WEST BERLIN, N.J. - Home organization and storage franchise firm Closet & Storage Concepts/More Space Place made the Franchise Times "Fast and Serious" list for the first time, coming in at number 16 out of a field of 40. The company was the only home improvement firm listed.
The “Fast and Serious” list consists of the smartest growing brands with system-wide sales over $40 million. And according to Franchise Times, the publication analyzed the data submitted by franchise companies for the last three years, using a formula “to identify fast-growing franchise systems that also have staying power, as an antidote to multiple other rankings that include too many one-year wonders.”
“It is a real honor to be included in this list,” said Bob Lewis, President and CEO of Closet & Storage Concepts / More Space Place. “Franchise Times is the premier publication for the franchising industry.”
“When we saw the other systems that made the list, we were humbled,” added Tom Harris, Director of Franchise Development for Closet & Storage Concepts / More Space Place. “We’re in such great company. There were so many well-known brands up there.”
Closet & Storage Concepts designs, manufactures and installs a variety of custom closet and home storage products for garages and other rooms. Its brand More Space Place, acquired in 2013, is America’s number one retailer of Murphy beds. Combined, the company has more than 400 employees and 37 locations nationwide, positioning Closet & Storage Concepts / More Space Place as one of the largest companies in the space-saving home furnishings & improvement industry.
Second showroom model to open
At the end of May, the company expects to open the second location of its new franchise option: the Closet & Storage Concepts showroom model. The showroom model forgoes the product manufacturing component that a standard Closet & Storage Concepts store would have, allowing new franchisees to get started more quickly with lower startup costs. The option also opens up new revenue streams for the owners of full Closet & Storage Concepts models, who will benefit from the manufacturing business of the new showroom model sales. In addition to the showroom model, the company will continue to offer the full manufacturing option to qualified prospective franchise owners.
“We’re adapting the business model to the marketplace and the skill sets of the owners,” said Harris. “It allows us to grow much faster because we can offer franchisees a new option that’s less costly and faster to open. Along with our More Space Place stores, franchisees now have three options to choose from, depending on their market, their demographics, the initial investment they’re interested in making and their own long-term growth objectives.”
With a laser focus on smart growth, Closet & Storage Concepts / More Space Place carefully screens prospective franchisees, new markets and new opportunities in order to set store owners up for success. During the recession, the company put expansion on the backburner while it took the opportunity to make improvements to its business model and enhance unit profitability, emerging stronger and poised for growth.
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