Piggly Wiggly Franchise Cost, Revenue & Review 2026
- Investment
- $2.0M – $6.7M
- Disclosed sales
- partial, no system average
- SBA charge-off
- 17.1%
- on 50 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Piggly Wiggly is a supermarket franchise operating independent neighborhood grocery stores. Franchisees run a full-line grocery managing inventory, staffing, and local customers under the Piggly Wiggly banner.
FranchiseVerdict summary · 2026
A Piggly Wiggly franchise requires a total initial investment of $2.0M – $6.7M. The 2025 FDD on file does not yield a unit-revenue figure we can publish. SBA 7(a) loans show a 17.1% charge-off rate across 50 loans[1]. FranchiseVerdict grade: C (Average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: low - issued within the last 12 months
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✓ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored0 of 2 headline figures on this page cite a page of the filing; the rest are marked “Not cited” beside the figure.
Overview
- Investment
- $2.0M – $6.7M
- 11th pct Food Retail
- Avg gross sales
- N/A
- Royalty
- Not extracted
- Units
- 90
- 8th pct Food Retail
- SBA charge-off
- 17.1%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Food Retail · color = vs category peers
Green = favorable by >10% vs Food Retail median · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $2.0M – $6.7M.
- RETURNSItem 19 does not yield a per-outlet annual revenue figure we can compare across brands.
- RISKVerdict C (Average), verdict score 56/100 (higher is better). SBA loan charge-off rate of 17.1% across 50 loans (above the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- GROWTHNegative: net -3 franchised outlets in the latest year (0 opened, 3 closed) (Item 20).
- FLAGAuditor disclosed a going-concern note, which flagged doubt about the franchisor's ability to continue operations. Verify against the latest FDD.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- PIGGLY WIGGLY MIDWEST, LLC
- Parent company
- C&S Wholesale Grocers, LLC
- Incorporated in
- WI
- HQ
- 2215 Union Avenue, Sheboygan, WI 53081
- Auditor
- CliftonLarsonAllen LLP
- Audited financials
- Franchisor revenue
- $674.9M
- vs $585.2M prior year
- ⚠ Going-concern note
- Disclosed in FDD 2025
- Auditor flagged doubt about continued operations. Verify against the latest FDD before deciding.
Overview
About
- CEO
- Mark McGowan
- Headquarters
- WI
- Founded
- 1911
- FDD year
- 2025
- States available
- 2
Can you afford it, and what does the money buy?
Entry cost runs 1400% above the typical food retail franchise.
Source: FDD 2025 · Items 5–7
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Working capital (3–6 mo) | $75K | $300K |
| Equipment, build-out, other | $2.0M | $6.4M |
| Total initial investment | $2.0M | $6.7M |
Source: Piggly Wiggly 2025 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $2.0M – $6.7M
- Top 40% of category vs category
- Liquid capital req'd
- $75K – $300K
- Top 40% of category vs category
- Franchise fee
- N/A
- Paid to franchisor at signing
- Royalty
- Tiered: 0.375% on the first $45,000 of gross sales per fo…
- Ad fund
- -n/d
- Total fee load
- 0.4%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Total fee load | 0.4% of rev |
What do units actually make?
Source: FDD 2025 · Item 19
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
No Item 19 revenue figure for Piggly Wiggly is on file. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Piggly Wiggly unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, royalty rate, ad fund rate, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2025 FDD
Financial Performance
Item 19 does not yield a per-outlet annual revenue figure we can compare across brands. We omit it from rankings.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 0.4% — below the Food Retail median of 7.0%.
Disclosure
Item 19 does not yield a per-outlet annual revenue figure we can compare across brands.
Operator retention
System contracting at -7.1% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Food Retail medians
How Piggly Wiggly Compares
Category median of published Food Retail brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 90
- Opened
- 0
- Last reporting year
- Closed
- 3
- Turnover rate
- 3.3%
- Company-owned
- 12
- Corporate units in the system
- % franchised
- 87%
- vs corporate-owned
- Net growth (3-yr)
- -3.7%
- Net unit change over 3 years
- 3-yr CAGR
- -7.1%
- Compounded over last 3 years
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 2 states reported
The Territory Map
FDD Item 12 reports the state count, but the specific list isn't in our current data. The map will appear once we re-extract from the FDD or enough franchisee contacts are available.
2
states with franchisees (per FDD Item 12)
Where the owners are · Item 20 owner list
1 current owner across 1 state.
- WI 1
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 50
- Loan volume
- $39.0M
- Median loan
- $517K
- 50th percentile
- Charge-off rate
- 17.1%
- on 50 loans · rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- 82.9%
- 5-yr charge-off
- 0.0%
- Loans approved 2021+
- Active lenders
- 29
- Defaults
- 6
- Typical loan rate
- 5.7%
- avg rate to borrowers
- Franchised industry avg
- 19.7%
- brand beats franchise avg ↓
- Jobs supported
- 2,093
- 5.4 per loan
- Lender concentration
- 8%
- top lender's share
Borrower mix: 29% went to startups / new businesses, 71% to established operators
Franchise vs independent — in supermarkets and other grocery (except convenien, franchised businesses charge off at 19.7% vs 20.2% for independents — franchising is associated with 2% lower SBA default risk in this category.
Top lenders financing Piggly Wiggly franchisees
Showing 3 of 29 lenders. The full breakdown — every lender, state distribution, interest rates & risk ratings — is in the SBA Lending Report below.
Explore lender portfolios on Bank Reports or regional data on State Reports.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for Piggly Wiggly from SBA 7(a) FOIA data.
- Principal loss rate
- 5.2%
- Avg SBA guarantee
- 77%
- Avg interest rate
- 5.69%
- Avg chargeoff amount
- $337K
- Lender concentration
- 8.0%
- Job velocity
- 5.4 per $100K
- NAICS benchmark
- 17.1%
- NAICS 445110
- Jobs supported
- 2,093
Top SBA lendersTop lender holds 8% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | PNC Bank, National Association | 4 | $1.5M | 0.0% |
| 2 | Nicolet National Bank | 4 | $4.9M | 0.0% |
| 3 | Wells Fargo Bank National Association | 3 | $1.6M | 33.3% |
| 4 | Readycap Lending, LLC | 3 | $2.7M | 66.7% |
| 5 | SunSouth Bank | 3 | $608K | 33.3% |
| 6 | UMB Bank, National Association | 3 | $7.9M | 0.0% |
| 7 | National Exchange Bank and Trust | 3 | $1.6M | 0.0% |
| 8 | Community State Bank | 2 | $800K | 0.0% |
| 9 | OakStar Bank | 2 | $970K | 100.0% |
| 10 | Waukesha State Bank | 2 | $582K | N/A |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| WIWisconsin | 19 | 0 | 0.0% |
| ALAlabama | 9 | 2 | 22.2% |
| NCNorth Carolina | 6 | 1 | 25.0% |
| GAGeorgia | 5 | 0 | 0.0% |
| MOMissouri | 3 | 2 | 66.7% |
| TNTennessee | 3 | 0 | 0.0% |
| FLFlorida | 1 | 0 | -- |
| ILIllinois | 1 | 0 | 0.0% |
| LALouisiana | 1 | 0 | 0.0% |
| MSMississippi | 1 | 0 | 0.0% |
SBA 7(a) lending trend
Borrower profile
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
What could kill this investment?
The auditor flagged going-concern doubt (Item 21) — the single biggest risk here.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
⚠ Grade capped at C: the auditor disclosed a going-concern note (FDD Item 21). The verdict score reflects the underlying financials before that cap.
Piggly Wiggly presents high risk due to systematic unit decline, negligible unit-level profitability, unprotected territories, and structural barriers to positive ROI despite moderate investment costs.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · CliftonLarsonAllen LLP⚠ Going-concern note flagged
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Score breakdown · what drove the 56 / 100 verdict
- 01MINORDeclining unit count: 90 stores with -3.7% YoY contraction indicates system shrinkage and potential franchisee struggle
- 02MINORRazor-thin profitability: $34,867 average net income on $13M revenue (0.27% net margin) is unsustainably low for grocery retail
- 03MINORNo territorial protection: Franchisees face direct competition from other Piggly Wiggly locations and zero exclusivity guarantees
- 04MINORUnprotected contract: 5-year term with no going concern safeguards; franchisor could discontinue support or rebrand
- 05MINORTiered royalty structure appears favorable on surface but royalties paid on declining sales base as unit count shrinks
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 0.4% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 5 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 1 |
| Territory type | No territory protection |
| Protected territory | No |
| Online sales rights | Granted |
| Franchisor can compete | Yes |
| Hire a manager? | Not allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | Wisconsin |
| Litigation count | 0 |
Items 10, 11
Training & Operations
- Classroom training
- 0 hrs
- On-the-job training
- 0 hrs
- Training location
- On-site and at franchisor location
- POS system
- Retail Technology System (RTS)
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Retail Technology System (RTS)
Item 20 · call current owners
Franchisee Contacts
1 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Piggly Wiggly franchise?
The total investment to open a Piggly Wiggly franchise ranges from $2.0M – $6.7M. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Piggly Wiggly franchise owners earn?
Item 19 of the Piggly Wiggly FDD discloses figures for part of the system but no single average across all outlets. These are gross sales figures, not profit; the Revenue section shows what the filing reports and on what basis. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Piggly Wiggly?
Piggly Wiggly is franchised by PIGGLY WIGGLY MIDWEST, LLC. Its parent company is C&S Wholesale Grocers, LLC. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Piggly Wiggly FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the Piggly Wiggly FDD and qualifies whose outlets they describe.
What is Piggly Wiggly's franchise failure rate?
Based on SBA 7(a) loan data, Piggly Wiggly has a charge-off rate of 17.1% across 50 loans, meaning 17.1% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many Piggly Wiggly franchise locations are there?
As of their most recent FDD filing, Piggly Wiggly has 90 total units in the United States, including 78 franchised units and 12 company-owned units.
Is Piggly Wiggly a good franchise to buy?
FranchiseVerdict rates Piggly Wiggly as a C-grade franchise with a verdict score of 56 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.