- The stock price of Muscle Maker Inc (NASDAQ: GRIL) increased by over 20% during intraday trading today. This is why it happened.
The stock price of Muscle Maker Inc (NASDAQ: GRIL) increased by over 20% during intraday trading today. Investors are responding positively to Muscle Maker’s newest subsidiary Pokemoto announcing it has signed 2 additional franchise agreements in the Mississippi market.
These 2 new agreements bring the total of new franchise and development agreements signed by Pokemoto to 27 since November 2021. And these 27 agreements, once opened, along with already opening 6 new Pokemoto locations since the chain was acquired in May 2021, represent a Pokemoto division growth rate of over 250%. During this same timeframe, Muscle Maker also signed a 40-unit Muscle Maker Grill restaurant development agreement in Saudi Arabia fueling the company’s international pipeline.
The 2 new Mississippi franchise agreements will be located in the Jackson, Mississippi market. And the Pokemoto real estate team will focus its efforts on densely populated trade areas with a large presence of Millennials and Gen-Zs. The 2 Jackson locations will complement the upcoming Oxford, Mississippi location in growing brand awareness in the state of Mississippi. Plus the Oxford Pokemoto is currently under construction with plans to open this spring and will serve a market with a heavy collegiate presence from the University of Mississippi and Northwestern Community College. Pokemoto boasts university locations near Yale University, Fairfield University, University of Connecticut Stamford, University of New Haven, Southern Connecticut State College, Quinnipiac University, Northern Virginia Community College, and Franklin Pierce University.
Last week the company also made an announcement that it is bolstering its internal infrastructure by bulking up its franchise sales and training departments to support its expansion strategy. And since its acquisition, the company has made numerous announcements emphasizing its growth-oriented vision through franchising and opening new corporate locations. Pokemoto’s low cost of entry, ease of operations, exclusive territory options, and multi-unit discounts make the brand an attractive opportunity for prospective franchisees.
Pokemoto currently has locations in Connecticut, Rhode Island, Maryland, Virginia, Massachusetts, and Georgia with locations coming soon in New York, Mississippi, and Florida.
“Company growth through franchising and strategic corporately owned store expansion is what we’re striving to do, and now we’re at 27 newly signed Pokemoto agreements, a 40-unit development agreement for Muscle Maker Grill restaurants and multiple corporate locations under construction or planning stages. Our recent additions of seasoned franchise sales and training teams have added more fire power to our company infrastructure allowing us to fuel our expansion plans. The new hires in addition to partnerships with franchise brokers such as Franserve, lead generation agencies and participation in multiple franchising trade shows allows us to pull multiple levers in unison to power our growth strategy.”
— Mike Roper, CEO of Muscle Maker
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.