Orlando's largest Domino's franchisee is building two new stores in the local market, bought its second property in December and is seeking up to two more sites to lease this year, the company's president told GrowthSpotter.
Rick and Cindy Traenkner have been representing the brand since 1999, and now have 18 stores in Greater Orlando with two more currently under construction.
The Traenkners paid $675,000 in mid-December for a 0.57-acre parcel and Domino's store at 5944 S. Orange Blossom Trail, a space they'd previously been renting.
"We just started purchasing properties last year (2016). We're now driven to invest in our neighborhoods, and owning our own market is the strategy," Rick said. "We'll renovate that now into Dominos' new Pizza Theater design, which the entire chain is moving toward. It's a new look and atmosphere, an open kitchen design that's similar to Chipotle or Subway."
The Traenkners sourced a $475,000 loan from Regions Bank to help finance the acquisition. Capital improvements on that store probably will only begin in August, Rick said, an investment estimated at $300,000 that includes renovations to the roof and parking lot.
The couple has two new Orlando stores undergoing buildout now in leased shopping plaza spaces.
The first, in MetroWest on the northeast corner of Raleigh Street and Hiawassee Road, will be a reentry for the brand to that neighborhood after pulling out in 1997, Rick said. With an estimated investment of $200,000, the store is projected to open Feb. 2.
The second is on S. International Drive, southeast of the Westwood Boulevard intersection, in the City Lake Pointe plaza. Another $200,000 investment, that store could open in early April, Rick said.
The Traenkners may acquire one more leased property this year, begin build-out of and open a 21st store and get the ball rolling on leases for a 22nd and 23rd location, Rick said.
Renovations of two other existing stores are also on the agenda for 2017 in addition to the S. Orange Blossom Trail location, he added.
Scott + Cormia is serving as architect on all of Traenkner's Domino's locations.