This month marks the 30th anniversary for bedroom retailing franchise Forty Winks. Since its conception in 1984, it has grown from six stores in Victoria, to 92 stores nationally. It currently has five new sites under review in Western Australia, Queensland, and South Australia, with three of those due to open over the next 12 months. Forty Winks attributes its success to a franchise model that has seen many family businesses passed down to children, with 40 out the brand’s 92 stores ru
n by second or third generation franchisees.
Drew Meads, GM of Forty Winks Fyshwick, and a second generation franchisor, told Inside Retail PREMIUM that growing up in retail has given him a better understanding of the industry.
“Retail in Australia is kind of frowned upon, whereas in other markets throughout the world, being a salesperson is a very respected role.
“It’s interesting when you are born into the business and you’ve decided that’s what you want to do with your life, you’ve got an understanding of how much enjoyment you can get out of the retail landscape,” he said.
“You can definitely see the enthusiasm and the keenness of the younger generation coming through.
“We use the terminology there is blue blood running through our veins, which is very corny, but its the way the Forty Winks franchisees, or people that are part of our family think,” he said.
“I can’t think of another example where it’s so pronounced that the second generation is coming through, or the third generation in some cases and taken up the reigns and driving it forward.”
Forty Winks’ franchisee model also sees a large percentage of its fees injected back into the business towards marketing and training.
Forty Winks launched a national training program 18 months ago, which provides support services, including ongoing product research and development, training, reporting systems, and marketing to sales staff and franchisees.
“We understand that what we do day to day affects (our customers) greatly, and we’re not just here to take money out of your pocket, we actually want a good result for you, because at the end of the day that’s a better result for us,” said Mead.