Why Become a Franchisee with Pearle Vision?
Pearle Vision is one of the largest eye care franchise retailers in North America, built around the neighborhood doctor with a discernable focus on patient experience. Pearle Vision allows local business owners to provide genuine eye care to their patients with the support and resources of the Pearle Vision brand.
Six Reasons to Invest in the Pearle Vision Franchise Opportunity
- • Operations Model: Turnkey program that is scalable and suitable for semi-absentee ownership
- • Unit economics: Revenue for top quartile: $1,453K ; Owners Income for top quartile: $280K (Pearle Vision Franchise Disclosure Document, issuance date of April 30, 2018)
- • Availability: Opportunities throughout the United States and Canada
- • Support: Backed by five decades of market intelligence to support construction, onboarding, training, and ongoing operations
- • Access to an award-winning marketing team developing strategies that drive traffic
- • 2018 Entrepreneur Franchise 500 Ranking: #1 Brand in Category
(Source: The Vision Council's Vision Watch, March 2017)
The vision care industry is experiencing rapid growth. As America grows older, the demand for eye care is increasing. According to the U.S. Census Bureau, there will be 56 million Americans 65 or older by 2020. By 2050, that number is expected to grow to 84 million, with 19 million of those ages 85 or older. As people age, regular eye exams and corrective lenses are key to maintaining vision, overall health, and independence.
- • The optical industry generates revenues of over $40 billion
- • Nearly $23 billion of the spending comes from prescription lenses and frames
- • More than $6 billion comes from exams
- • Aging population yields increased demand
- • The larger millennial generation will provide a new base of patients (US News, "5 Employee Benefits Trends to Watch in 2017", Dec 26, 2016)
- • Increasing number of employers are offering vision coverage for adults
- • Sustainable consumer demand
Suitable Franchise Options for All Preferences
- • Traditional: Construct a new store
- • Ignite: Acquire an existing practice and convert it to a Pearle Vision
- • Area Development: Exclusive territory rights to open multiple stores
Strong Support and Resources
Pearle Vision is owned by Luxottica, the global leader in eyewear and retail. Ray-Ban and Oakley are two brands within the Luxottica portfolio along with several leading retailers, such as LensCrafters, Sunglass Hut, Target Optical, and Sears Optical. The portfolio also includes EyeMed, one of the leading vision insurance providers.
- • $35 million marketing program supports both national and local advertising
- • Operating platform, eyecon, is designed to simplify the management of the retail side of your optical business
- • Dedicated field marketing support
- • Turn-key CRM program
- • Comprehensive merchandising packages
- • Online eye exam scheduling tool
- • Comprehensive insurance partnerships
- • Investment:
- o New location: $400,000 - $600,000
- o Area Development: $0 – 400,000
- o Ignite (independent optometry practice conversion): $77,000 – $290,000
- • Franchise Fee:
- o Initial Franchise Fee: $30,000
- o Second Location Franchise Fee: $20,000
- o Area Development Agreement Fee: $10,000 per location
- • Net Worth:
- o Traditional: $300,000
- o Area Development: Flexible
- o Ignite: $150,000
- • Royalty Fee: Pearle Vision does not charge royalties on the medical service side of the business (i.e. eye exams). Royalties are only paid on the revenue generated by retail operations. The royalty fee is 7 percent of gross revenues. For area development agreements, the royalty fee is 5.9 percent (three to four locations) and 4.9 percent for (five-plus locations). For conversion locations (Ignite program), the franchise fee is 7 percent on incremental revenue only.
- • Advertising Fee: The advertising fee is 8 percent of gross revenues. 6 percent of that is dedicated to national marketing and 2 percent to local.