BIG LOTS Franchise Cost and Profit Margin – Review
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).
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.