Health-centric eatery plans to utilize Dallas’ booming economy and growing millennial generation for expansion outside of Oklahoma City.
Coolgreens, an Oklahoma City-based healthy eatery, has seen rapid growth and success in its home city. Providing a down-the-line healthy alternative, the brand quickly grew to seven locations within eight years, all within its hometown. Now with a franchise model in place, Coolgreens its eyes on a few specific markets for its first wave of expansion.
With a goal to stay close to its home base, Coolgreens aims to open up shop in Southern states and cities, and aims to grow alongside thriving populations. With Dallas’ growing market, as it sits neck and neck with San Antonio as the state’s second largest metropolitan area – behind Houston, the market sits top on Coolgreens’ priority list for development.
“The economy in Dallas is booming and it is a great franchise city,” said Clay Carson, VP of Franchise Development. Dallas has a booming economy.
According to a report from the Federal Reserve Bank of Dallas published in October 2017, Dallas/Fort Worth outpaced the U.S. in real median household income and real gross domestic product (GDP) growth in 2016. Also, Dallas’s business-cycle is up almost 2% from where it was at in 2016. It is also noticeably higher than its sister-city, Fort Worth.
On top of that, Dallas is a hotbed of growth for the young working class – the majority of Coolgreens’ target market.
“We are looking for healthy lifestyle driven people of all ages. Historically, our demographic is adults from 22-48 years old. Dallas is a very active and outdoor oriented community which the primary reason why we like Dallas,” explains Carson.
According to a Forbes report, Dallas is ranked the 8th best city for millennials, with 15% of the population being millennials, a number that is rising. On top of the area’s demographic statistics, Dallas is much like Coolgreens’ home of Oklahoma City.
“Oklahoma City and Dallas-Fort Worth are actually very similar in many ways. The competitive environment in Dallas is certainly increased compared to Oklahoma City. However, people always like a premium, fresh product at a reasonable price and Coolgreens' menu is sophisticated and will appeal to the higher end customer base that DFW offers,” Carson said.
With a plan in place, the Coolgreens team will start scoping out real estate in the Dallas market.
“The first location should open in the Richardson area late first quarter 2018. Our research indicates that we will have 18 to 21 locations in the Metroplex over the next 5 years,” explained Carson.
Once the brand gets the ball moving with its Richardson location, Coolgreens will snowball into an expansion of numerous restaurants increasing the business presence and opportunity for qualified franchisees.