BIG LOTS Franchise Startup Cost, Profit Margin, Revenue and Locations
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.
How much is a big lots franchise?
- How much does it cost to open a big lots?
- Is big lots a franchise that is expensive?
- What is the average big lots franchise price and fee?
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. Previous initial franchise ownership cost $35,000.
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 Open 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.
Do you know how much franchising a Big Lots cost? When it comes to retail business, Big Lots is a force to reckon with in the United States. They have close to 1400 stores in located in 48 states of the country.
The Big Lots retail outlets are known to sell off their merchandise so quick. One of the reasons why you might consider buying a Franchise with them. Now the question is How much is a Big Lots Franchise? Or better still does Big Lots sell Franchise?
Answers to these question will be given in the course of the article.
PRODUCTS SOLD AT BIG LOTS STORES
At Big Lots, you are guaranteed to get the best household products at a much reduced price. They sell a wide range of merchandise from packaged foods, beverages, furniture, toys, snacks and foods, plastics, bedding materials, showers, house wares, clothing to small electronics.
FRANCHISE INFORMATION ABOUT BIG LOTS
The company was founded in the year 1982. They started as Consolidated Stores Corporation and they opened their first store, which was called Odd Lots, in Columbus, Ohio.
As Consolidated Odd Lots stores began expansion from the origin location, which is Columbus, a company named Revco began to show concerns about the fact that another retail company operating a chain with the goal of becoming a national phenomenon, had a similar name as one of their subsidiaries, this resulted into a copyright tussle and it was agreed that Consolidated Stores Corp to limit the usage of the Odd Lots brand name to stores that are located within a certain perimeter of Columbus.
Beyond the agreed areas of restriction, Consolidated started opening stores under the Big Lots name. In a very short time, the company changed all Odd Lots stores to the name Big Lots.
WHOLESALES AT BIG LOTS
Big Lots in the past years operated a wholesale division where they offer items for sale in bulk price to allow retailers make extra cash from the purchase of these items. This was a separted unit of Big Lots and they did not sell the same items you are likely to see in any Big Lots retail store. They however close down the wholesale division of the company in the year 2103.
BIG LOTS FRANCHISE?
As an entrepreneur, your sole aim could be to buy into the Big Lots Franchise considering their success in the retail business and how they have been able to manage to sell off most of their stocks in a very short time. This will surely tell on the revenue of the company as it is quite obvious the company will be quite profitable in its dealings.
Now the question is do Big Lots Sell Franchise? You might not be able to get any franchise opportunity will Big Lots at the moment as the company has not made any known intentions to start selling franchise to the public.
According to information on their website, they are poised for expansion and to ensure they maintain their standard service delivery in all their stores spread across the United States of America.
The only option that the Big Lots Franchise offers at the moment is the opportunity to work with them. If you want to gain a first-hand experience with Bog Lots, then you are expected to apply to the company in-person and then fill an application form, which will allow to be considered to works as a general retail worker.
This experience might come in handy for you when the Company decides to start selling their Big Lots Franchise. Your employment status at the company will get you grounded in the process and procedures of running a retail business and also having the opportunity to learn from a world-class retail outlet as Big Lots.
And in the nearest future, you have the opportunity to grow up the employment ladder. Maybe this might be the exposure you need to establish your own business as it is a common experience to see managers of major businesses to go further and establish their own business and then serve as a major competitor for their former employer.
WHAT IS BIG LOTS FRANCHISE FEE?
Since it is not established that Big Lots offer any form of Franchise, we cannot ascertain if there is any form of Fee for Big Lots Franchise. Although there are various other franchise opportunities that you can tap from. If you are to consider any other franchise from a reputable company, you should be prepared for a Franchise fee within the range of $10,000 to $30,000.
You should also note that most other franchisors will charge you extra fees after your application with them has been approved. You will be expected to make annual franchise royalty fee, advertisement fee and as it is in the case of some other franchises, you will be expected to make a yearly renewal payment of the initial franchise fee. Although this is usually a minute percentage of the actual franchise fee.
Is Big Lots a franchise? How much does a Big Lots franchise cost? Do you need information on Big Lots franchise cost and requirements to open one?
Big Lots, Inc. is an American retail organization which has it headquarters in Columbus, Ohio. The company was founded about forty-nine years ago in Columbus, Ohio as Consolidated Stores Corp. – on December 13, 1967 to be precise.
Its retail establishments offer a wide range of assorted stock, including some packed nourishment and refreshments, furniture, housewares, toys, apparel and few hardware, quite a bit of which are finished off or overloaded stock. The company has more than 1,400 stores in up to 48 states. A large number of the things displayed in these stores are offered out rapidly: that is, items in the store are available one day, however gone the following without any renewals coming. Numerous different items, for example, foodstuffs, are supplied consistently.
The company’s current President, Chairman and CEO is David J. Campisi and Lisa Bachmann is its Executive Vice President and COO.
On March 12, 2001, Big Lots, Inc. was incorporated as a non-customary, discount retailer functioning in the United States. The Company works through the rebate retailing section where its stores are situated at different states and regions of the country in states like California, North Carolina, Texas, Colorado, Idaho, Maine, Alabama, Arizona, Michigan, Florida, Washington, Georgia, Indiana, Iowa, Kansas, Kentucky, Montana, Nevada, Nebraska, New York, North Dakota, Ohio, Oklahoma, Oregon, South Carolina and Utah. As of the year 2016, Big Lots has an aggregate of 11,400 employees that have been contributing to the massive growth and development of the company.
The Company’s type of stocks are Furniture, Consumables, Soft Home, Food, Hard Home, Seasonal, and Electronics and Accessories. The Food section incorporate its drink and basic need, confection and snacks, and forte sustenances divisions. The Consumables segment incorporates its safety and magnificence, plastics, paper, compound and pet offices. The Soft Home class incorporates the home stylistic theme, window, utility sheet material, outlines, form bedding, shower, improving material and zone floor coverings divisions.
The Hard Home classification incorporates its little apparatuses, table top, sustenance readiness, stationery, welcoming cards and home support offices. The Furniture classification incorporates its sleeping pad, upholstery, prepared to-amass and case products divisions. The Seasonal classification incorporates its yard and garden, summer, Christmas, toys and other occasion offices. The Electronics and Accessories category incorporates the hardware, gems, hosiery and newborn child frill divisions.
Big Lots’ Origin
The history of the Big Lots chain has been dated as far back as 1967 when Consolidated Stores Corporation was shaped in Ohio by Sol Shenk. In the year 1982, Consolidated Stores Corp. opened its first closeout store which was called Odd Lots in Columbus, Ohio. In 1983, a medicate store chain, Revco purchased New Jersey closeout retailer Odd Lot Trading Co. By the time Consolidated’s Odd Lots stores extended from Columbus, Revco disagreed with the way that another closeout retailer was working a chain with national aim that had a comparative name as the Revco-possessed auxiliary.
Solidified Stores Corp. consented to restrain their utilization of the Odd Lots name to stores situated inside a specific range of Columbus. Past that range, Consolidated started opening stores under the Big Lots name. In the long run, every Odd Lot stores were re-branded as Big Lots.
By the year 1985, United Stores Corp. started exchanging as a different open organization on the American Stock Exchange. Consolidated Stores Corp. changed to the New York Stock Exchange, exchanging under the image CNS in 1986.
In 1982, the United Stores Corp. which was a financial specialist in the DeLorean Motor Company was defaulted on some loans. There was a combined claim of around 100 DeLorean DMC-12 models still at the manufacturing plant in Northern Ireland due to the fact that the US shipper was not able to import them. This strange overabundance stock obtaining is recognized on the Big Lots site’s “Closeout Museum” page.
Big Lots reported that it will leave the Canadian commercial center on December, 5 2013, referring to having poor deals. By February 2014, all stores were closed. The organization anticipated that would post a misfortune from the Canadian operations in the final quarter of $38 million to $43 million, for the most part on severance, leases and resource write – downs. It anticipated that there will be a loss of another $44 million to $47 million in the principal quarter a year later.
Big Lots worked a discount division which gave stock in mass to resale from an assortment of different kinds. This was a different division of Big Lots and did not convey a similar stock found in the retail locations. Big Lots Wholesale additionally went to public exhibitions and had lasting showrooms in Columbus, New York City, and the Boston and Chicago regions.
Towards the end of the 2013’s Fiscal Year, Big Lots decided to shut down its discount division. The Columbus-based closeout retailer had led discount operations through Big Lots Wholesale, Consolidated International and Wisconsin Toy for molots franchise.
The alternatives in franchise focused organizations has expanded and today you have a larger number of choices than you could conceivably think about a couple of years before and the most well-known of these franchises are home based. These franchises aim to extend and that infers they are available to be purchased by anyone willing to work for themselves or work from home with the numerous big deal opportunities included. With It’s level of trust Big Lots has expressed, this is the right season for quick sustenances of which to start the franchise business.
Without a doubt, dealing with a franchise from home does not suggest that you won’t be required to deal with other stuff, insofar as you are doing your work, you will run over numerous hardships and facing them is the main franchising strategy to warrant great success.
When you have a franchise, you have huge advantages as you will be able to know what works for the business. You will also be aware of the confirmed techniques for progress, plus there is the sponsorship you will get the franchisor. The most secure issue concerning any franchise is the guarantee that they are founded on a checked and profitable business design – which Big Lots franchise guarantees.
It is not all hardships experienced while dealing with a locally situated franchise are business related; some have to deal with the innovation level you will need to apply. It may amaze you to realize that innovation is turning into the strategy to oversee most professions which has brought about notoriety in locally situated franchise ideas. Working from home has turned into a more down to earth decision with the thought of an online franchise. It’s permitted a franchisee to not simply get the top works from home, yet in a like manner acquire than they ordinarily would have done on the web Big Lots franchise administrations.
Other than online franchising, there are like manner countless that give web based trainings. This makes it more easy for those who want to be a franchisee to be educated on related issues of the new business from the relief of their own home and at their own training level. Different franchises working on the web are move down franchising, instructional exercise franchises and commercializing franchises.
Among the more typical home franchise you can think of in the market is the cleaning franchise. Many cleaning professions are being overseen from the reassurance of home and getting hold of one like Big Lots franchise is effortless. Overcome a nearby cleaning business and get some information about accessible franchise openings in your general vicinity.
Without any doubt, home-based big business can present a whole lot of long and lasting benefits, at this current moment, it has become much more facile to get hold of a franchise that really fits your choice and demands. Well, been as so may be aware of, any home-based franchise implies that you have to pass more time with your Big lots franchise business and to ensure that you work for you – you are your own boss.
How much is a Big Lots franchise?
- How much does it cost to open a big lots?
- Is big lots a franchise that is expensive?
- What is the average big lots franchise price and fees?
Franchise Opportunities at Big Lots:
You have the opportunity to work at Big Lots since they do not have franchises. You are required to apply in-person at the store in order to fill out an application to work at Big Lots as a general retail worker.
In case you’re searching for another employment in retail, you can consider to fill out a Big Lots application. The hours are useful for the individuals who are guardians, and it’s a fabulous starter work for the individuals who haven’t had an occupation some time recently. Big Lots professions are astounding for the individuals who require another occupation. Likewise, there is space to move up in the organization and advance from a general retail laborer to a chief.
You will additionally have the capacity to get rebates on discounted items, so on the off chance that you need family unit supplies, working at Big Lots will enormously help you out financially. They treat their representatives extremely well because they have great standards for their organization.