Entrepreneur Magazine's 38th Annual Franchise 500® Released
7-Eleven dominates the ranking with masterful customer engagement and franchisee support
IRVINE, Calif., Jan. 10, 2017 /PRNewswire/ -- Entrepreneur magazine has unveiled its 38th annual Franchise 500®, ranking 7-Eleven as number one for the first time in nearly a decade. The 90-year-old brand has implemented key tactics, including its retailer initiative program and co-prosperity model, to make the convenience store the top performer. McDonald's, Dunkin' Donuts and The UPS Store follow in second, third and fourth in the ranks, respectively.
The top ten brands have a few things in common. Their deep understanding of their customers help determine exactly the kind of products and services to offer, which leads to streamlined inventory and lower overhead. Their laser focus and simplified systems help ensure new units stay open and minimal closures. With access to new data, customer information and technology, these franchises have become even stronger and more competitive.
"Entrepreneurs in every industry must constantly improve and adapt, and our Franchise 500 list is full of success stories," says Jason Feifer, editor in chief of Entrepreneur. "No matter what their concept is, these companies—from booming newcomers to established industry dominators—tell us a lot about what it takes to keep up with current trends in the business world."
Entrepreneur itself continues to evolve its 38-year-old formula, developing new ways to measure and analyze the collected data. The key factors that go into the evaluation include costs and fees, size and growth, support, brand strength, and financial strength and stability. All franchises are given a cumulative score based on more than 150 data points, and the 500 franchises with the highest cumulative scores become the Franchise 500® in ranking order.
In addition to the ranking, Entrepreneur's annual Franchise 500® issue takes a closer look at the top 10 companies, including an in-depth profile of 7-Eleven in the number-one spot. The robust feature is also packed with a discussion of the National Labor Relations Board's joint-employer ruling, insights on how to make the right franchising decision, lessons learned from Franchise 500 honorees on the job, and more.
To view the full ranking and any of these related stories, pick up a copy of the January/February 2017 issue of Entrepreneur magazine on newsstands now, or visit www.entrepreneur.com/franchise500.
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