would like to highlight Giggles N' Hugs, Inc.
), a first-of-its-kind, award-winning family restaurant and play space that combines organic gourmet food with the play elements for children in a 2500-square-foot play space in the middle of the restaurant. The concept is similar to Chuck E. Cheese, but offers a unique healthier, high-end version for health conscious parents and families. Parents eat and relax while the kids have an incredible time playing in the custom-made play area with giant climbers, dragons, castles, pirate ships slides and swings and a multitude of other toys.
In the company’s news:
Since opening its first location in 2009, Giggles N’ Hugs has leveraged an innovative, award-winning family restaurant concept to promote rapid industry growth. Today, the company owns and operates three locations in and around Los Angeles, and it’s currently working with mall owners to expand this national footprint in the months to come. Last month, GIGL gave prospective shareholders some insight into this process when it revealed negotiations to expand its existing partnership with Westfield Corp. (OTC: WEFIF), one of the largest mall owners and operators in the world, and, potentially, open additional locations in the near future.
“Westfield is thrilled to have Giggles N’ Hugs as a tenant and would like to strengthen our relationship… by having more locations in our shopping centers and airports,” Shannon Westmore, vice president of leasing for Westfield, stated in a news release.
GIGL aims to operate 12 company-owned locations by the end of 2017 while continuing to actively explore franchise opportunities. In addition to expanding its presence in southern California, the company has outlined plans to extend its reach along the West Coast. Earlier this year, GIGL highlighted Seattle and San Francisco as key markets of interest moving forward. The company expects to receive significant discounts from current market rents and attractive tenant allowance on new locations as a result of the early successes of its existing restaurants.
Franchising opportunities could also present GIGL with immense growth potential if and when the company decides to pursue the strategy. In a recent news release, Joey Parsi, founder and chief executive officer of GIGL, stated that the company has received substantial interest from both large multi-unit franchising operators and individual franchisees regarding both domestic and international opportunities. To better assess these opportunities, GIGL expanded its management team to include two executives – John Kaufman and Philip Gay – with extensive experience in the franchising space.
By offering healthy dining options and an exciting atmosphere for families, GIGL is addressing a significant unmet need in the restaurant industry. Look for the company to continue executing on this proven business model as it pursues potentially lucrative expansion opportunities in the form of both company-owned and franchise locations in the coming months.
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