Ever changing lifestyle of the youth and never ending demands of kids today have opened the doors for the retailers to explore retail opportunity in the vicinity of schools, colleges or universities. Franchising is further providing an inroad to these new
Schools and colleges offer lucrative markets for the retailers to cater to the rising needs of the school, college and university going students, who constitutes a major part of the Indian population. Opening a retail store, be it a fast food joint in or near the school, college or university premises or a stationary, bookstore, or a gift gallery, youth driven brands do their best and generate lump some profits. As Vijayant Chabbra, ED, Archies Ltd says, “Definitely for our kind of product; schools, colleges and universities are one of the best locations to open retail outlets. Because we cater to this particular class of people, so, opening an outlet near these avenues always work. However, these retail outlets will prove to be a success only if it is not isolated. There should always be some kind of market around to make the most of these locations.” The article will give you an insight of this profitable location and what all a franchisor or franchisee has to take care of to get benefited.
Right location is proportionate to the needs and requirements of the consumers occupying the vicinity of the outlet. The locations near schools, colleges and universities are providing various brands rewarding destinations to expand into. Fast food joints like Kaati Zone, Au Bon Pain, KFC, McDonald’s, Yum Yum Dimsum; ice cream parlours or carts like Kwality Walls, Cocoberry; Café chains like CCD, FMCG brands like Safal and gift gallery like Archies Ltd and many more brands that cater to young generation of India are now exploring these potential destinations to enjoy the larger share of the pie. As Chabbra shares, “The highest selling shop of ours is in Kamla Nagar that we have opened 20 years back. It totally caters to the university students.” CCD is presently running 20 outlets on school and college campuses. It is also planning to set up its outlets at IIM Bangalore, IIT Chennai, at Amity institutes and many other places.
Franchising is of great help
The rising economy, spending power and brand consciousness make the brands of various sectors to realise the significance of franchising and motivated them to take the franchise route for expansion. Franchising keeps them optimistic about their long haul in locations which are near schools, colleges and universities. Franchising is the most viable option for retailers to expand lucratively nears schools and college campuses. Retailer can make the most of the local knowledge of the franchisee and accordingly come up with selected options to drive the targeted customers in to a franchised outlet. The best reasons for opting franchise expansion route in the vicinity of schools and colleges are:
Things to consider
Undoubtedly, these locations have immense profit potential for certain brands that cater to this particular class of the population. But a franchisor must know what a franchising business requires in such specific locations to hasten the speed of its growth and concurrently assure its success. Besides this, when it comes to opening up a franchised outlet, a franchisor has to provide certain guidelines to his franchisees regarding the ambience, merchandise, products and services that are to be offered at such locations. These guidelines include certain factors that must be taken into consideration to raise the chances of success, which are:
For brands like Archies, schools and colleges were always a focused location to open new outlets and expansion through franchising in such location is always in the agenda from day one. In short, it is a positive location or a profitable one to open franchised outlets near school, colleges or universities.