Wee Can Shop Before Shark Tank
Kimberley Foley and Matthew Foley are from Hawthorne, New Jersey. They are the proud owners and creators of Wee Can Shop. According to Kimberley Foley, Wee Can Shop is a whimsical town where children are able to shop for the ones they love. Kids use pint sized shopping carts and search for the perfect gift. Kimberley Foley claims that Wee Can Shop teaches kids to think about other people at gift-giving times, which is also what makes Wee Can Shop so unique.
Wee Can Shop is a family business, and there is no competitor out there. This makes Wee Can Shop the first and only company of its kind. Kimberly Foley states that opening Wee Can Shop has been one of their biggest accomplishments, and she truly believes that Wee Can Shop can be the next big retail chain. Kimberly Foley states the Sharks will love them, and they are hopefully going to give them the investment and the business know-how that they need, in order to be able to take Wee Can Shop to the next level.
Wee Can Shop On Shark Tank
“Kimberly Foley and Matthew Foley walk confidently and stand in front of the Sharks”
Kimberly Foley starts the presentation by introducing herself and her brother to the Sharks, and states that they are in front of the Sharks to tell them about their family business called Wee Can Shop. Matthew Foley continues the presentation by stating that they are seeking an investment of two hundred thousand dollars, in exchange for a thirty percent stake in Wee Can Shop.
“Matthew Foley passes a book to Kimberly Foley and states that she will tell the Sharks a story about what makes Wee Can Shop so special”
Kimberly Foley starts reading the story from the book. The story is about how once upon a time, Kimberly and Matthew came up with a wonderful idea to open a gift shop, where children can shop for the people they love. Kimberly and Matthew called this wonderful store Wee Can Shop.
Upon entering the whimsical town of Wee Can Shop, children will use kid-sized shopping carts and start searching for the perfect gifts. After finding every gift that they were looking for, they can pay for the gifts and wrap them in gift paper. At the end of the story, Kimberly Foley states that she is hoping the Sharks will invest in the magical world of Wee Can Shop, in order to bring this experience to millions of children across America.
“Barbara Corcoran asks Kimberly Foley what they sell in Wee Can Shop”
Kimberly Foley answers the question by saying that they have different fronts in Wee Can Shop, where children can purchase items such as kitchen utilities, candles, baking items and much more.
“Kevin O’Leary asks Kimberly Foley if anyone has every approached her to say that they do not like the way that Kimberly Foley is teaching children to become consumers”
Kimberly Foley answers the question by saying that they received an overwhelming response to Wee Can Shop, because people love the experience to be able to teach their children about gift purchasing and giving. Kimberly Foley continues by saying that repeat customers often tell her that she should think about franchising Wee Can Shop.
“Daymond John asks Kimberly Foley how long she has been in business”
Kimberly Foley answers the question by saying that she has been in business for three and a half years so far.
“Daymond John asks Kimberly Foley how much she grossed in each year”
Matthew Foley answers the question by saying that every year, they have increased their income by one hundred percent.
“Robert Herjavec asks Matthew Foley how much they made last year”
Matthew Foley answers the question by saying they made about thirteen thousand dollars in the past year alone.
Robert Herjavec states that he admires anybody that has a passion for what they do, but if Kimberly and Matthew Foley are not able to make enough money from their store to be able to make a living, what makes them think that they would be able to sell Wee Can Shop as a franchise to somebody else.
Kimberly Foley states that when they started three and a half years ago, they found a retail space that they could afford. Kimberly Foley continues by stating that if they had a prime location, the company could do nothing else but flourish.
“Kevin O’Leary states that Kimberly Foley’s first location isn’t making any profit yet, and asks her how long she is going to let the company run before she will be able to make some profit”
Kimberly Foley answers the question by saying that when she started the company, she didn’t have any business or retail experience. She states that she has been doing a lot of research and they all claimed that the first three to five years of a business will be very difficult and you will be struggling.
“Barbara Corcoran asks Matthew Foley how much of their own money they have put into Wee Can Shop from the beginning”
Matthew Foley answers the question by saying that they have invested about a hundred and twenty thousand dollars into Wee Can Shop.
“Barbara Corcoran asks Kimberly Foley where they get that kind of money from”
Kimberly Foley answers the question by saying that they have received help from friends and family, and they have taken small loans here and there.
“Daymond John asks Kimberly Foley what her history in Wee Can Shop is”
Kimberly Foley answers the question by saying that her mother and sister are both teachers, and she adores children.
“Kimberly Foley starts crying”
“Kevin O’Leary asks Kimberly Foley why she is crying”
Kimberly Foley answers the question by saying that she doesn’t know, but that she is really passionate about Wee Can Shop. She continues by stating that she loves working at Wee Can Shop since the day it was opened.
Kevin O’Leary states that he understands why Kimberly Foley is very passionate, but if it were him, he would cry about the fact that Wee Can Shop doesn’t make a profit.
Kimberly Foley states that she doesn’t think about it that way, because she really believes that Wee Can Shop can make a profit.
Kevin O’Leary states that Wee Can Shop needs to make about two hundred thousand dollars a year, in order for Kimberly and Matthew Foley to break even. This is a huge issue from an investment point of view, because it has no merit. Kevin O’Leary continues by stating that Kimberly Foley did not prove their first store, before wanting to open a second store, that she could actually make a profit.
Kevin O’Leary states that he loves kids, but they are the hardest thing to sell to because they do not own their own credit cards.
Kimberly Foley states that once they get the parents in the store, they are happy to just let their children spend money, which makes them pick up things as well.
Kevin O’Leary states that there is nothing more evil than a business that doesn’t create a profit, and the only way to fight evil is with evil. Kevin O’Leary continues by saying that Kimberly Foley should shut down the store, because it is not making any money for them. Kevin O’Leary doesn’t want to make an investment and states that he is out.
Barbara Corcoran states that Kimberly Foley is leaving with thirteen thousand dollars a year, without paying herself a salary. Kimberly Foley also owes a lot of debt, which she needs to pay off one way or another. Barbara Corcoran states that she feels like Wee Can Shop is more of a hobby than an actual business, which is why she is out as well.
Kevin Harrington states that he disagrees that Kimberly Foley should shut her business down, but rather should try to grow it, instead of trying to franchise it. Kevin Harrington states that he would love to take his son to Wee Can Shop, but as an investor, he cannot invest money in the company. For that reason, Kevin Harrington is out as well.
“Kevin O’Leary tells Kevin Harrington that it is bad of him to encourage Kimberly Foley”
Daymond John states that at this point, Wee Can Shop is failing. However, failure is just an opportunity to begin again, but learn from your previous mistakes and do it better this time. Daymond John states that he regrets to say it, but he is out.
Robert Herjavec states that Wee Can Shop is an admirable idea, but there isn’t any data available that supports the expanding and franchising the company. Robert Herjavec does not want to invest in Wee Can Shop and states that he is out.
Kevin O’Leary states that he is Kimberly Foley’s only friend, because he is the only one that is telling the truth to her. He states that all the encouragement for Kimberly Foley to continue with her business is a mistake, because the company is bound to fail.
Robert Herjavec states that the other Sharks are not cheering her on, but that the only mistake that Kimberly Foley is making is that the data is telling her to perhaps change the direction that Wee Can Shop is going towards.
Kimberly Foley states that she appreciate all of the Sharks’ opinions and that she will think about what to do next with Wee Can Shop.
At the end interview, Kimberly Foley states that you need passion in order to succeed with your own company. She claims that there is no shortage of passion in her or anyone involved in Wee Can Shop. Kimberly Foley thinks that the future of Wee Can Shop is going to be just fine and she and her family is going to be ok.
Wee Can Shop Now in 2018- The After Shark Tank Update
Kimberly Foley and Matthew Foley started their own business, which was basically a retail store where children could come in and purchase gifts for their loved ones. They were definitely struggling financially, due to the fact that their company was simply not grossing enough money. Kimberly Foley for some reason wanted to franchise Wee Can Shop, in order to make more money; however, her first and only store was already not making a profit.
There is no mention of Wee Can Shop being the best or worst on Shark Tank. None of the Sharks wanted to invest in Wee Can Shop because they simply felt like it is a bad idea to franchise a business that is already not making a profit. All the Sharks except for Kevin O’Leary thought that Kimberly Foley should definitely try to expand her current Wee Can Shop store, instead of trying to franchise it.
Apparently, after appearing on Shark Tank, Wee Can Shop closed its doors. There is a YouTube video where Kimberly Foley is trying to use her passion and children to find sympathetic investors; however, she was not successful in finding one. Wee Can Shop permanently closed its doors back in late 2011 or early 2012.
According to the official Wee Can Shop Facebook page, the company received a hundred and fifty likes, and a rating of 4.3 out of 5. People still write messages on the Wee Can Shop wall, stating that they saw the company on Shark Tank and loved the fact that Kimberly Foley was so passionate about what she was doing.
I am guessing that the store was just not located at the right place. If Wee Can Shop was located at a more prime location, more people would have noticed it, which means that there would have been more customers.