Big Lots Franchise Opportunities
Does Big Lots franchise? Big Lots Franchise, founded in the year 1957 by its owner Sol A. Shenk, offers retail products and operations ranging from clothing, furniture, food and beverage, house wares, small electronics all under varying brands.
With David J. Campisi as its CEO and chairman Big Lots is a strong brand name that has stood the test of time and weathered the storms of the corporate business world, emerging strong and better.
Using Big Lots philosophy of business, franchisees are exposed to the secrets that have been responsible for the profitability and success of this brand. Headquartered in Columbus Ohio, Big Lots has an operating income of $235.7 million (2016), a Net-Income of $142.87 million (2016), and total assets worth $1.64 billion (2016).
Big Lots Franchise Financial Requirements
The ownership of a Big Lots store franchise is dependent on fulfilling certain financial requirements which include the Initial Investment, the Liquid Cash requirements and of course the net-worth requirement which are very vital to its ownership. This requirements are put forth to enable the franchisor give part of its brand to hands capable of taking absolute care of its franchise, as the failure of any of its franchise is a dent on its image and brand name.
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However, Big Lots has not made a disclosure of its detailed financial requirements, and it is believed that such detailed requirements will be presented to its new franchisees after having found to be qualified for owning a part of this franchise.
Big Lots Franchise Competition
In the area of competitors in the retail industry, Big Lots is way ahead of most of its competition. This is due to the rock bottom prices of its goods and services which are way cheaper than most departmental stores, leading to soaring revenues that has still remained unbeaten within the retail sector businesses.
Coverage of Big Lots Franchise Wholesale Operations
This franchise since it began operations has successfully conquered the domestic retail market in the United States and has even spread its tentacles abroad to conquer Canada. In 2011, It announced that it was commencing operations in Canada, and bought over a Canadian retail outlet (Liquidation World Inc.) with over 80 retailer locations across Canada, for the sum of $20 Million This cemented its berth in Canada as a retail giant.
It officially began its Canadian operations in 2013 in Orillia, Ontario. Its operations spread to several other Cities, but unfortunately, Big Lots citing low customer patronage in its Canadian market decided to close shop and roll back its services. But nonetheless, this franchise continues to be a strong name to be reckoned with especially within the United States.
Do Big Lots Franchise Still Operate Wholesale?
Big Lots once operated a wholesale department, providing strictly wholesale services to its clients.
Although, this wholesale division did not have the same type of merchandise on display at its retail stores, it sold its merchandise on a totally wholesale basis.
Today, the whole sale department of Big Lots is no longer in operation as it was shut down by the franchisor in 2013 after 34 long years in operation.
Advantages of Owning a Big Lots Franchise
With an already successful and robust brand name that has won public trust and confidence over the years, this franchise is a success story that investors/its franchisees will be benefitting from for a long time to come. This is so because there is already a healthy respect among its thousands of clients, hence reducing work on advertising and other marketing strategies. The franchisees stand to gain hugely from this as their investment is rewarded with customer loyalty.
Also, the supply chains supplying retail products to Big Lots have a healthy trust established over the years, and hence the very best of deals are available to both Big Lots franchisees and their clients.
How to Join Big Lots Franchise?
In order to operate under this thriving brand name, there are certain procedures to be followed and these include first visiting the company’s web address to register your interest to invest.
There is normally an online application form for applicants comprising of franchise candidates and investors. This online form is to be filled and submitted. The franchise candidate/investor would have to wait for the process of eligibility testing to be concluded.
Other Procedures for Big Lots Franchise
This procedure involves going through the information provided on the application form in order to know if the franchise candidate stands qualified to own a Big Lots franchise. In most cases, the key things being checked include the net-worth requirement. The franchise candidate must have the net-worth requirement specified by the franchisor.
Also, there is a liquid cash requirement to be considered. The franchise candidate is expected to have this ready as money for immediate investment.
This article has sought to provide basic information on the Big Lots franchise, its services, advantages, and its competition if any and why it is should be strongly considered by franchise candidates seeking a profitable, bold and robust retail franchise.
The advantage of this is that it represents all of the above and even more, as it is the people’s franchise, providing retail products at cost effective prices and at the same time giving the investor ownership of a success story.