Retailer Profile Sanford Targets 100 New Store Openings
GlobeSt.com exclusively chats with the retailer’s broker, Gregg Brown, and learned that ultimately the goal is to get to 500 locations.
NAI Sioux Falls SVP and managing director Gregg Brown, MBA, SIOR is the broker for Profile Sanford and is busy working with local brokers and franchisees in locating and executing 100 more leases this year on behalf his fast-growing client. We chatted with Brown and learned that in the past year and a half, Brown has helped facilitate 80 store leases for Profile, which currently has 115 open locations in 41 US states and 388 in development for future locations.
“The first 36 or so stores took about five years to open through internal and organic growth but then Profile brought in a franchisee brokerage in 2018 to roll out the concept in all 50 US states,” Brown tells GlobeSt.com. “Since then we’ve helped them open a monthly average of 10 new locations and their business plan calls for 100 new stores to open this year. Ultimately the goal is to get to 500 locations.”
NAI Sioux Falls is the South Dakota office of NAI Global, a leading commercial real estate services firm with over 400 offices worldwide an annual transaction volume in excess of $20 billion. Profile Sanford is a Sioux Falls-based franchisor that opened its first store in 2012.
The weight loss and health coaching program was developed by doctors and researchers at Sanford Health. The nutrition plan is based on ketogenic principles, or a low-carb, protein-focused diet with moderate sugar (including fruits), alcohol, processed foods and fats. The “Keto” diet is proven to burn fat in humans and facilitates weight loss.
Brown has completed lease transactions with cooperating NAI Global local brokers in Atlanta, Billings, Bozeman, Boise, Cedar Falls, Cincinnati, Charlotte, Cleveland, Colorado Springs, Dallas, Dayton, Green Bay, Louisville, Nashville, Philadelphia, Raleigh, Salt Lake City, St. Louis, and other cities, as well as with retail real estate specialists in dozens of other markets from various firms. Stores average 2,000 to 2,400 square feet, typically in-line retail, and the tenant improvements are built out by an in-house and dedicated Profile project team to exacting company standards and branding.
“We like grocery-anchored retail centers and have done well with centers that have an Orangetheory Fitness or Club Pilates, because Profile customers are often aligned with those retailers and what they offer their customers. Having a Profile near grocery stores benefits Profile member because after their consultation, they typically buy their Profile product for the week and go next door to buy fresh food that complements their diet plan,” Brown adds.
Brown’s support of new Profile franchises begins shortly after they complete licensing agreements, then he goes to work helping the new franchisees engage a local real estate retail broker to find, select and execute leases on their behalf, in coordination with Profile’s Director of Real Estate Kurt Brost.
Profile sells food – mostly protein bars and shakes plus packaged meals, beverages and desserts. Membership is $300 (annually) and includes weekly, in-store meetings with a certified Profile Coach who helps members stay disciplined with their plans. Profile’s core principles are nutrition, activity and lifestyle, believing that diets alone do not work to maintain proper body weight.