Wee Can Shop Kid’s Store Update | Shark Tank Season 1
Little kids so often want to give their loved ones gifts, but can’t really offer them much on their own. That’s why siblings Matthew and Kimberly Foley have created a gift shop where children are the customers, allowing them to shop and buy gifts. Will they earn a deal on
Shark Tank Wee Can Shop Update
- Entrepreneurs: Matthew and Kimberly Foley
- Business: Store for kids to shop to independently
- Ask: $200,000 for 30% equity
- Result: No deal
- Shark: None
Matthew and Kimberly walked into
Kevin O’Leary wondered if any parents had shared any disapproval regarding the child consumerism aspect, but Kimberly said everyone had been very supportive, even suggesting franchising.
The mood quickly turned from storybook fairytale to cold reality when Robert Herjavec asked about profit margins.
Over the extent of a long conversation regarding figures, it came out that the business had been open for four years. In the past year, it had made a profit of $13,000. Kevin Harrington in particular was shocked by how small this number was.
Kimberly admitted that they’d spent $120,000 on the business so far. Kevin O. was doubtful about their plans for the future, namely opening a second store, when the first was not turning a profit.
He and Barbara were the first to go out because they didn’t see how the business would succeed. Kevin H. advised them to continue growing the business, but went out too.
Daymond John said that he saw a failure, but that the business might grow out of it in a different way. He went out.
Robert was the only shark left and stated that he admired the passion but he couldn’t see any data to indicate the business would be profitable and dropped out.
Kimberly and Matthew left
In our Wee Can Shop update, we found out that while the business did keep going for a few more years, it ultimately had to shut down in 2012.
This will be our final Wee Can Shop update.
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