Franchise Extends Program to Continue Excelled Development
CINCINNATI, OH / ACCESSWIRE / August 16, 2023 / Penn Station East Coast Subs, a leading fast-casual restaurant franchise, is pleased to announce the continuation of its Target Growth Area development incentive program. The program drives expansion and attracts new franchisees by lowering initial startup costs. Penn Station celebrates the two-year anniversary of the program and has signed development agreements for 45 stores under the incentive.
Under this incentive program - which began in August of 2021 - franchisees receive a discount on initial franchise fees and royalties for each store under their development agreement, including:
- 1/2 off initial franchise fee: The initial franchise fee is cut in half to $12,500 instead of $25,000.
- Royalty waiver: 0% royalty for the first six months from the opening date. Standard royalty structure applicable thereafter.
The Target Growth Area Development Incentive Program was specifically designed to bolster the development of new restaurants in strategically chosen markets with high growth potential, including the following states:
- Alabama
- Missouri
- Georgia
- Nebraska
- Illinois
- North Carolina
- Iowa
- Pennsylvania
- Kansas
- Virginia
- South Carolina
- Michigan
- Tennessee
- Mississippi
Eric Fairbanks, a multi-unit franchisee with Penn Station East Coast Subs and Hungry Howies Pizza, utilized the Target Growth Area Development Incentive Program to grow an impressive franchise portfolio. Fairbanks opened his first franchise with Penn Station East Coast Subs in Boone, North Carolina in 2018. With the help of the incentive program and the company's support, Fairbanks has since acquired two more locations, built a fourth, and has three leases under negotiation.
"The incentive affords us the ability to spend more dollars on developing, sourcing, and retaining staff. It also gives us an added cushion with food and marketing," said Fairbanks. "This helps to position you to get started on the right foot and allows you to better focus on operations."
Fairbanks' story is just one of 45 in these targeted areas. And Penn Station, Inc. is certainly not done growing yet. The success of this program underscores Penn Station, Inc.'s commitment to fostering the growth of its franchise partners. By identifying key designated areas, Penn Station, Inc. has been able to channel resources effectively, propelling the brand's presence into expanding markets.
"We're dedicated to supporting our franchisees and their growth aspirations," said Craig Dunaway, Chief Operating Officer for Penn Station East Coast Subs. We wanted to provide the incentive as a way to help franchisees offset some of their initial start-up costs and we are happy to be able to continue with the incentive program.
For more information about franchising with Penn Station East Coast Subs and the Target Growth Area Incentive Program, visit penn-station.com/franchise.
About Penn Station East Coast Subs:
Jeff Osterfeld started the award-winning sandwich chain in 1985 in Dayton, Ohio. Three years later, he sold his first Penn Station franchise. Today, there are more than 300 Penn Station East Coast Subs franchises in the U.S. serving high-quality products grilled and baked to perfection. The privately-owned franchise business serves premium products that have won numerous awards. Learn more about Penn Station East Coast Subs at penn-station.com.
Media Contact:
Abby Mitchell
[email protected]
SOURCE: Penn Station East Coast Subs