- The stock price of Franchise Group Inc (NASDAQ: FRG) rose 0.96% in the last trading session. That’s why it happened.
The stock price of Franchise Group Inc (NASDAQ: FRG) rose 0.96% in the last trading session. Investors are reacting positively to The Vitamin Shoppe, a subsidiary of Franchise Group Inc. (NASDAQ: FRG), announcing the launch of its first-ever franchise store, located in Greensboro, North Carolina. This store represents a historic milestone in The Vitamin Shoppe’s 45-year history as the company embarks on an innovative new franchise growth strategy.
The Greensboro store is an existing location previously operated by The Vitamin Shoppe and now converted to a franchise unit. The franchisee is a group of partners, including Muhammad Kamran Awan, Preet Kamal, Gurmeet Singh and Husnain Bajwa, who are leading entrepreneurs in the Greensboro area. These partners own and operate several businesses in hotels, restaurants, real estate, property management and retail in the region.
Under the terms of the franchise agreement, the partners will renovate the Greensboro store in The Vitamin Shoppe’s updated innovation format, as well as open three new stores by 2024 in their franchise territory in the greater Greensboro.
Announced in 2021, The Vitamin Shoppe’s franchise model offers independent retailers the opportunity to open stores in their own communities across the United States for the first time since the company’s founding in 1977. And The Vitamin Shoppe is focused on opening new franchises, with the potential for some conversions of existing stores when part of a franchisee’s mutually agreed upon strategic development plan.
“We are thrilled to partner with a group of entrepreneurs who share our deeply held brand values and see tremendous growth potential for The Vitamin Shoppe. Mr. Awan, Ms. Kamal, Mr. Singh and Mr. Bajwa have been running dynamic, customer-focused businesses in this region for over 17 years and they will bring the same passion and expertise to running The Vitamin Shoppe. This unique opportunity to convert a thriving company-owned location into a franchise store under the direction of local experts will strengthen our business in North Carolina. I am confident that our customers and our Health Enthusiast associates are in good hands.
— Sharon Leite, CEO of The Vitamin Shoppe
“My partners and I are honored to mark this momentous occasion in The Vitamin Shoppe’s history as the first franchise. As dedicated members of the Greensboro community for many years, we look forward to expanding the The Vitamin Shoppe’s commitment to quality, innovation and industry-leading expertise to even more of our customers and neighbors.
—Muhammad Kamran Awan
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