What is the average start-up costs for a new Gold Crown store?
The estimated cost ranges from about $250,000 to $500,000.
How much cash or liquid assets are initially required to open a new store?
Hallmark requires retailer candidates to have a least one-third (approximately $117,000 to $220,000) of the start-up cost available in unencumbered funds (cash, savings, certificates of deposit, stocks, bonds, or money market funds). Retailer candidates may be asked to liquidate stocks, bonds or other funds in order to meet the liquid asset requirement. No more than two-thirds of the total investment can be financed.
Does Hallmark provide financing to purchase an existing Hallmark Gold Crown store or for new stores?
No, Hallmark does not provide financing.
Does Hallmark allow business partners to own a store together or can only individuals own a store?
Most Hallmark stores are owned by individuals who personally own and operate their store and are involved in the day-to-day operations of the store, and Hallmark will allow business partners to own a store if they are involved in the day-to-day operations of the store. In these situations, the combined financial and business qualifications of the partners are considered in the review process for store ownership. Hallmark does not allow ownership of stores by investors.
Can I acquire more than one Gold Crown store?
Typically a new candidate will acquire only one store at a time. Many individuals have the financial capacity and retail experience to operate more than one location. Candidates who have successfully operated multiple businesses in the past may qualify to acquire more than one location.
Are there franchise fees associated with owning a Hallmark Gold Crown store?
No, Hallmark card shops are independently owned and operated and there are no royalty or franchise fees required. Stores that use “Hallmark” in their name or Hallmark Gold Crown exterior signing must sign a Gold Crown Sublicense Agreement with Hallmark, but there are no fees required.
Do I pick the location of a new store or does Hallmark pick the location?
Our marketing and real estate experts use technology to analyze demographics, supply, demand, traffic patterns, new developments, etc. They are also in contact with developers, city planners and highway commissions across the country. Every new location must meet with Hallmark’s approval before a new Hallmark store can be opened in the location.
What do I need to know before negotiating a lease for a new store/location?
Hallmark has real estate professionals who have extensive experience in negotiating leases. These real estate professionals will negotiate your lease for you to insure you get the best possible lease terms. This is just one of the many services Hallmark provides to its retailer at no charge.