Wee Can Shop Shark Tank Net Worth 2023
Wee Can Shop is a mini gift store for kids that appeared on Shark Tank in Season 1 Episode 12. The founders, Kimberly and Matthew Foley, sought $200,000 for a 30% stake in the company. Wee Can Shop is a child-sized storefront that allows children as young as two years old to browse for gifts for loved ones in their lives. The siblings believed that their store serves an important purpose.
During the pitch, the company was valued at $666,667. However, after the Sharks declined to invest, Kevin O’Leary told the Foleys that they should shut down the business because it would never earn a profit in the long term. Wee Can Shop stayed operating for a few more years until closing due to financial pressures of serving a specialized clientele.
As of 2023, Wee Can Shop is no longer operating and hence has no net worth. Kimberly Foley left with thirteen thousand dollars a year without paying herself a salary.
What Is Wee Can Shop?
Wee Can Shop offers personalized shopping carts to children, allowing parents to involve their kids in the shopping experience. Parents can supervise their children as they shop for their loved ones.
Shopping is often an enjoyable experience, and many parents bring their children along. However, they usually do not actively involve their children in the shopping process.
Wee Can Shop was founded by Kimberly Foley, Hope Foley, and Matthew Foley. Unfortunately, the siblings had to close down the business due to lack of funding. They had introduced a birthday package to enhance the Wee Can Shop experience.
Who Is The Founder Of Wee Can Shop?
Wee Can Shop was founded by a group consisting of Kimberly Foley, Hope Foley, and Matthew Foley. Their shared interest in children led them to search for a way to involve their children in shopping.
After considering various options, they found that traditional stores such as Toys”R”Us and Wal-Mart did not provide children with the opportunity to participate in the buying process as adults do when shopping online. This led the trio to consider opening an online boutique.
Before joining Wee Can Shop, the three founders had very little social media presence, except for a tweet by Kimberly Foley in 2019, teasing that they were preparing for a comeback. The siblings envisioned their child-sized boutique to cater to young children as young as two years old, providing them with the chance to browse for gifts for their loved ones.
In addition to their unique shop, Wee Can Shop also offers a birthday party service and an online presence, making them a “triple threat.”
What Happened To Wee Can Shop At Shark Tank Pitch?
The trio decided to pitch their idea to investors on Shark Tank for financial, marketing, and distribution assistance.
Kimberly and Matthew Foley presented their business proposal to the Sharks, seeking $200,000 for a 30% stake in their company, which was valued at $666,667.
Kimberly shared the story of Wee Can Shop from a large storybook, explaining how children navigate a miniature village of shops using child-sized carts.
Kevin O’Leary asked if parents have objected to the premature consumerization of children, to which Kimberly replied that their parents have been supportive and encouraged them to expand into franchises.
Robert Herjavec asked about their profits, and Matthew revealed that their earnings had increased by 100% each year for the past six years, with a profit of $13,000 in the last year. Kevin Harrington was disappointed with the low number.
Robert Herjavec asked Kimberly about their plans to sell the franchise if their shop wasn’t profitable, and Kimberly replied that they believed it could only succeed in a prime retail location.
Kevin O’Leary was skeptical, stating that the business wasn’t profitable and that it was unwise to expand before validating the concept.
The Sharks acknowledged the siblings’ passion for the business, but Kevin O’Leary stated that the store would need to generate $200,000 in annual revenue to survive. He believed that an unprofitable business was worse than no business at all and backed out of the deal. Barbara Corcoran agreed, referring to it as a “hobby” rather than a company and also declined to invest.
Kevin Harrington disagreed with Kevin O’Leary, advising the Foley siblings to continue growing the business before expanding into franchises. He expressed interest in the concept but didn’t see it as a sound investment and exited the deal.
Only two Sharks remained. Daymond John declined to invest, stating that the siblings were currently failing but saw failure as an opportunity to restart more wisely.
Robert Herjavec concluded that there wasn’t enough data to support developing the company and also declined to invest, leaving the Foley siblings without a deal.
What Happened To Wee Can Shop After Shark Tank?
Kevin O’Leary advised the Foleys to shut down their business after their deal fell through with the Sharks. He suggested that the business would never be profitable in the long term and asked them to set a deadline to achieve profitability.
Despite his advice, the siblings were determined to continue with their family dream and left the Shark Tank convinced that their store was still necessary.
However, the Wee Can Shop eventually closed down a few years later due to financial difficulties associated with serving a niche market. It seems that Kevin O’Leary’s prediction was correct in this case.
Net Worth of Wee Can Shop
During the pitch the company was valued at $666,667, since then the company is no longer operating hence has no any net worth.
Wee Can Shop FAQs
What is Wee Can Shop?
Wee Can Shop is a franchise store for children that sell products for youngsters.
Who is the founder?
Kimberly, Hope, and Matthew Foley founded Wee Can Shop.
How much were asking on Shark Tank?
They requested $200,000 for a 30% ownership in the business, which is valued at $666,667.
Did they get the deal?
No, they did not receive a deal from the Sharks. The sharks were not very convinced with the idea of a store for children and didn’t see much potential in the future of the business.
Is Wee Can Shop still in business?
No, this business is no longer in the Shark Tank and has since closed.
How can I get in touch with Wee Can Shop?
Wee Can Shop does not have an email address or phone number listed on their website.
What happened after the show?
The Wee Can Shop still lasted for a few years until it faced financial difficulties, but they are still running their online store.
What is Wee Can Shop’s website?
You can check out their official website here http://www.weecanshopblog.com/.
Who is Kimberly Foley?
Kimberly Foley is a co-founder of Wee Can Shop. She had 5 children and was looking for a way to involve her children in shopping. She considered several options, but none fit her needs.
The stores of Toys”R”US and Wal-Mart did not allow children to participate in buying merchandise as adults do at online retailers. They thought about an online boutique.
What is the current value of Wee Can Shop?
The company’s current value is $0.00.
What were the company’s total sales in 2021?
What is Wee Can Store?
Wee Can Store is a business name used by Matthew and Kimberly Foley, who are siblings. They are the proprietors of the Wee Can Shop.
Why did they desire to establish a business in this niche?
The Foleys have children. The parents observed their kids playing and wondered how they could include them in their shopping experiences.
What are the weaknesses of Wee Can Shop?
Kimberly and Matthew realized that their store only appealed to very wealthy families and did not have much potential to do well.
They felt that they needed a larger location before expanding outside the family. They also decided to open up a franchise version of the shop.
Overall, what do you think about Wee Can Shop?
Wee Can Shop should consider changing the opening hours of their stores, since it is difficult for parents to get there for good shopping moments when their children are in school.
Is any other opportunity of restart the business?
Wee Can Shop may decide to close the business, since there is not much point of opening another store if they have not managed to secure an investor yet.
Too much time has passed without getting any deals; the company may have to close its doors.
How would you rate Wee Can Shop?
I rate Wee Can Shop a 4 out of 5 due to their great idea and all the hard work they put into the franchise.
What is the target age?
The target age is from birth to 12 years old.
What are the opening hours of Wee Can Shop?
The shop is open Monday through Saturday; from 11:30 am to 6:00 pm. Customers will have to check the hours during holidays.
What kind of services does Wee Can Shop provide?
They offer services for birthday parties and special occasions, as well as product development and management of online purchases.
What is the net worth of Foleys’ family?
The net worth of the Foleys’ family is less than $42,000.