What is the story about?
What's Happening?
Neil Hershman, the 30-year-old CEO of 16 Handles, has successfully revitalized the frozen yogurt chain, leading to significant growth in sales and expansion. After acquiring the company in 2022, Hershman introduced new energy and innovation, resulting in a surge in customer demand and a 10% increase in same-store sales. The chain, which was founded in 2008, now operates 40 locations primarily on the East Coast. Hershman has added about 10 new locations since taking over and plans to expand to 100 stores in the coming years. His strategy includes launching limited edition flavors and revamping digital marketing efforts.
Why It's Important?
The revitalization of 16 Handles under Neil Hershman's leadership highlights a successful turnaround in the self-serve frozen yogurt industry, which has been shrinking since 2016. This growth not only benefits the company but also signals a potential resurgence in consumer interest in frozen yogurt as a healthier dessert option. The expansion of 16 Handles could create new business opportunities and jobs, particularly in the East Coast region. Additionally, Hershman's approach to innovation and marketing may serve as a model for other struggling brands in the food service industry.
What's Next?
Hershman plans to continue expanding 16 Handles, with expectations to reach 100 locations in the next few years. The company is working with 18 franchisees to open new stores, with five to six additional locations expected this year. As the brand grows, it aims to become a household name, potentially increasing its market share in the frozen dessert industry. The ongoing success of 16 Handles could influence other companies to adopt similar revitalization strategies.
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