite executives for franchise-specific roles, Leite stated the model is ready to supply assist for franchisees in retail operations, provide chain, model and product advertising and marketing, authorized, actual property and digital integrations. “Our total management crew is totally concerned and invested within the success of this new technique, and it’s embedded in who we’re at The Vitamin Shoppe,” Leite stated.
“It’s an thrilling and rewarding time to be within the well being and wellness area and our groups are extremely keen about supporting the lifelong wellness of our clients,” she added.
Along side the franchise program, The Vitamin Shoppe launched a brand new retail format, reimagined their loyalty program and launched a brand new Asia enterprise that provides to present worldwide partnerships in Central and South America, with the plan to proceed increasing globally.
The preliminary franchise payment for The Vitamin Shoppe is $40,000 with a money funding of $200,000. The web value requirement is $750,000.