At last check, Muscle Maker Inc. (NASDAQ: GRIL) shares were up 5.06% to $0.43 after the company announced a new franchise agreement. The previous session’s closing price for GRIL was $0.41.
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Where is GRIL expanding now?
Muscle Maker (GRIL) signed a franchise agreement in Allentown, Pennsylvania for its Hawaiian poke bowl restaurant concept, Pokemoto. As a result of this agreement, the company has signed its 45th franchise agreement. To go along with GRIL’s previously announced franchise agreement for Philadelphia, Pokemoto opened its doors last week at 2550 Grant Avenue in Northeast Philadelphia. The Pennsylvania Pokemoto expansion strategy continues with the addition of the Allentown franchise agreement.
Pennsylvania’s largest city after Philadelphia and Pittsburgh is Allentown, the state’s fastest-growing major city. According to US News and World Report, Allentown was ranked as one of the best 100 cities to live in 2017. With its rich history, vibrant entertainment segment, and popular restaurants and local retailers, Pokemoto’s core audience of Millennials and Gen-Zs is drawn to Allentown, which is regarded as the city’s theater district. Trendy, fully customizable menus are expected to be a hot new offering from the brand.
A company-owned GRIL location in Philadelphia, converted from a Muscle Maker Grill location, celebrated its grand opening last week. As Pokemoto locations open, GRIL gains visibility, enabling more opportunities to franchisors to get Pokemoto on the map. With Pokemoto, GRIL will give tourists and residents in the Allentown, PA market an alternative to pizza, burgers, and chicken.
A key component of Pokemoto’s growth strategy is its expansion through both company-owned and franchise locations. When a franchise location is opened, it generates an initial payment of $25,000 as well as a royalty of up to 6% of net sales for the lifetime of the franchise.
How is GRIL progressing?
Pokemoto is making big strides with new agreements signed, locations under construction, and, of course, grand openings in the Pennsylvania market as Muscle Maker Inc. (GRIL) has signed two agreements – one for Philadelphia and one for Allentown. In addition to signing 45 agreements, the brand has opened corporate and franchise locations in key markets in support of its growth strategy. In its strategically placed “seed” locations, GRIL is putting into practice its hub and spoke model.
