Pershing Square
objective strengthen the system spoke with franchisees from around the world here what they told us inherent conflict between and the franchisees top line focus versus franchisees bottom line focus makes the bulk of its profits from the franchisees top line however top line same store sales growth does not always translate into improving franchisees bottom line stock market often rewards for higher same store sales growth even though the franchisees are sometimes pressured to sacrifice margin for discount pricing with its subsidized economics magnifies this conflict does not compete on equal footing because it does not pay a market rent or fee suboptimal pricing or capital allocation decisions do not impact as dramatically as those of franchisees perception among franchisees is that is not held to the same degree of accountability | Pershing Square
Company
Deck Type
Sector
Industry
Deck date
January 2006
Slide
12 of 58
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