CEO Interview 01/17 https://upticknewswire.com/
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Posted On: 02/08/2017 10:50:06 PM
CEO Interview 01/17
https://upticknewswire.com/joey-parsi-ceo-of-...t-in-2017/
Breaking down the interview from start to finish.
Why are Sales Lower ?
-Century City location was demolished as Westfield (3rd Largest Mall Owner in US) is doing a $800 mil renovation project. There were 350 tenants in the Century City mall and only 14 tenants didn't have to close shop. Westfied did however buyout our entire lease because they want us in all their malls(sign of trust).
-Overall sales are down because we are missing a store but the remaining 2 stores margins are higher and expenses are lower i.e. we are doing better than ever.
The GIGL effect on malls
-Malls want $GIGL because we bring in over 10k in foot traffic per month to each location. Mall foot traffic numbers are down because of online sales
-Malls are rolling out the red carpet for $GIGL
~Over half of building costs for current locations were covered by our landlords(rare to do that)
~General Growth Properties(NYSE: GGP) is offering us $450k + in cash per location. They are also willing to loan us the rest of the money to cover building costs && amortize that loan over the 10 year period of our lease.
~Only true restaurant that has a play area in the middle
$GIGL's Future
~LOI from a San Fransisco mall owner who's covering the entire 1.4 mil cost to build the location (More on that soon if the deal gets finalized)
~Looking for locations in Seattle and anywhere on the east coast where there is severe weather
~In talks with investment banks
~In talks with major players for multi-unit franchises around the planet
Michelle Steinbergs Role
~Michelle was hired to find celebrity investors and celebrity ambassadors for our product line.
~She is working on getting our frozen food products into local grocery stores (i.e. how Cheescake factory sells their products in local stores). Working on a kids clothing line, toys, baby bibs, strollers, etc etc.
~She is working on finding a celebrity ambassador who will represent our product in a similar fashion to Oprah representing weight watchers.
https://upticknewswire.com/joey-parsi-ceo-of-...t-in-2017/
Breaking down the interview from start to finish.
Why are Sales Lower ?
-Century City location was demolished as Westfield (3rd Largest Mall Owner in US) is doing a $800 mil renovation project. There were 350 tenants in the Century City mall and only 14 tenants didn't have to close shop. Westfied did however buyout our entire lease because they want us in all their malls(sign of trust).
-Overall sales are down because we are missing a store but the remaining 2 stores margins are higher and expenses are lower i.e. we are doing better than ever.
The GIGL effect on malls
-Malls want $GIGL because we bring in over 10k in foot traffic per month to each location. Mall foot traffic numbers are down because of online sales
-Malls are rolling out the red carpet for $GIGL
~Over half of building costs for current locations were covered by our landlords(rare to do that)
~General Growth Properties(NYSE: GGP) is offering us $450k + in cash per location. They are also willing to loan us the rest of the money to cover building costs && amortize that loan over the 10 year period of our lease.
~Only true restaurant that has a play area in the middle
$GIGL's Future
~LOI from a San Fransisco mall owner who's covering the entire 1.4 mil cost to build the location (More on that soon if the deal gets finalized)
~Looking for locations in Seattle and anywhere on the east coast where there is severe weather
~In talks with investment banks
~In talks with major players for multi-unit franchises around the planet
Michelle Steinbergs Role
~Michelle was hired to find celebrity investors and celebrity ambassadors for our product line.
~She is working on getting our frozen food products into local grocery stores (i.e. how Cheescake factory sells their products in local stores). Working on a kids clothing line, toys, baby bibs, strollers, etc etc.
~She is working on finding a celebrity ambassador who will represent our product in a similar fashion to Oprah representing weight watchers.
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