GIGL has properly executed the business plan and now is the time to own GIGL. Why you ask?
Our first location opened in 2008 and Joey Parsi financed the entire costs, our second location opened 2 years later in Century city and Joey financed the entire cost, once we raised a few million, the third location opened two years later in Topanga, with the fourth opening a year later in Glendale in 2014.
We closed the first location because it was much smaller and since it was just to prove the concept worked, it did not look anything like the rest. Also, more importantly, once we opened in Century city, Westfield and or none of the mall owners allow a competing location within a 15 mile radius of the other location. Our first location was only 7-10 miles away from century city. So we would have had to close it anyway.
As most of you know Century Citys lease was bought back by Westfield due to the renovations and so that was recently closed. In summary, to say we have not expanded is wrong.
We have purposely stayed away from franchising until we had everything in place imo. This would be things such as our franchising manuals, Training manuals, operating manuals, recipes, etc.
In particular, I believe we needed to make sure that we had fine tuned our culture and who we are as a company and most importantly, we needed to make sure we had the management team that we now have assembled.
Just this year we finalized everything and are now ready for the expansion. Hence Bahrain and hopefully others.
Folks, Keep in mind that Cheesecake Factory waited 8 years to open their second location.
Hope this helps folks trying to understand the GIGl story.
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