Shuckin’ Shack Oyster Bar Continues to Expand Through Franchising
Shuckin’ Shack Oyster Bar continued its expansion in quarter of 2017. In November 2017, franchise locations opened in Tryon Village of Cary, North Carolina (a second location for the Raleigh-Cary Franchisee), and in Erwin Square of Durham, North Carolina (a first location for a multi-unit franchisee in the western part of the triangle). Having previously established a namesake in North Carolina, both openings were wildly successful with great community reception and response. To date, the ten franchise locations and two corporate stores range in location from Frederick, Maryland, in the north to Summerville, South Carolina, in the south.
Poised for the future, growth in 2018 won’t be slowed as Shuckin’ Shack plans new store openings for Leland North Carolina, Spartanburg, South Carolina, Statesboro Georgia, Little River, South Carolina, Raleigh, North Carolina, and Jacksonville, North Carolina, bringing the total brand footprint to 18 locations throughout the Southeastern United States. Driven by strong unit level economics and a manageable investment, Shuckin’ Shack’s growth in 2018 and beyond will continue to impress those interested in multi-unit and single-unit opportunities.
From a dollars and cents approach, the manageable investment is perhaps the most attractive advantage to the growing concept. The average costs to get started are in the $350,000 range and individual units generate an annual revenue of $1.12 million. The asset-revenue ratio more than doubles the industry average. This performance is generated by a niche concept that delivers great quality seafood and a fun atmosphere with little competition and well positioned for long term growth.
In addition to the economics, the seafood and sports bar’s success is largely due to a simple menu, lower than average labor and manageable footprint (1,800 -2,800 sq. ft.). “We have the luxury of being pretty new in the franchise world, we’re only in our fourth year of franchising,” says CEO Jonathan Weathington. “However, the experience gained during the decade of operating the original Shuckin’ Shack locations has given us market proof in a volatile sub-market. We are winning in the markets in which we enter. Period. Plus, the concept is fun, and we like to have fun.”