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How many Penn Station locations are there?
Penn Station is a chain of restaurants specializing in what it calls "East Coast subs." The first restaurnt was opened in 1985 by Jeff Osterfeld in Cincinnati, Ohio. Currently, Penn Station has over 300 locations in 15 states.
How much is it to franchise a Penn Station?
Initial Franchise Fee: $25,000 per restaurant. Royalty: 2%-8% (varies by sales volume). National Advertising Fee: 2%. Local Marketing Co-op: Varies by market.
Who is the owner of Penn Station?
Jeff OsterfeldJeff Osterfeld, Founder and CEO of Penn Station East Coast Subs, is a prime example of someone who saw the flash in his mind and jumped on it. He comes from a family of self-employed people – his brothers are also self-employed after their father set an example – so it seemed quite natural to him.
Where is Penn Station headquarters?
Cincinnati, OHPenn Station / Headquarters
How much do Penn Station owners make?
The estimated total pay for a Owner Operator at Penn Station is $96,985 per year.
Is Penn Station privately owned?
Penn Station is named for the Pennsylvania Railroad (PRR), its builder and original owner, and shares its name with several stations in other cities....Pennsylvania Station (New York City)Pennsylvania Station New York, NYOwned byAmtrakLine(s)Northeast Corridor, Empire CorridorPlatforms11 island platformsTracks2133 more rows
Why are there two Penn Stations?
Penn Station is a station build by Pennsy, the Pennsylvania railroad company. There's one in Manhattan and one in Newark, NJ. A Union Station is a station build not for any one particular railroad company (and there used to be many more of them in the past), but for multiple companies to share.
Why did they demolish old Penn Station?
Pennsylvania Railroad executives searched for alternate means of income, and in 1961 they decided to dismantle their magnificent terminal and rent its air space. The three-year demolition of Penn Station began on October 28, 1963.
Why do they call it Penn Station?
The Penn Station name extends from the fact that the old Pennsylvania Railroad built many of these stations back in the early 20th century. At that time, different railroad companies typically used different stations, especially in major cities or towns, so the station usually took the name of the company.
Will Penn Station be rebuilt?
Penn Station could finally shed its reputation as a dingy dungeon, thanks to a new renovation plan that's finally received approval.
Is Penn Station and Moynihan Station the same?
Moynihan Train Hall and New York Penn Station operate as one complex. Though Amtrak maintains a presence at Penn Station, Moynihan Train Hall is our new home in New York City. Where is Moynihan Train Hall? 8th Avenue between W 31st and W 33rd Street, directly across from Penn Station.
Are there 2 Penn Stations?
Re: are there many penn stations in nyc? There is only one Penn Station in NYC.
How much does it costs to own a subway?
Those looking to franchise a Subway store can expect to shell out around $200,000 in startup costs plus a $15,000 initial licensing fee. Subway's franchise fees tend to be lower compared to its competitors.
How much does subway cost to franchise?
The initial franchise fee ranges from $10,000 - $15,000* (US dollars) depending on your country.
How much profit do you make owning a subway?
Average Sales / Revenue per Year They generate an annual average of $422,000 sales per franchise unit. Statistically speaking, most franchises make only an average of 7.5% of their annual sales, which comes around to $31,000 profit.
Is opening a subway profitable?
In 2021, Subway saw a 21.3% increase in revenue, growing from $634 million in 2020 to $769 million in 2021. Based on the average sales calculated above, at an average of a 15% profit margin, it will take approximately 7.3 years to recoup your investment, which is longer than most franchise opportunities.
How much does a Penn Station East Coast Subs franchise cost?
Penn Station East Coast Subs has a franchise fee of up to $25,000, with a total initial investment range of $383,844 to $613,764.
How many franchise locations do they have?
As of the 2020 Franchise Disclosure Document, there are 306 franchised Penn Station East Coast Subs locations in the USA.
Do they offer Territory Rights?
Penn Station East Coast Subs offers territory protections. For an explanation of territorial rights, unlock this franchise for important details.
How do franchise profits work?
Franchise profits depend on a number of variables, including local demand for your product, labor costs, commercial lease rates and several other factors. Typically, franchise profits are proportionate to the size of investment. We can help you figure out how much money you can make by reviewing your personal situation. Please unlock this franchise for more information.
What does it mean to find the best franchise?
Finding the best franchise means comparing several brands to determine the ideal fit for you.
How many locations does Penn Station have?
The first restaurant was opened in 1985 by Jeff Osterfeld in Cincinnati, Ohio. Currently, Penn Station has over 300 locations in 15 states.
When did Osterfeld open Penn Station?
By 1987, Osterfeld had opened several Penn Station restaurants in and around Cincinnati. He began selling franchises that year and restaurants soon opened in St. Louis, Louisville, and Nashville.
When was Penn Station opened?
The first restaurant was opened in 1985 by Jeff Osterfeld in Cincinnati, Ohio. Currently, Penn Station has over 300 locations in 15 states.
Where is Jeff Osterfeld's restaurant?
In 1983, he opened "Jeffrey's Delicatessen" at the Dayton Mall in Dayton, Ohio.
How long does it take Penn Station to refund franchise fees?
Under that circumstance, Penn Station will refund to you 80% of the initial franchise fee paid by you within 30 days after the termination of your Franchise Agreement.
How much is the Territory Fee for Penn Station?
The Territory Fee is equal to $3,500 multiplied by the total number of franchises Penn Station negotiates with you to be opened under your Multi-Unit Agreement for the Development Territory, including your first Restaurant.
What is the royalty percentage for restaurants?
Royalty: royalty fee percentage applied on a per Restaurant basis and varies depending on level of monthly net sales for each Restaurant: 2% on net sales ≤ $30,000; 3% on net sales > $30,000 but ≤ $35,000; 4% on net sales > $35,000 but ≤ $40,000; 5% on net sales > $40,000 but ≤ $45,000; 6% on net sales > $45,000 but ≤ $50,000; 7% on net sales > $ 50,000 but ≤ $55,000; 8% on net sales > $55,000 (the “Current Royalty Rates”)
How much does it cost to buy a Penn Station franchise?
To purchase a Penn Station franchise, you must pay to Penn Station an initial franchise fee of $25,000 when you sign the Franchise Agreement.
How much does it cost to reserve a site at Penn Station?
If Penn Station enters into a Territory Reservation Letter, you must pay to Penn Station a fee of $5,000 (a “Site Reservation Fee”).
Is the franchise fee refundable?
The initial franchise fee is non-refundable unless either Penn Station or you have terminated your Franchise Agreement because you are unable, through no fault of your own, to lease the site designated in your Franchise Agreement for your Restaurant.
Is the Territory Fee refundable?
You must pay to Penn Station the total Territory Fee when you sign the Multi-Unit Agreement. The Territory Fee is non-refundable and is not applied toward any initial franchise fee.
