29 CFR § 779.227 - Conditions which must be met for exception.
This exception, in accordance with its specific terms, will apply to exclude an establishment from enterprise coverage only if the following conditions are met:
(a) The establishment must be a “retail or service establishment” as this term is defined in section 13(a)(2) of the Act (see discussion of this term in §§ 779.312 and 779.313); and
(b) The retail or service establishment must not be an “enterprise” which is large enough to come within the scope of section 3(s) of the Act; and
(c) The retail or service establishment must be under independent ownership.