Batteries Plus on track for more expansion with 45 new stores in 2023
Batteries Plus continues to maintain momentum after a record-breaking 2022.
The specialty battery franchise said it wrapped up a successful first quarter with significant growth and expansion, building off its momentum of 2022. Batteries Plus, which has more than 700 stores, plans to open 45 new locations by the end of 2023, with multi-unit expansions lined up in markets that include South Florida and Long Island, New York.
“Few competitors are expanding or setting records at our pace in this environment, and we’re poised to continue growing both B2C & B2B revenue in the categories we play in,” said Jon Sica, chief business officer for Batteries Plus. “Through our constant developments and trailblazing multi-unit deals, we’re positioned for another groundbreaking year ahead.”
Batteries Plus sells batteries, specialty light bulbs and phone repair services for the direct-to-consumer and commercial channels. It also offers key programming, replacement and cutting services. The company said that many of its specialty products can’t be found anywhere else, including Amazon.
Since the start of the year, Batteries Plus has signed 10 new franchise agreements. Along with the new signings, Batteries Plus opened seven stores, setting the pace for the brand to see a fourth consecutive year of constant growth.
After reporting double-digit commercial sales growth to close out 2022, Batteries Plus broke records in the first quarter with the highest commercial sales in company history.
"Not only are we excited to see significant growth in our B2B sales, especially as we dedicate resources like commercial sales coaches to further support our franchisees, but we've also been busy adding to our franchise family," said Joe Malmuth, chief franchising officer of Batteries Plus. "We're pleased to use that growth to capitalize on the diversity we pride ourselves on within the brand."
Batteries Plus noted that it is particularly proud to report that six of the new owners come from diverse backgrounds, reflecting the brand's commitment to inclusivity and diversity. The company added that 46% of its new franchisees last year came from diverse backgrounds, while the national average of minority franchise owners is just 26%.
The brand credits its diverse franchising to its turn-key business model that helps get investments on the right track from the start.
"We are thrilled with the growth we've achieved in the first quarter of 2023, building off of last year's record success," said Scott Williams, CEO of Batteries Plus. "We strongly believe in creating equal opportunities for anyone interested in franchising, building a community that is truly reflective of the diverse society we live in. Our commitment to inclusivity and diversity, as well as our dedication to providing exceptional products and experiences, has allowed us to expand our reach and continue to grow our family of franchise owners."
Founded in 1988 and headquartered in Hartland, Wis., Batteries Plus is owned by Freeman Spogli, a private equity firm based in Los Angeles and New York City.