Famous Fish Co by Costi has embarked on a major store expansion under a newly developed franchise system by major shareholder, Menzies Partners. Founded by Steve Costi, the NSW-based seafood chain has 11 company owned stores across Sydney and regional NSW, with plans to more than double store numbers over the next 12 months under the new franchise strategy. The plan is to convert up to six existing stores to franchises, with between 15 and 20 new stores to open by the end of 2015. The rol
llout will mainly target NSW and Victoria, and is spearheaded by Menzies Partners, which has also become a major shareholder in the business.
Menzies Partners director, Jon Sully, was formerly part owner of Michel’s Patisserie, now owned by Retail Food Group, and oversaw Michel’s extensive rollout from 2000 to 2007.
Costi told Inside Retail PREMIUM the chain plans to expand to 250 stores over the next five years.
“Seafood has never been done the way that we’re going to do, to roll it out as a franchise,” Costi said.
“We have the model, and now it’s time to take it out the public.”
As part of the new growth phase, Famous Fish Co has also overhauled its marketing and store design.
“We are changing the look at the moment. We’ll have it looking a bit more old fashioned,” Costi said.
Outlets range from 45sqm in foodcourts to up to 80sqm in standalone sites, however, Costi says the business can operate in a footprint as large as 100sqm, with larger sites able to be licensed.
“The largest store we have at the moment is Jesmond [Newcastle] which is about 55sqm. If it’s a food court location then we go as low as 45sqm, if it’s going outside we want 70sqm to 80sqm, which can then seat around 30.”
By the end of the year two more Famous Fish Co by Cost outlets will open in Wollongong and Kiama in NSW.
