As a purveyor of doughnuts, Dunkin' Brands (NASDAQ:DNKN) has a special affinity for the number 12. And so it is that in signing new agreements with franchisees in and around suburban Detroit, the company's looking to open a round dozen new doughnut shops.
Dunkin' announced the expansion plans Tuesday, saying that over the next several years, it will be opening 12 new restaurants through three existing franchise groups in the Motor City. Its partners include:
- Coffee Ventures, LLC, which aims to open seven new restaurants in suburban Detroit between 2014 and 2017, nearly doubling its current store count of eight locations.
- Nick and Masoud Shango, who likewise aim to nearly double their store count, developing four new restaurants between 2014 and 2016, in addition to the five they already run in the area.
- And finally, Tarun and Falguni Raval, who will be supplementing their two Dunkin' Donuts/Baskin-Robbins combination locations with a new Dunkin' store in Detroit proper. It should open next year.
Dunkin' Brands currently has 53 restaurants operating in and around Detroit. The new additions announced today will increase its exposure to the city by nearly 23%, and Dunkin' notes that it is still "pursuing opportunities to further develop the market with both existing and new franchisees."