In this exclusive Franchise Chatter FDD Talk post, you’ll learn the following:
Section I – Estimated initial investment (franchise costs) for a Style Encore franchise, based on Item 7 of the company’s 2023 FDD
Section II – Initial franchise fee, royalty fee, and marketing fee for a Style Encore franchise, based on Items 5 and 6 of the company’s 2023 FDD
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Colin started as a team member at 21 and now owns 6 locations in Tampa Bay. Lisa came from marketing and built 21 in San Diego. The most successful multi-unit owners move early and secure markets with room to grow. Use our free tool to search multiple ZIP codes and find franchises where you can still stack locations, before someone else does. A franchise specialist will be in touch to present what's available.Section III – Number of franchised and company-owned Style Encore outlets at the start of the year and the end of the year for 2020, 2021, and 2022, based on Item 20 of the company’s 2023 FDD
Section IV – News updates on the Style Encore franchise opportunity
Section V – Presentation and analysis of Style Encore’s financial performance representations (average revenues and/or profits), based on Item 19 of the company’s 2023 FDD, including information on the:
- 2022 average, median, high, and low gross sales and average and median gross profit for the 65 franchised Style Encore Stores in the United States that had been in operation by the same franchisee or owners for the 12-month period ended December 31, 2022, grouped by year opened (2021, 2020, 2019, 2018, 2017, and 2016 and prior)
- 2022 average, median, high, and low gross sales and average and median gross profit for the first, second, third, and fourth quartiles of the 65 franchised Style Encore Stores in the United States that had been in operation by the same franchisee or owners for the 12-month period ended December 31, 2022
- number and percentage of franchised Style Encore Stores in the United States that had been in operation by the same franchisee or owners for the 12-month period ended December 31, 2022, grouped by range of gross sales ($0 to $250,000; $250,001 to $500,000; $500,001 to $1,000,000; $1,000,001 to $2,000,000; and greater than $2,000,000)
Section VI – Key ratios, comparables, computations, and analyses for the Style Encore franchise opportunity (exclusive content for Platinum subscribers)
Section I – Style Encore Franchise Costs
- Style Encore franchise costs, based on Item 7 of the company’s 2023 FDD:
- Initial Franchise Fee: $25,000
- Fixtures and Supplies: $40,000 to $55,000
- Signs: $8,000 to $12,000
- Security Cameras: $1,000 to $5,000
- Point-of-Sale (POS) System: $21,900 to $28,800
- Leasehold Improvements: $10,500 to $20,000
- Build-Out: $20,000 to $50,000
- Deposits and Business Licenses: $3,000 to $12,000
- Opening Inventory: $60,000 to $80,000
- Miscellaneous Pre-Opening Expenses: $35,000 to $65,000
- Rent for First 3 Months: $15,000 to $24,000
- Additional Funds for 3 Months: $30,000 to $33,000
- Total Estimated Style Encore Franchise Costs: $269,400 to $409,800
Section II – Style Encore’s Initial Franchise Fee, Royalty Fee, and Marketing Fee
- Style Encore’s initial franchise fee, royalty fee, and marketing fee, based on Items 5 and 6 of the company’s 2023 FDD:
- Initial Franchise Fee: $25,000
- Continuing Fee: 5% of Gross Sales
- Marketing Fee: $1,500 per year
- Cooperative Advertising: maximum amount is 5% of Gross Sales
- Local Marketing Expenses: minimum amount, when combined with cooperative advertising expenses, is 5% of Gross Sales
- Advertising Fee: if Winmark imposes this fee, you will pay up to 2% of Gross Sales
Section III – Number of Franchised and Company-Owned Style Encore Outlets
Franchised
2020
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When I owned a UPS Store, I learned firsthand how much your ZIP code shapes your outcome. I sold my store at a premium because my territory was in a high-value area. The best areas go first, and once they're gone, they're gone. Enter your ZIP code, and a territory specialist will walk you through the franchises still available near you, drawing on information that isn't publicly accessible, saving you months of wasted research.🔴Free Webinar: 6 Under-the-Radar Franchise Concepts That Serious Buyers Should Know
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- Outlets at the End of the Year: 69
- Net Change: +1
2021
- Outlets at the Start of the Year: 69
- Outlets at the End of the Year: 71
- Net Change: +2
2022
- Outlets at the Start of the Year: 71
- Outlets at the End of the Year: 71
- Net Change: 0
Company-Owned
2020
- Outlets at the Start of the Year: 0
- Outlets at the End of the Year: 0
- Net Change: 0
2021
- Outlets at the Start of the Year: 0
- Outlets at the End of the Year: 0
- Net Change: 0
2022
🎯Find Best-Fit Franchises Still Available in Your Target Area (Free Tool)
When I owned a UPS Store, I learned firsthand how much your ZIP code shapes your outcome. I sold my store at a premium because my territory was in a high-value area. The best areas go first, and once they're gone, they're gone. Enter your ZIP code, and a territory specialist will walk you through the franchises still available near you, drawing on information that isn't publicly accessible, saving you months of wasted research.📈Dreaming of Multi‑Unit Success? Lock In Prime Territories Before They're Gone.
Colin started as a team member at 21 and now owns 6 locations in Tampa Bay. Lisa came from marketing and built 21 in San Diego. The most successful multi-unit owners move early and secure markets with room to grow. Use our free tool to search multiple ZIP codes and find franchises where you can still stack locations, before someone else does. A franchise specialist will be in touch to present what's available.- Outlets at the Start of the Year: 0
- Outlets at the End of the Year: 0
- Net Change: 0
Section IV – News Updates on the Style Encore Franchise
Section V – Financial Performance Representations (Average Revenues and/or Profits) for the Style Encore Franchise (Item 19, 2023 FDD)
- The following is a financial performance representation titled “Style Encore Statement of Average Annual Sales and Gross Profit.”
- The gross profit figures in this Item 19 do reflect the cost of sales but do not reflect the operating expenses that must be deducted from the gross profit figures to obtain your net income or profit.
- The following statement of average annual sales and gross profits includes annual gross sales and gross profits as reported by the 65 franchised Style Encore Stores located in the United States and Canada that commenced operations during the years 2013 through 2021.
- This statement includes information from only those franchised Style Encore Stores located in the United States and Canada that had been in operation for the 12-month period ended December 31, 2022.
- There are no material financial and operational characteristics of the U.S. Stores that differ materially from the Canadian Stores included in this financial performance representation.
- No other franchised Style Encore Stores are included in this statement due to insufficient history of operations (not in operation by the same franchisee or owners for the 12-month period ended December 31, 2022 or transferred during this period).
- There were 65 franchised Style Encore Stores which had been in operation by the same franchisee or owners for the 12-month period ended December 31, 2022. All 65 franchised Style Encore Stores are reflected in the average.
- This financial performance representation does not include information for the 6 Style Encore Stores that opened or transferred in 2022. No Stores closed in 2022 after being opened for less than 12 months.
Part 1 – Statement of Average Gross Sales and Gross Profit of the 65 Franchised Style Encore Stores for the Fiscal Year Ended December 31, 2022
Year Opened – 2021
- Number of Stores Reported: 4
- Number and Percentage of Stores Attaining or Exceeding Average Gross Sales: 1/25%
- Number and Percentage of Stores Attaining or Exceeding Average Gross Profit: 1/25%
- 2022 Average Gross Sales: $605,205
- 2022 Median Gross Sales: $460,241
- 2022 Average Gross Profit: $352,785
- 2022 Median Gross Profit: $300,738
- Average Gross Profit Percentage: 58.29%
- Sales Range: $369,028 to $1,131,312
Year Opened – 2020
- Number of Stores Reported: 3
- Number and Percentage of Stores Attaining or Exceeding Average Gross Sales: 0/0%
- Number and Percentage of Stores Attaining or Exceeding Average Gross Profit: 0/0%
- 2022 Average Gross Sales: $383,533
- 2022 Median Gross Sales: $474,467
- 2022 Average Gross Profit: $224,497
- 2022 Median Gross Profit: $269,023
- Average Gross Profit Percentage: 58.53%
- Sales Range: $156,358 to $519,773
Year Opened – 2019
- Number of Stores Reported: 7
- Number and Percentage of Stores Attaining or Exceeding Average Gross Sales: 1/14%
- Number and Percentage of Stores Attaining or Exceeding Average Gross Profit: 1/14%
- 2022 Average Gross Sales: $616,899
- 2022 Median Gross Sales: $579,835
- 2022 Average Gross Profit: $338,915
- 2022 Median Gross Profit: $346,544
- Average Gross Profit Percentage: 54.94%
- Sales Range: $199,836 to $1,260,330
Year Opened – 2018
- Number of Stores Reported: 8
- Number and Percentage of Stores Attaining or Exceeding Average Gross Sales: 0/0%
- Number and Percentage of Stores Attaining or Exceeding Average Gross Profit: 1/13%
- 2022 Average Gross Sales: $616,868
- 2022 Median Gross Sales: $659,800
- 2022 Average Gross Profit: $370,219
- 2022 Median Gross Profit: $401,368
- Average Gross Profit Percentage: 60.02%
- Sales Range: $278,950 to $839,664
Year Opened – 2017
- Number of Stores Reported: 8
- Number and Percentage of Stores Attaining or Exceeding Average Gross Sales: 1/13%
- Number and Percentage of Stores Attaining or Exceeding Average Gross Profit: 1/13%
- 2022 Average Gross Sales: $716,164
- 2022 Median Gross Sales: $619,175
- 2022 Average Gross Profit: $425,530
- 2022 Median Gross Profit: $383,661
- Average Gross Profit Percentage: 59.42%
- Sales Range: $259,210 to $1,561,421
Year Opened – 2016 and Prior
- Number of Stores Reported: 35
- Number and Percentage of Stores Attaining or Exceeding Average Gross Sales: 22/63%
- Number and Percentage of Stores Attaining or Exceeding Average Gross Profit: 23/66%
- 2022 Average Gross Sales: $1,073,704
- 2022 Median Gross Sales: $1,036,624
- 2022 Average Gross Profit: $638,332
- 2022 Median Gross Profit: $621,218
- Average Gross Profit Percentage: 59.45%
- Sales Range: $415,063 to $3,009,866
Total
- Number of Stores Reported: 65
- Number and Percentage of Stores Attaining or Exceeding Average Gross Sales: 25/38%
- Number and Percentage of Stores Attaining or Exceeding Average Gross Profit: 27/42%
- 2022 Average Gross Sales: $863,594
- 2022 Median Gross Sales: $751,324
- 2022 Average Gross Profit: $510,225
- 2022 Median Gross Profit: $439,975
- Average Gross Profit Percentage: 59.08%
- “Gross Sales” means all revenues the franchisee receives from the sale of goods and services, whether by cash or by check, credit card or trade, in connection with the Store, less sales tax and customer refunds and returns.
- Average Gross Profit equals Gross Sales less Cost of Goods Sold. Gross Profit does not reflect any expenses related to the operation of a Style Encore Store other than Cost of Goods Sold.
Part 2 – Statement of Sales Ranges by Quartile for the 65 Franchised Style Encore Stores Open on December 31, 2022 That Had Been in Operation for at Least 12 Months by the Same Franchisee or Owners for the 12-Month Period Ended December 31, 2022
- Quartile refers to that portion of the total number of Stores open that represents 25%. For example, the first Quartile identifies those Stores that were in the top 25% of all Stores in Gross Sales.
- These results relate to specific Style Encore Stores located in the United States. Your individual results may differ.
1st Quartile
- Number of Stores: 16
- 2022 Gross Sales Range by Quartile: $1,131,312 to $3,009,866
- 2022 Quartile Average Gross Sales: $1,482,912
- 2022 Quartile Median Gross Sales: $1,330,904
- Number and Percentage of Stores Attaining or Exceeding Quartile Average Gross Sales: 5/31%
- 2022 Quartile Average Gross Profit: $859,726
- 2022 Quartile Median Gross Profit: $809,321
- Number and Percentage of Stores Attaining or Exceeding Quartile Average Gross Profit: 4/25%
- Quartile Average Gross Profit Percentage: 57.98%
2nd Quartile
- Number of Stores: 16
- 2022 Gross Sales Range by Quartile: $782,641 to $1,127,868
- 2022 Quartile Average Gross Sales: $938,448
- 2022 Quartile Median Gross Sales: $924,159
- Number and Percentage of Stores Attaining or Exceeding Quartile Average Gross Sales: 8/50%
- 2022 Quartile Average Gross Profit: $564,981
- 2022 Quartile Median Gross Profit: $565,606
- Number and Percentage of Stores Attaining or Exceeding Quartile Average Gross Profit: 8/50%
- Quartile Average Gross Profit Percentage: 60.20%
3rd Quartile
- Number of Stores: 16
- 2022 Gross Sales Range by Quartile: $568,851 to $751,324
- 2022 Quartile Average Gross Sales: $648,568
- 2022 Quartile Median Gross Sales: $639,252
- Number and Percentage of Stores Attaining or Exceeding Quartile Average Gross Sales: 7/44%
- 2022 Quartile Average Gross Profit: $383,403
- 2022 Quartile Median Gross Profit: $392,270
- Number and Percentage of Stores Attaining or Exceeding Quartile Average Gross Profit: 9/56%
- Quartile Average Gross Profit Percentage: 59.12%
4th Quartile
- Number of Stores: 17
- 2022 Gross Sales Range by Quartile: $156,358 to $555,444
- 2022 Quartile Average Gross Sales: $412,634
- 2022 Quartile Median Gross Sales: $415,063
- Number and Percentage of Stores Attaining or Exceeding Quartile Average Gross Sales: 9/53%
- 2022 Quartile Average Gross Profit: $249,112
- 2022 Quartile Median Gross Profit: $269,023
- Number and Percentage of Stores Attaining or Exceeding Quartile Average Gross Profit: 10/59%
- Quartile Average Gross Profit Percentage: 60.37%
Part 3 – Number of Stores, Average and Median Gross Sales, Lowest and Highest Gross Sales Amount in Each Range, and Percentage of Total Number of Stores That Fell Within Certain Ranges of Gross Sales for 2022
- Based on information reported by the 65 Style Encore Stores which had been in operation by the same franchisee or owner for the 12-month period ended December 31, 2022, the following chart sets forth the number of Stores, average and median Gross Sales, the lowest and highest Gross Sales amount in each range, and the percentage of total number of Stores that fell within certain ranges of Gross Sales for 2022:
2022 Range of Gross Sales: $0 to $250,000
- Number of Stores Falling Within Range: 2
- Average Gross Sales for Stores Within Range: $178,097
- Number and Percent of Stores Exceeding Average Gross Sales for Stores Within Range: 1/50%
- Gross Sales for Lowest Store Within Range: $156,358
- Gross Sales for Highest Store Within Range: $199,836
- Median Gross Sales for Stores Within Range: $178,097
- Percent of Total Number of Stores (65) Within Range: 3.08%
2022 Range of Gross Sales: $250,001 to $500,000
- Number of Stores Falling Within Range: 9
- Average Gross Sales for Stores Within Range: $383,967
- Number and Percent of Stores Exceeding Average Gross Sales for Stores Within Range: 5/56%
- Gross Sales for Lowest Store Within Range: $295,210
- Gross Sales for Highest Store Within Range: $498,020
- Median Gross Sales for Stores Within Range: $391,548
- Percent of Total Number of Stores (65) Within Range: 13.85%
2022 Range of Gross Sales: $500,001 to $1,000,000
- Number of Stores Falling Within Range: 32
- Average Gross Sales for Stores Within Range: $694,463
- Number and Percent of Stores Exceeding Average Gross Sales for Stores Within Range: 13/41%
- Gross Sales for Lowest Store Within Range: $504,904
- Gross Sales for Highest Store Within Range: $982,944
- Median Gross Sales for Stores Within Range: $678,371
- Percent of Total Number of Stores (65) Within Range: 49.23%
2022 Range of Gross Sales: $1,000,001 to $2,000,000
- Number of Stores Falling Within Range: 20
- Average Gross Sales for Stores Within Range: $1,252,906
- Number and Percent of Stores Exceeding Average Gross Sales for Stores Within Range: 10/50%
- Gross Sales for Lowest Store Within Range: $1,020,901
- Gross Sales for Highest Store Within Range: $1,667,854
- Median Gross Sales for Stores Within Range: $1,241,997
- Percent of Total Number of Stores (65) Within Range: 30.77%
2022 Range of Gross Sales: $2,000,000 to $3,000,000
- Number of Stores Falling Within Range: 1
- Average Gross Sales for Stores Within Range: $2,030,919
- Number and Percent of Stores Exceeding Average Gross Sales for Stores Within Range: 1/100%
- Gross Sales for Lowest Store Within Range: $2,030,919
- Gross Sales for Highest Store Within Range: $2,030,919
- Median Gross Sales for Stores Within Range: $2,030,919
- Percent of Total Number of Stores (65) Within Range: 1.54%
2022 Range of Gross Sales: Greater Than $3,000,000
- Number of Stores Falling Within Range: 1
- Average Gross Sales for Stores Within Range: $3,009,866
- Number and Percent of Stores Exceeding Average Gross Sales for Stores Within Range: 1/100%
- Gross Sales for Lowest Store Within Range: $3,009,866
- Gross Sales for Highest Store Within Range: $3,009,866
- Median Gross Sales for Stores Within Range: $3,009,866
- Percent of Total Number of Stores (65) Within Range: 1.54%
Section VI – Style Encore Franchise Ratios, Comparables, Computations, and Analyses (Exclusive Content for Platinum Subscribers) ⬇️
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