Matthew Foley and Kimberly Foley from Hawthorne, New Jersey, founded the Wee Can Shop. While describing the Wee Can Shop, Kimberly calls it a whimsical town that allows children to shop for their loved ones.
The gift shop provides children with small carts to pick items of their choice. Kimberly also claims that the Wee Can Shop is aimed at teaching kids to think about other people on special occasions. This is one of the things that makes the Wee Can Shop stand out.
Wee Can Shop doesn’t have any competitors because it is a family business. Kimberly believes that opening up this shop was by far the biggest accomplishment for the brother and sister. She is also hopeful that this business will become one of the most successful retail chains out there.
In 2010, the Wee Can Shop appeared on Shark Tank. Before making their appearance, they were hopeful about bagging the investment they needed at the time
How Did the Shark Tank Pitch Go?
At the pitch, the siblings walked in with a lot of confidence. Kimberly introduced herself and her brother to the Sharks. After the preliminaries, Matthew told the sharks that they were seeking an investment of $200,000, and they were willing to offer a 30% stake in their business.
Matthew passed a book to his sister, and told the Sharks that she would tell them a story about what made the Wee Can Shop so unique. She proceeded to tell them about the pint-sized carts they provided children to pick gifts for the people they loved. Toward the end of the story, she told the Sharks about the investment they needed to expand their business to bring this experience to countless children across the US.
After the story was over, Barbara Corcoran asked Kimberly what they sold in the Wee Can Shop. Kimberly said that the shop sold candles, kitchen utilities, and baking items.
Kevin O’ Leary asked a difficult question. He asked if anyone had ever criticized their business for teaching kids to become consumers. Kimberly told Kevin O’ Leary that they had received an overwhelming response from their customers, and some of them even asked them to franchise their business.
Daymond John asked how long they had been in business. Kimberly said that they had been in business for three and a half years. The next question Daymond asked was about how much they had grossed in a year. Matthew told Daymond that their income had increased by 100% each year.
The next question was asked by Robert Herjavec. He asked how much money they had made in the past year. Matthew said that the business had made $13,000 in the past year. Then, Barbara Corcoran proceeded to ask how much money they had put into the business, and where that money came from. Kimberly informed Robert that the money they invested in the Wee Can Shop came from family, friends and a couple of loans here and there.
At one point, Kimberly began to cry, and when she was asked why she was crying. She said that it was due to her love for children, and how much she loved working at the Wee Can Shop. Kevin said that he too would cry, if he were in her place, but it would be due to the fact that the Wee Can Shop doesn’t make any profit.
The siblings failed to bag an investment, and this is what the Sharks had to say to them.
- Kevin O’ Leary said that it was sad since the business didn’t make any profit. He also suggested that they should shut it down.
- Barbara Corcoran backed out by saying that it wasn’t business, but a hobby that Kimberly loved.
- Kevin Harrington advised them not to franchise their business. He asked them to take a year or two and work on the business’s growth.
- A few words of encouragement came from Daymond John. He said that the business was on the verge of a failure, but it was an opportunity for them to get back their momentum, and work towards the betterment of their business.
- Robert Herjavec said that he found their passion admirable, but they aren’t in a position to franchise the business.
Our Wee Can Shop Review
The business was established somewhere in 2006. The mission of the two siblings going into the market was to build a retail store where children would come and buy gifts for their loved ones. The reason they wanted to franchise their business was because they wanted to make more money.
However, they could neither franchise their business, nor did they receive an investment from any of the Sharks. The reason they couldn’t keep it up longer was because they weren’t making enough money. No one could take the risk of investing in a business that was far from successful.
It has been 12 years since their Shark Tank appearance, and there hasn’t been any mention of them on mainstream media. After their appearance on the Shark Tank, they decided to close their doors. All that remains is a YouTube Video where Kimberley expresses her love for children and her business. In 2012, the business officially shut down. One of the reasons behind the demise of this business was location. Had they been located at a better place, they would have attracted more customers.
Where Are They Now?
Despite their appearance on the Shark Tank, they remained in business for a little over the year, but they couldn’t go on. However, in 2019, Kimberly Foley made a social media announcement that their company was back in business. However, they continued to face financial difficulties and no one has heard from them for quite a while.
While they were in business, the Wee Can Shop only got 150 likes on Facebook, and a rating of 4.3 on a scale of five. However, some people still write on their wall, saying how much they liked watching them on Shark Tank.