What Does It Take to Scale from Two Gyms to 100+ Stores Across America?

n this episode of Retail Retold, Chris Ressa welcomes franchise powerhouse Kal Gullipali — the man who turned two Orange Theory studios into a 100-unit empire spanning Marco’s Pizza, Dave’s Hot Chicken, European Wax Center, and more. From Wall Street to wellness centers to hot chicken, Kal’s story is a masterclass in bold moves, smart capital, and relentless growth.

Kal reveals how selling his first franchise lit the spark for scale — and how COVID became the ultimate wake-up call to diversify. Today, his group operates across multiple states, building new stores, buying portfolios, and driving more than $35–40 million in annual growth. He breaks down the numbers, the strategy, and the mindset it takes to play at this level.

This episode dives into what it really takes to win in franchising: sharp site selection, patient capital, and powerful partnerships. Kal also calls out a coming shift in the fast-casual world — the return of true customer service — as brands rediscover that speed means nothing without hospitality.

What You’ll Hear:

• How Kal built a 100+ unit, multi-brand portfolio in under a decade
• Why diversification saved his business model
• The real economics behind scaling franchises
• Why the next big franchise trend is a return to the human touch

Chapters

00:00 – Meet Kal Gullipali

From Wall Street to Main Street — how a former Merrill Lynch analyst became a franchise powerhouse.

02:00 – The First Franchise Bet

Why Kal’s first leap into Orange Theory Fitness changed everything.

04:00 – From Two Gyms to a Hundred Units

The mindset, capital, and partnerships behind explosive growth.

06:00 – Lessons from Selling and Scaling

How selling early wins funded a smarter, more diversified empire.

07:45 – Enter the Pizza and Hot Chicken Game

Why COVID turned Kal into a believer in delivery-driven, resilient brands.

09:30 – Building vs. Buying

The strategy behind mixing acquisitions with ground-up new builds.

10:30 – Why Dave’s Hot Chicken Took Off

High AUVs, hot branding, and a cult following—Kal breaks down the magic formula.

13:00 – The Numbers Behind the Empire

A candid look at performance, diversification, and what drives profitability.

15:00 – The Power of People and Process

Inside Kal’s shared-services model and how he scales culture across brands.

18:00 – The Franchise Trend No One’s Talking About

Why customer service—not tech—will define the next era of QSR success.

What happens when two of retail’s sharpest minds go head-to-head on the data behind the industry’s biggest shifts? You get this week’s episode of Retail Retold, where Chris Ressa sits down (again!) with Ethan Chernofsky, Chief Marketing Officer at Placer.ai.

Ethan brings the receipts—billions of data points from Placer.ai’s location analytics—to unpack five retail trends that are redefining the way consumers shop and how retailers win. From Chili’s comeback and Trader Joe’s cult following to the rise of “dark stores” and the urbanization of suburbia, Chris and Ethan debate what’s driving foot traffic, loyalty, and value creation across retail. It’s part data, part strategy, and all energy.

What You’ll Hear:

• The five retail trends shaping 2026 and beyond
• Why simplicity (and knowing your “reason for being”) drives success
• How loyalty and cross-visitation can rise together
• Why the store is now a media channel, fulfillment hub, and brand platform
• How suburban retail is stealing the show

Chapters

00:00 – Welcome Back, Ethan Chernofsky

Chris and Ethan kick things off with their signature energy — a quick catch-up, a look inside Placer.ai’s marketing team, and how data storytelling is changing the game.

02:30 – Trend #1: Know Your Reason for Being

The biggest driver of retail success today? Focus. Ethan explains how Chili’s, Trader Joe’s, and Sprouts are winning by doubling down on what they do best.

08:30 – Trend #2: The Battle for the Basket

Loyalty is up — but so is cross-visitation. Chris and Ethan break down why shoppers are visiting more stores and what it means for retailers fighting for “share of list.”

13:15 – Trend #3: The Middle Market Mystery

Can the “middle” of retail survive? The duo debates whether flexibility, not price point, is the secret weapon for retailers stuck between luxury and value.

18:10 – Trend #4: The Store as a Platform

From buy-online-pickup-in-store to dark stores and retail media, Ethan unpacks how brick-and-mortar is becoming retail’s most powerful ecosystem.

22:45 – Trend #5: The Urbanization of the Suburbs

The suburbs are stealing the spotlight. Ethan and Chris discuss how urban concepts are moving into suburban centers—and what that means for open-air retail.

29:00 – Final Thoughts: The Future of Retail is Real

Chris and Ethan wrap it up with what’s next for data, design, and human experience in the physical retail world.

This is not the sugar-coated version of franchising. Patrick Buckley sits down with Chris Ressa to unpack what is actually happening behind the curtain of franchise growth, exits and unit-level profitability. He breaks down the split between legacy giants and scrappy emerging brands fighting for first-time operators, why once-hot home-service brands have cooled off, and why beverages and “drive-thru only” formats are the franchise sector’s new land rush.

Patrick gets blunt about the math — labor, food inflation, beef shortages, construction costs and multiples that make zero sense on paper. He explains why Taco Bell can sell at 10X EBITDA while most operators are fighting to keep 10% margin, and why franchising is not a guaranteed “proven system” but a case-by-case knife fight. Health and wellness franchising is rising, the approval gate is tighter than people think, and the biggest risk is assuming the word “franchise” equals safe..

What you'll hear:

• The collapse in home-services franchise buying after the 2020–24 gold rush
• The beverage & drive-thru wave and why it's crowding capital
• Unit-profit reality: labor > inflation, food > margin, construction > forecast
• Why some brands trade at 9–10x EBITDA despite margin compression
• How first-time buyers actually get (or don’t get) approved to buy existing units
• Why health & wellness may steal share from food over the next decade
• The warning most first-time buyers wish they heard sooner

Chapters

00:00 Introduction to Fran Dogs and Patrick Buckley

03:02 Current Trends in Franchising

05:40 Challenges Faced by Franchisees

08:59 Understanding Franchise Valuations

11:44 The Rise of Taco Bell and Beverage Trends

14:58 Navigating Franchise Purchases

17:41 Emerging Categories Beyond Food and Beverage

20:34 Final Insights and Industry Statistics