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
LINKS:
WEBSITE: http://franchisehotseats.com/
LinkedIn: https://www.linkedin.com/in/drjohnhayes/
Twitter: https://twitter.com/drjohnhayes
YouTube: https://www.youtube.com/c/Howtobuyafranchise
Instagram: https://www.instagram.com/hayesjph/
TikTok: https://www.tiktok.com/@johnphayesfranchise
Pinterest: https://www.pinterest.com/DrJohnHayes/
Facebook: https://www.facebook.com/franchisehotseatpodcast
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