FDD ITEM 20 · FISCAL 2023–2025
The Spice & Tea Exchange Item 20: outlets, exits & growth
In its latest FDD Item 20 (fiscal 2025, from the 2026 FDD), The Spice & Tea Exchange reported 97 franchised outlets at year end. 4 of 93 franchised outlets open at the start of the year left the system (exit rate 4.3%, fiscal 2025), while 8 new outlets opened. Systemwide units moved +8.9% over 2023–2025.
| Status (FTC) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outlets at start | 87 | 90 | 94 |
| Opened | 6 | 8 | 8 |
| Transfers | 4 | 3 | 6 |
| Terminations | 0 | 0 | 0 |
| Non-renewals | 2 | 0 | 0 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 1 | 4 | 4 |
| Outlets at end | 90 | 94 | 98 |
| Net change | +3 | +4 | +4 |
0 terminations + 0 non-renewals + 4 ceased (other) = 4 exits ÷ 93 at start = 4.3%
These are the three FTC Item 20 statuses in which a franchised outlet left the system — including voluntary non-renewals and outlets that ceased for other reasons, which can include sales or absorption into another franchise. Transfers (6) are resales, not exits; reacquisitions by the franchisor (0) are tracked separately. There is no official “failure rate”, and not every exit is a closure or a failure; Item 20 does not say why any outlet left. On a small starting base, a single exit moves this rate sharply.
| State | Franchised | Company-owned |
|---|---|---|
| FL | 16 | — |
| NC | 7 | — |
| SC | 6 | — |
| MI | 5 | — |
| TN | 5 | — |
| TX | 4 | — |
| AZ | 3 | — |
| CT | 3 | — |
| GA | 3 | — |
| IN | 3 | — |
| MD | 3 | — |
| VA | 3 | — |
| AL | 2 | — |
| CO | 2 | — |
| MN | 2 | — |
| NJ | 2 | — |
| NY | 2 | — |
| OH | 2 | — |
| PA | 2 | — |
| SD | 2 | — |
| WA | 2 | — |
| AK | 1 | — |
| AR | 1 | — |
| CA | 1 | — |
| DE | 1 | — |
| IA | 1 | — |
| ID | 1 | — |
| IL | 1 | — |
| LA | 1 | — |
| MA | 1 | — |
| ME | 1 | — |
| MO | 1 | — |
| MT | 1 | — |
| NE | 1 | — |
| NH | 1 | — |
| OK | 1 | — |
| OR | 1 | — |
| RI | 1 | — |
| WI | 1 | — |
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