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| Entrepreneur Resources | Small Business News | Franchising News | ||||
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Franchising News
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Fast Food Franchise Sonic Met With Enthusiastic New England DebutWritten by Resources for Entrepreneurs Staff
Quick-serve restaurant chain Sonic was met with a positive response when it opened its first New England location this week. For those who worry about the health of franchising, news of the opening day response to the newest Sonic restaurant - in Peabody, Massachusetts - shows that the industry is alive and well.
The Patriot Ledger reported that the quick-serve restaurant franchise's debut on Thursday was met with long lines of motorists. "There are people lined up as far as I can see," Sonic president Scott McLain told the newspaper. "It's very gratifying." The new store is the first Sonic in New England. The Oklahoma-based chain's greater Boston franchise owners, Gina and Gregg Monastiero, plan to open approximately 20 more locations in the Boston region in the next five years, the Patriot Ledger reported. The chain is a unique presence in the quick-serve restaurant industry because it is strictly a drive-through setup. There are more than 3,500 locations around the country, 80 percent of which are franchised. The company reported that same store sales have grown for 21 consecutive years, and the five year average earnings growth rate is now 15 percent. About Our News for Entrepreneurs Our small business news site is packed with the latest news for people who love entrepreneurship. Learn about the latest business news and financial news concerning the market and the economy.
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