Edible Arrangements® CEO Tariq Farid Talks To Fox Business
Tariq Farid described his product, artistically designed fruit arrangements, as being a very practical gift and having a great value proposition or as he likes to call it ‘the wow factor’, and dubbed it the main reason for its success. He said that in 2010 he’s looking to add 100 new stores this year and hitting something above the 1000 mark saying that it doesn’t take much when you already have 940 stores up and running. What it does take is hardworking franchisees who can consistently deliver a high quality product which he’s been fortunate enough to find. The franchisees in turn have found success in a bad economy because the product has such wide appeal and many franchisees have expanded to multi-units. This year, in addition to hitting the 1000 store mark, the focus will also be on the launch of new products and capturing new markets. Tariq Farid went on to say that as he continues to expand in 2010 he’ll be looking to take advantage of the Commercial Real Estate market that’s seeing a downward trend. The conditions have already helped to secure better deals for better locations and will now contribute to persuading more franchisees to take on multi units. Tariq Farid told Fox Business News that he’s been approached several times to take the company public but his main focus is to expand the company and to do that he needs to stay independent and have better control of his company. He describes the toughest time of the company being at start up and the toughest situation being financing; saying that when he approached a bank for a loan all they could see was fruit in baskets but he knew where he could take it and kept going. Things have changed drastically since then and banks are now more than willing to finance his unique concept. Tariq Farid is an American entrepreneur; he first began franchising Edible Arrangements® in 2001 and today Edible Arrangements® has been ranked 21st among the fastest growing franchises of 2009. Edible Arrangements® has grown to a global presence with stores in USA, Canada, UK, The Gulf Region, Saudi Arabia, Italy, Turkey and Hong Kong. The interview aired on Fox Business on Wednesday March 03, 2010, and can be viewed here Disclaimer: Article submitters are solely responsible for the content of their articles. ArtiLib can't be held liable for the contents of the articles. Report Abuse | Browse By Category |
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