00:00You know, it's funny, you know, we had the owner of a company called Mimi's, a small chain, they own
00:04two or three restaurants here in New York, that's kind of taken the world by storm, lines around the block
00:09and everything else. And I thought it was interesting talking to their founder, she talked a lot less about just
00:14the product and more about the experience, the idea of sort of what she's trying to create. And I am
00:18curious as to where TCBY is right now, because I'm old enough to remember when it was kind of that
00:25treat, you know, your parents would take you out and that was kind of a healthy treat instead of, you
00:29know, taking ice cream, you go
00:30to TCBY, and then I don't know, I just feel maybe just regional, but I felt like they just kind
00:33of disappeared. Yeah, yeah, you know, we're not really making a comeback. We never left, as you said, we're celebrating
00:3845 years. And we're still all of those things that you just mentioned. We define the category, we have that
00:45trust with people, but we've always focused on our experience being at the center of the community, right? TCBY has
00:51always been a place where people can connect, people can gather, right? And I think people are looking for that
00:56today more than ever. And it's allowed us to build the longevity,
00:59but also stay as relevant today as when we started. So right now, you're tracking at what, about 120 something
01:05locations? Is the plan to expand that footprint? Absolutely. Significantly? Yeah, I think so. We're going to grow the right
01:12way. Under the leadership of Pearl Street Equity, we have all the tools and resources we need to really pursue
01:18growth internationally, domestically. Domestically, we have a great base of operators already. And then internationally, we actually just opened up
01:26another location in Doha this month. We're going to keep doing that.
01:29We're going to keep growing in new markets as well. With regards to the types of locations, do you look
01:34at sort of like kind of a standalone on a street or do you look more in malls and shopping
01:38centers? Yeah, I think everything's open to us. Yeah. We have some opportunities with Pearl Street through some strategic partnerships
01:44that will open up new channels, not just for TCBY, but our sister brand, Mrs. Fields as well, that we're
01:49really excited about because we want to introduce these iconic brands to a new generation. And I think we can
01:55do that in all those places. What about in Manhattan?
01:57I hate to be so New York-centric, but clearly the demand for Froyo is there in New York City.
02:04Would that be, you know, somewhere you would consider? Yeah, absolutely. Anywhere people are happy and gathering is a place
02:09for TCBY, so Manhattan would absolutely be an opportunity for us. Have you seen, you know, the Froyo craze? I
02:15actually don't know the word for it, the TikTok trend. Is there a particular word for that?
02:20Oh, I'm way out of that age demographic. But, you know, the craze in Froyo, have you seen that actually
02:26trickle into your numbers when people are coming in?
02:29For us, it's just business as usual, right? We've been here for 45 years. We're definitely seeing a renewed interest
02:34from the franchisee community of new interest because they're seeing it in the headlines. But for us, it's really been
02:40consistent. We've been here for all the moments that Froyo has had, right? We kind of invented that moment. But
02:46it's definitely more popular today, excuse me.
02:48And the more people are talking about it, the better for us. But there are some serious questions about trends
02:52here. And I mean, I was looking at some industry statistics, not specific to TCBY, how frozen yogurt as a
02:57dessert category is outgrowing most other dessert categories out there, particularly in terms of the takeout, you know, visiting a
03:03restaurant type of deal.
03:04But then I think about, I feel like we've gone through cycles. And it seems like, forgive me for putting
03:09it this way, that the Froyo craze seems to be tethered to these economic cycles. So, you know, TCBY is
03:15big. Then it kind of falls off. Pinkberry was like hot for a while.
03:18Then it falls off. And who knows whatever the next big thing that's bubbling up now. Are you concerned about
03:24economic cyclicality or the idea that these trends tend to wane and then people will decide, I'm just on to
03:30something else other than Froyo?
03:31You know, there's a lot of nuance when it comes to a trend, right? There is a lot of competition
03:35in the space.
03:36In our business, the type of operator you have and the quality of operator you have will take you a
03:41long way. And we have great operators.
03:43So aside from the macro point of view, right, we have a product and we have an experience that's carried
03:49us throughout that.
03:50So we're not as concerned about it. Obviously, we want to make sure we're giving a great product at a
03:54great price.
03:56But we're going to remain true to who we are. And that's really a product and experience that's carried us.
04:00And what about all of the focus right now on healthier eating, obviously the GLP-1 craze, people paying a
04:06lot more attention to calories and stuff?
04:08Does that benefit a company like TCBY?
04:11Yeah. I mean, we've always believed that you don't have to choose between treating yourself and feeling good about it.
04:15You can do both, right? That's a tenant of ours.
04:17So I think it is a benefit. I think the product itself checks a lot of boxes for the modern
04:22consumer, right?
04:23And it's always kind of been there. So we're happy to be here today with the same product.
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