A former Goldman Sachs executive has plans to bring a New Jersey-based chain of bars to the Philadelphia region, but there's no craft beer or liquor involved.
Bob Ferry, former Goldman Sachs vice president, has signed a franchise agreement to open multiple locations of the Cherry Hill, N.J.-based Cherry Blow Dry Bar chain to the Main Line next year with a letter of intent already signed for a location at the Paoli Shopping Center.
That's a gamble for someone who worked in the financial industry for years, 15 of which were spent at Goldman Sachs.
"I come from a very corporate background,” Ferry said. “I was tired of the monotony and the numbers-based world. I wanted to have a business where I could interact with normal everyday people. I wanted a business with happy and pleasant workers and clients."
A blow dry bar is a concept that's been gaining traction over the past few years. The concept is similar to what consumers would find at a hair salon minus the cuts and colors; dry bars are focused solely on washing, blow drying and styling.
In Center City, there are two locations of the Blo/Out Blow Dry Bar, including its location on 7th Street between Chestnut and Market streets.
Cherry Blow Dry Bar has eight locations in the United States, including California, Florida, and Virginia.
Ferry said there will be at least three Cherry Blow Dry Bars in the area under his company Burrswest Inc.
Brothers Fred Vicario, president, and Steve Vicario, chief operating officer, bought the rights to the company in 2014 after working with it as regional developers.
When they took over ownership, Fred Vicario said franchisees did no advertising, lacking a formal process or system in place.
"Leadership was lacking, and there were no corporate employees as they were all contractors," Vicario said. Now the franchisees are required to advertise.
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