Aaron's Franchise Expanding Throughout Canada
TORONTO – Aaron’s Sales & Lease Ownership, a division of Aaron Rents, Inc. -- the world’s largest lease to own company specializing in the leasing and sale of furniture, consumer electronics, home appliances and accessories -- is targeting Canada for franchise expansion. The development plan calls for a major expansion across Canada over the next several years. There are currently 23 Aaron’s locations in Canada with plans to open new locations in British Columbia, Alberta, Manitoba and Ontario in 2009. In fact, Aaron’s has already signed more than 100 franchise deals throughout Canada for future stores.
“Our strategy to target markets such as Vancouver and Toronto is based on demographic research that shows an ideal match between local consumers and the incomes, population, lifestyles, behavior patterns and buying habits of typical Aaron’s customers,” said director of Canadian franchising, Doug Warren.
With more than 50 percent of Canadian households with real annual earnings under $50,000 and continued tightening of consumer credit, there is an unprecedented demand for the leasing of big-ticket consumer goods.
Aaron’s success is founded on the company’s dual role in the consumer durable goods leasing market and the traditional retail consumer durable goods market. “Customers seeking temporary use of items ranging from bedroom sets to kitchen appliances can come to Aaron’s and lease a product on a month-to-month basis,” Warren said. Aaron’s also offers competitive retail pricing and several purchasing options for customer looking to own. Added perks include no credit checks, no debt obligations, no-cost repair services and no obligation to the customer beyond the current lease payment due.
By carrying a larger selection of new products and big brand names, including Philips, Sony, General Electric and Maytag, at low prices and offering flexible financing options, Warren says Aaron’s is well poised to grab a significant share of the nearly $5 billion consumer durable goods leasing market, one of the most consistent growth markets in North America today. Aaron’s has 16 manufacturing plants and 17 distribution centers across North America.
“Our presence in Vancouver & Toronto will cater to the average consumer’s demand for quality and affordable durable goods while offering local entrepreneurs a franchise opportunity that has withstood the test of time, offering growth potential regardless of the state of the economy,” Warren said. Aaron Rents, Inc. has reached annual revenues of $2 billion.
“Heightened system-wide revenues and record store growth translate into tremendous profits and growth opportunities for Aaron’s franchisees,” Warren said. Potential franchisees must have a net worth of at least $450,000. Aaron’s is also well known for its training and franchisee support system as franchisees are guided throughout the entire business process, from sales training to advertising strategy prior to opening and throughout operation, Warren said.
Celebrating more than 50 years of success, Aaron’s is most known in communities across North America for its culture, service, program, and people. “Those are our real secrets,” Warren said, noting that 95 percent of Aaron’s franchise owners own multiple locations.
Aaron’s, ranked in the 100 best companies by Business Week (2005) and 58th largest franchise chain in the world by Entrepreneur, is a premier franchising concept, publicly traded (NYSE: RNT) since 1982, involved in the leasing and selling of residential furniture, appliances, electronics, and computers. Whether a customer wants temporary use of a quality product or ownership at an affordable price, Aaron's provides both options. In business since 1955, Aaron’s began franchising in 1992. Today, the Company has more than 1,600 stores in 48 states and Canada.