ZIPS Dry Cleaners, an aggressively expanding dry cleaning franchise known for its same-day, one-price business model, has signed another area development deal – this time for nine stores throughout various parts of Maryland.
“Our reputation in the franchise industry continues to grow and this most recent signing is evidence that more and more people are taking notice of the great multi-unit opportunity that exists with the ZIPS family,” said Aaron Goldberg, Vice President of Development for ZIPS, noting that the brand has signed three deals totaling 223 stores in the last 12 months alone.
The nine Maryland stores will be owned and operated by an equity group led by Momentum Advisors, an investment advisory firm, Ironstone Partners, a real estate development firm, and A&M Holdings. Together they possess nearly 50 years of experience in finance, real estate, marketing & operations. Momentum Advisors also has several years of multi-unit franchising experience with the Retro Fitness franchise brand.
“The beauty of the business is there’s lots of volume, no spoilage and people pay up front, so we won’t be carrying receivables,” said Allan Boomer, Managing Partner of Momentum Advisors. “When we drop into a market, we will try to find areas with lots of dry cleaners. It tells us that it’s an area that wants convenience. Dry cleaning is a habit of convenience.”
The group plans to develop their stores throughout Maryland’s Baltimore, Charles, Montgomery and Prince George’s counties.
“Dry cleaning is not a new concept; dry cleaning the ZIPS way, is. It’s simply professional, same-day cleaning at an unbeatable price. It doesn’t matter if the clothing item is a necktie, a wedding dress or a pair of pants, the price is $2.29,” added Tiffany Hawkins of Momentum Advisors. “We’re proud to be part of this pioneering brand and the growing ZIPS family.”
In addition to its revolutionary same-day, one-price business model, ZIPS cuts 90% of the waste of the average cleaner, using organic dry cleaning solution and offering hanger and bag recycling at every location.