Ian Dear bringing Dunkin' Donuts to Jamaica
Avia Collinder, Business Reporter
Margaritaville Caribbean Limited (MCL) says it will be introducing the first Dunkin' Donuts franchise for Jamaica by year end.
The American company deals in coffee, donuts and other baked goods.
Margaritaville Caribbean chairman and chief executive officer, Ian Dear, said Friday that, pending all licensing requirements, the first store will be opened at Sangster International Airport by December.
He plans to establish at least four stores, the second of which is slated for the cruise terminal in Falmouth during 2015.
Dear said he is investing approximately US$1 million in the franchise. The contract is initially for 10 years, with "standard royalties".
"After the first four locations, we will evaluate further expansion opportunities," he said.
Dear predicts that the donut franchise will realise sales of US$1 million in the first year and increase to US$1.4 million after the Falmouth opening.
Dear said MCL will build the stores according to the Dunkin Donuts specifications and that all costs associated with building, outfitting and operating the franchise will be borne by Margaritaville Caribbean.
He plans to finance the project through a combination of equity and bank loans.
Margaritaville will hire and train approximately 24 employees at the airport location.
Dunkin' Donuts is owned by Dunkin' Brands Inc, which also owns the ice cream brand Baskin-Robbins.
Dunkin' Brands, which is based in Canton, Massachusetts, was bought in 2005 by French beverage company Pernod Ricard SA from Allied Domecq under the corporate name of Allied Domecq Quick Service Restaurants.
Dunkin' Donuts has more than 10,500 restaurants in 31 countries worldwide, with sales of US$6.9 billion in 2012.
Margaritaville Caribbean currently operates 18 franchises throughout the Caribbean, 10 of which are wholly owned by MCL, while eight are international franchises.