Will New Yorkers love a pretzel from Philadelphia?
Philly Pretzel Factory will get the answer when it opens its first location in The Big Apple next year as part of its aggressive growth plans to penetrate new U.S. markets, writes Kenneth Hilario in the Philadelphia Business Journal.
Philly Pretzel Factory has signed a 25-unit development agreement to open in Manhattan, in what will be the Philadelphia company’s first locations in the city of New York.
Founded in 1998, Philly Pretzel has grown to 172 locations operating in 19 states. It has locations in New York state, including one in Bellmore, Long Island. None are in New York City proper, so the deal marks a milestone in Philly Pretzel’s expansion into major metropolitan areas.
The development agreement with Tribal Ventures calls for a minimum of 25 locations over the next five years in New York.
The first location will be in the Financial District near the World Trade Center site, in an area that averages 500,000 people every day, according to Tom Monaghan, chief development officer of Philly Pretzel Factory.
Philly Pretzel Factory is in the process of opening 42 locations in 2017 across the United States, and this year alone it’s expanded into markets where it’s never before located.
“We’ve spent time vetting out franchise partners; there’s more demand for franchises than people with knowledge, skills and resources,” Monaghan said, who added over 300 candidates are vetted a month.