Joseph Magnacca, the executive credited with revitalizing Duane Reade before falling short of his efforts to duplicate the magic at RadioShack Corp., has joined Massage Envy as chief executive officer.
Magnacca stepped down from RadioShack last April after a bankruptcy judge signed off on the sale of about 1,740 stores to a New York hedge fund. Prior to his post ceo of Radio Shack, Magnacca moved to Walgreen Co. as president of daily living products and solutions following the chain’s acquisition of Duane Reade. He’s respected in the retail industry for his charisma and ability to elevate retail environments.
Massage Envy, based in Scottsdale, Ariz., operates 1,100 franchised massage and skin-care services locations in 49 states. Known for bringing massages to the masses thanks to an affordable membership model, Massage Envy produces more than $1.3 billion in systemwide sales and owns nearly a 50 percent share of the franchised day-spa market, according to IBISWorld data. The company employs more than 25,000 professionals and sports in excess of 1.65 million members.
Magnacca is expected to lead expansion of the concept, including meeting the challenges of continuing to find qualified therapists and eyeing avenues to boost sales currently estimated at about $1.2 million per door. “I’m looking forward to taking the brand to the next level. I see tremendous growth opportunities on the services side of our business, retail product expansion, the utilization of technology within our network and market growth,” Magnacca told WWD.
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He takes over from former ceo Dave Crisalli who remains on the board. “Since we started Massage Envy in 2002, we set out to help consumers feel their best by providing convenient, affordable massage and skin-care services, which was something no one else was doing. Since then, we have delivered over 100 million services. I believe Joe is the right choice to lead Massage Envy to its next level of growth,” Crisalli said.