Los Angeles, Aug. 11, 2015 (GLOBE NEWSWIRE) -- Giggles N’ Hugs, Inc. (OTCQB: GIGL), owner and operator of family-friendly restaurants that bring together high-end, organic food with active, cutting-edge play and entertainment for children, today reports it has been in active negotiations for its expansion with several of the largest mall owners in the U.S., including General Growth Properties, Simon Property Group, and Westfield Group, which collectively own more than 500 properties worldwide.
Current negotiations are focused on expanding the Company’s footprint on the West Coast, initially targeting five properties in markets that include Seattle and San Francisco in the north and San Diego and Orange County in the south. Lease terms have been received for the proposed properties, which will be similar in size to the Company’s current locations in Los Angeles. Longer term and pending additional funding, the Company expects to grow from its three existing locations in Southern California to dozens of locations in key markets nationally.
As part of its negotiations, being conducted on a per-location basis, the Company is seeking significant discounts from current market rents as well as attractive tenant allowances which are expected to reduce construction costs for each new Giggles N’ Hugs location. The Company has also retained the services of Todd Star, a highly regarded and successful senior executive with nearly three decades of real estate industry experience, to aid in its negotiations and growth strategy development. Star’s experience as a senior executive for Westfield, overseeing leasing operations for over 13 years, places him as one of the most knowledgeable and best in negotiating deals with mall operators. Todd currently serves as principal at Star Retail Advisors.
“We’re very excited to enter our next phase of operations and to begin replicating the success we’ve experienced with our first three locations in Los Angeles,” commented Parsi. “While we’re doing good in Southern California, where we’re known for our warm weather and sunny climate, we anticipate our results will be even better in markets where the weather is often less than ideal.”
Parsi continued, “When it rains, which has not happened a lot here in Los Angeles, people tend to come indoors to Giggles N’ Hugs to play rather than go to the park or other outdoor spaces. The same is true with birthday parties, which are a very high-margin business for us. People can’t do parties in their backyard or a park when it rains, so we get massive bookings on rainy days and our sales spike. This unique aspect of our business should produce higher revenues and profit margins in markets like San Francisco and Seattle, driving strong shareholder value growth as we move forward with our expansion.”
About Giggles N’ Hugs
Giggles N' Hugs is the first and only restaurant that brings together high-end, organic food with active, cutting-edge play and entertainment for children. Every Giggles N' Hugs location offers an upscale, family-friendly atmosphere with a dedicated play area that children 10 and younger absolutely love. We feature high-quality menus made from fresh and local foods, nightly entertainment such as magic shows, concerts, puppet shows and face painting, and hugely popular party packages for families that want to do something special.
For more information, visit www.gigglesnhugs.com
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"). Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Source:Giggles N Hugs INC