Charleys Philly Steaks Franchise Growing in Franchise 500 Ranks
Charleys Philly Steaks Is Growing!
With more than 700 locations in 46 U.S. states and in 17 countries, Charleys Philly Steaks can be found just about anywhere our customers are. But with the incredible growth the storied franchise has seen in recent years, it’s no surprise that Entrepreneur magazine continues to recognize us on their prestigious Franchise 500 list.
In 2021, Charleys Philly Steaks added 63 new locations – at a time when many restaurants and chain stores were struggling financially amid the COVID-19 pandemic. And the growth didn’t stop there – in 2022, Charleys Philly Steaks is set to open more than 200 stores.
That’s not to mention the landmark deal with retail mega-giant Walmart to open countless locations within its big box stores throughout the country.
“Our goal is to reach 3,000 stores in the coming years,” says Charley Shin, CEO and founder of Charleys Philly Steaks. “We’ve been growing at about 60 stores a year for the past several years, and about 70% of our growth comes from our existing franchisees reinvesting in the brand—which is extremely positive. We exist to help our franchisees become successful in business, and we want to help as many entrepreneurs as we can. This brand has never been more successful than it is today, and we’ve never been more excited about the future.”
Iconic Cheesesteak Franchise Jumps Big on Franchise 500 list
Recently, Charleys Philly Steaks made a major jump on Entrepreneur magazine’s Franchise 500 ranking, which evaluates the country’s highest performing franchises and determines which are best bet investment opportunities.
Charleys Philly Steaks was ranked No. 294 in 2021. This year, however, Charleys Philly Steaks jumped more than 100 spots to land at No. 192. This is a huge sign to aspiring entrepreneurs that the franchise is on the right track for investment.
So what’s behind the massive leap? To name a few reasons, Charleys Philly Steaks has seen a consistent 8% growth over the past three years, all this during a time of economic ups and downs brought on by the pandemic and supply chain issues. Furthermore, Charleys Philly Steaks remains a low-cost investment, with initial investment costs ranging from $251k-$1m.
“In spite of the many challenges faced by the franchise industry in 2020, many existing franchisors continued to grow (and evolve), and new companies even continued to enter the franchise arena,” Entrepreneur wrote in its rankings.
Why the Franchise 500?
For nearly 50 years, Entrepreneur magazine, the premier source for everything small business, has released its esteemed Franchise 500 list, recognizing franchises that continually excel, and prove time and again they are a smart investment with a strong opportunity for growth and profit. Now, aspiring entrepreneurs use these rankings across the world to research which franchises are the smartest investment.
The evaluation is incredibly comprehensive, taking into account a company’s franchise fees and start-up costs, size, growth rates, training support, and brand strength. The rankings also evaluate a company’s financial strength and stability through audited financial statements.
Indeed, we consider the Franchise 500 ranking the most prestigious list in the franchise industry.
Five Pillars of the Franchise 500
Let’s break down the Five Pillars of the Franchise 500, and how Charleys Philly Steaks stacked up.
Cost and fees: Charleys Philly Steaks boasted one of the most affordable franchise start-up costs, with initial investments ranging from $251k-$1m.
Growth: Despite the unprecedented challenges over the past few years, Charleys Philly Steaks has seen consistent growth – 8% every year over the past 3 years. As a result, the franchise has nearly 650 locations across the country. And with the mega-deal with Walmart, that growth is sure to see new heights.
Support: Charleys Philly Steaks offers one of the most comprehensive and robust training and support programs. We offer 90 hours on-the-job training, as well as 60 hours classroom training. On top of that, our franchises get ongoing support on all aspects of the business, including help with site selection, marketing, SEO, website development, field operations, technology – and much, much more.
Brand Strength: What more can you ask of a brand that has become the No. 1 Philly cheesesteak restaurant in the world? Founded in the 1980s, Charleys Philly Steaks has continued to grow and evolve, now becoming a household name. The brand is ready for even more recognition as locations start popping up in Walmarts across the country.
Financial Stability: Since Entrepreneur started tracking Charleys Philly Steaks in its Franchise 500 rankings in 2012, the franchise has seen continued financial stability. Since that time, Charleys Philly Steaks has grown from 463 locations to nearly 700 locations. And, Entrepreneur ranked Charleys Philly Steaks as No. 1 in the Best of the Best in Philly Cheesesteak Sandwiches category for 2022.
Ready to Join a High Ranking Franchise?
Charleys Philly Steaks is a franchise catching the attention of the industry, not only because of its incredibly tasty sandwiches, but also the unprecedented growth in the past few years, at a time when many other businesses struggled. With a landmark deal with Walmart that will redefine our brand’s future, now is an exciting time to consider investing with Charleys Philly Steaks.
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