The average investment is about $190,000, which includes $60,000 in working capital.
What are the franchise fees?
The initial fee is $25,000 and each additional location is $15,000.
The franchise initial term is 10 years. The renewal fee is $5,000.
The royalty fee is 3% during year one, 4% year two, and 5% years three-ten.
The system advertising fee is 1%.
How big will my store be?
A typical Copper Penny ranges from 1700-3400 square feet
How do I choose a location?
A representative from Corporate will come and help you analyze the market and assist you in choosing the best location for your business. Copper Penny is extremely hands on when it comes to the site selection and lease negotiating.
How much money will I make?
Results vary from location and we cannot estimate the results of a particular franchise.
When did Copper Penny first open its doors?
Copper Penny first opened its doors in Fall of 1987. Copper Penny began franchising in Fall of 2013.
How long does it take to open my store?
The average time is 6 months.
Who does the buying?
The corporate buying office has over 80 years of combined buying experience. Therefore, you will want to attend buying market with the corporate team. Corporate will provide you with an individualized OTB (Open to Buy), which is your budget, along with your monthly sales goal.
How many sales associates do I need?
This will depend on the size and location of your store. On average you will have 2 people working at a time Sunday through Thursday and on Friday and Saturday the average is 3-5 sales associates on the floor at a time. With the above being said, you will approximately have 2 full time associates (one being a manager) and 4 part time associates.
How much assistance will I expect to receive from Copper Penny Corporate?
Copper Penny Corporate is extremely hands on. Prior to opening, we will assist you in everything from site selection, lease negotiation, devising your OTB and monthly sales goals, determine store layout (furnishings, paint colors, light fixtures, etc.) Once your boutique opens, you will be in continuous communication with our buying office. We are here for you 24/7. You will be provided with an operations manual which instructs you on how to do things the Copper Penny way.
Our proven business model began 30 years ago. The Copper Penny franchise model requires corporate to be extremely hands on. Whether you know a little or a lot about the retail fashion industry we are here for you every step of the way! Copper Penny has proven itself to be a leader in the fashion industry. Copper Penny has won many awards including Best Boutique, Best Shoe Store, Best Jewelry and Best Women’s Clothing. Copper Penny is listed in Entrepreneur Magazine’s Franchise 500 for 2017. Copper Penny has its own private label merchandise which has excellent margins. Copper Penny also offers an e-commerce solution.
Will I receive training?
In addition to receiving the operations manual, your team will attend 5 days of franchise training at Corporate Headquarters. When your store is ready to open we will send members of the corporate team to assist you and your staff with hands on training.
How do I get started?
Please see below to schedule a call with a specialized member of our award winning team.