The Geek Retreat franchise is booming, despite the current economic crisis; here Geek Retreat share their insights into how their franchise system selects and supports franchisees who are better equipped to navigate economic challenges successfully.
In the face of a persistently difficult trading landscape, Geek Retreat, a UK-based game store franchise has proved resilient. The CBI reported that retail sales volumes in the year to July fell at the fastest pace since April 2022 (weighted balance of -25% from -9% in the year to June). Sales were expected to fall even more quickly in August (-32%). However, at Geek Retreat their ‘Average Revenue per Store’ metric broke records in June, July and August – making the summer the most successful trading period of the year so far.
In this article, they give the reasons behind this success and explain how the franchise system selects and supports franchisees who are adept at navigating economic challenges.
A Resilient Portfolio of Stores
Geek Retreat’s journey through economic turbulence has involved a period of rationalisation, which did sadly result in the closure of certain stores. These closures were attributed to various factors, including anti-social behaviour, unattainable lease agreements, franchisee health and poor trading.
The remaining stores in the portfolio have proven robust and resilient, having faced, and overcome, multiple obstacles. These stores have not only survived but are now trading positively due to their unwavering commitment to the proven Geek Retreat franchise model and their loyal communities.
At the heart of the Geek Retreat franchise success lies a focus on the communities they serve. These stores offer a safe haven where people with shared passions can convene, fostering lasting friendships. This community-centric approach has not only solidified customer loyalty but has also made Geek Retreat an essential part of people’s lives, even during the cost of living crisis.
Personal Commitment and Innovation
Geek Retreat’s unique owner-operator franchise model, with 32 franchisees managing 37 stores, underscores a personal commitment to innovate and invest in local communities. This commitment sets the franchise apart and drives its ability to adapt to changing conditions.
The Geek Retreat Unwavering Support
Supporting franchisees is a top priority for Geek Retreat; the franchise has developed a comprehensive support package comprising resources, advice, and training to help franchisees navigate challenges, avoid store closures, and return to profitability. This support was recently extended to include a central buying function that negotiates better terms and stock allocations with key publishers, ensuring the franchise’s competitiveness in a tight market.
Additionally, Geek Retreat has partnered with Two, a trade credit provider, to help franchisees to manage cash flows during peak stock purchasing periods, providing franchisees with financial stability.
Customer Loyalty and Feedback
The unwavering loyalty of the Geek Retreat customers is a testament to the franchise’s resilience. With an impressive Net Promoter Score (NPS) of +84, higher than even tech giant Apple, it’s evident that customers appreciate the unique experience Geek Retreat offers.
In conclusion, Geek Retreat’s ability to thrive in challenging economic conditions can be attributed to a combination of factors: a robust portfolio of community-centric stores, a personal commitment to innovation, and an unwavering focus on franchisee support. It’s a testament to the strength of their franchise system and the resilience of their franchisees.
The Geek Retreat franchise team love to hear from people interested in their franchise, but it is definitely worth making sure this is absolutely the right opportunity for you – and you are the right person for the opportunity and that all starts with having an initial chat.
Don’t worry – you won’t be put under any pressure or given a ‘hard sell,’ so if you want to know what it’s like to be part of the Geek Retreat success and operate in a thriving market with growing demand, you can, either, view the full franchise profile HERE.