Pearle Vision’s 2013 Expansion Plans Include Converting Company-Owned Stores to Franchises

MASON, Ohio— Pearle Vision, a division of Luxottica Retail (NYSE: LUX), announced its 2013 expansion plans in the U.S., which includes re-licensing 34 locations in 10 states, converting them from corporate owned to franchises. With 622 locations in the U.S. (266 corporate and 356 franchise), Pearle Vision has announced that among the locations it is looking to convert are those in Florida (Miami, West Palm Beach, Naples, Jacksonville and Orlando); Ohio (Cleveland, Columbus and Cincinnati); and Michigan (Detroit, Grand Rapids, Lansing and Flint).

“For more than 50 years, Pearle Vision has been committed to providing genuine eyecare to patients through our doctor-centric business model,” said Srinivas Kumar, senior vice president and general manager. “Currently, we are seeking dedicated optometrists to join our growing network of licensed operators and purchase company-owned centers with thriving operations and an existing patient base.”

Qualified candidates should possess a minimum net worth of $300,000 and liquid assets of $100,000. The company stated that Pearle Vision licensees can expect their initial investment to range from approximately $282,200 to $573,000, including a $30,000 licensing fee. In 2011, Pearle Vision’s licensed centers averaged annual retail sales of $742,000, with 25 percent averaging retail sales of $900,000, according to the company.

To assist with this franchising initiative, Pearle Vision has contracted with Fish Consulting, LLC, a national communications firm specializing in franchise and food service marketing and public relations based in Hollywood, Fla., which will provide strategic franchisee recruitment counsel and marketing communications support.

For more on Kumar’s plans for Pearle Vision, read Vision Monday’s exclusive interview, which took place soon after he was named senior vice president/general manager at the end of 2011.