CEO Tariq Farid and President Somia Farid Silber share insights into the franchisor’s evolution and future growth strategies.

Edible, the retail franchise and modern gifting destination with an online ecommerce hub and nearly 1,000 locally owned brick-and-mortar locations globally, was featured in the latest episode of Fortune Magazine’s Executive Exchange series. In the interview, Edible CEO and founder Tariq Farid, as well as his daughter and Edible President Somia Farid Silber, discuss the brand’s ambition to shed its “Grandma brand” image and connect with Millennials and Gen-Z as it expands across the country.

The recent decision to elevate Somia to President, for example, was a key part of this strategy to rejuvenate the brand for future generations. “We were a transformative brand at one point,” said Tariq. “And I think there comes a time when the next generation can take it to a whole new level.”

Somia highlights the company’s focus on personalization and understanding evolving consumer behavior. The brand recently announced the roll out of a NextGen retail store, for example, which will move away from a conventional brick-and-mortar image to a modern tech-driven retail experience. Edible is also potentially entering the cannabis market, introducing new products like baked goods and flowers, as well as much more.

Overall, the company’s goal is to make the Edible name more accessible and appealing to a broader audience, primarily younger generations.

“I think for us, it’s really about understanding what that next generation of consumer is looking for,” said Somia. “Consumer behavior evolves. It’s evolved even more in the last few years and really rapidly. How can we make their lives a lot easier when it comes to gifting and having that perfect gift or treat for whatever moment it is? Making those special moments extra special.”

As for Edible’s expansion, Tariq and Somia express optimism for the future. With a projected $500 million in sales for 2023, the company targets each store to generate between $800,000 to $1 million in the coming year.

The Edible team also foresees opportunities for further growth and potential expansion into new markets, keeping their core values of customer satisfaction and quality at the forefront.

“For this year and for next year, the focus is really on the continental U.S. and building the NextGen stores here,” said Somia. “But we are always looking for opportunities all over the globe. And it’s really about finding the right franchise partner.”

Edible aims to sign 25 to 30 units over the next year, in addition to opening 5 to 10 locations. The ideal character trait of an Edible franchisee, Tariq says, is simple and timeless: They love human connection and celebrations.

To watch the full interview, click here.

For more information on franchising with Edible, visit: