For the first time in 44 years of existence, The Vitamin Shoppe will allow independent operators to own their supplement stores. The brand has been working on launching the new franchise program for over a year, said Sharon Leite, CEO.
“This new franchise strategy builds on our mission to support health and wellness for all,” said Leite. This allows us to reach more clients while partnering with highly motivated entrepreneurs who share our deep interest in the well-being of our communities. We offer a proven and profitable business model in an expanding consumer sector with a strong avenue for growth. “
The timing of the launch coincides with COVID-19 and growing consumer interest in physical, mental and emotional well-being, she added. During the pandemic, the global dietary supplement market was estimated at $ 170.4 billion in 2020 and is expected to reach $ 298.5 billion by 2027, according to a global industry analysts report.
“Combined with favorable market conditions, such as the impact of the pandemic on the commercial real estate market, we believe this is the perfect time to add this element of innovative franchising to our growth strategy,” said Leite said.
The Vitamin Shoppe, a subsidiary of Franchise Group, is based in Secaucus, New Jersey and offers an assortment of vitamins, minerals, supplements, herbs, CBD, homeopathic remedies and sports nutrition from 700 brands in addition to its own exclusive brands. The brand partnered with Martha Stewart in December 2020 to launch a new CBD collection exclusive to The Vitamin Shoppe and its Super Supplements stores.
“As a pioneer in the CBD space, The Vitamin Shoppe has taken a leading position in this innovative wellness category as the only national retailer to offer a large assortment of unmanageable CBD,” said Leite, including more of 20 brands of CBD and its own brand. formulas.
With more than 715 company-operated retail stores across the country, the retailer will work with single-unit and multi-unit franchisees.
While they haven’t added new senior executives for specific franchise roles, Leite said the brand is ready to provide support to franchisees in retail operations, supply chain, brand and product marketing, legal, real estate and digital integrations. “Our entire management team is fully involved and invested in the success of this new strategy, and it’s rooted in who we are at The Vitamin Shoppe,” said Leite.
“It is an exciting and rewarding time to be in the health and wellness space and our teams are incredibly passionate about supporting the lifelong wellness of our clients,” she added.
Along with the franchise program, The Vitamin Shoppe introduced a new retail format, redesigned its loyalty program and launched a new business in Asia that complements existing international partnerships in Central and South America, with the intention to continue to expand globally.
The initial franchise fee for The Vitamin Shoppe is $ 40,000 with a cash investment of $ 200,000. The net worth requirement is $ 750,000.