TL;DR
Premium Service Brands, parent company to franchise brands like Maid Right and 360 Painting, has seen a 44% increase in third-quarter revenue amid the pandemic. The home service industry is booming as people stuck at home invest in their homes.
With people stuck at home during the pandemic, they’ve had more time to pay attention to the needs of their homes. And consequently, the home service industry is booming. According to a recent article from the Wall Street Journal, Premium Service Brands, parent company to franchise brands like Maid Right and 360? Painting, has seen a 44% increase in third-quarter revenue.
“Overall people are saving money, taking those savings and reinvesting it into their home. They’re not going to restaurants and not traveling,” Paul Flick, PSB founder and CEO, told the Wall Street Journal.
Although Premium Service Brands initially saw a dip in revenue in March and April, its brands have been able to bounce back and even increase hiring, providing jobs for those who may have lost theirs due to COVID-19.
In this story
This story was originally published in 1851 Franchise on December 16, 2020. Burnaze summarizes and links to the original reporting.
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