Last week I met a boutique owner, and when I told her I worked with retail real estate her face fell. She told me about her terrible landlord who is kicking her business out with basically no notice, and she’s stressed and time-crunched to find a new space.
Abby and I have conversations like this one all the time – it’s part of why we started Pedal in the first place. But when we hear that someone had “basically no notice” that their lease was ending, our antennae go up…because that’s not supposed to happen in a lease.
When I looked at this boutique owner’s lease, as I had suspected, it wasn’t a lease at all.
It was actually the lease’s second cousin, the license agreement. Oh, ...
When things aren’t coming together on a deal, we revisit the “BLTS” with Pedal Retailers to figure out where we can flex. As a reminder, the “BLTS” are the four fundamental pillars of your real estate criteria - budget, location, timing and space criteria. Most of the time, we flex on location and start to look at a different or broader mix of neighborhoods. Sometimes, we flex on the budget or space criteria, but it’s rare that we flex on timing.
When it comes to flexing on timing, Emily, owner of District DabbleLab, could teach a master class.
First, here’s the background on District DabbleLab…
Bethesda native Emily started District DabbleLab in 2019 out of her basement as...
When’s the last time you went to a tailor?
I went two weeks ago. I go to IBO’s Tailor Shop in downtown Norfolk, because this guy is an absolute magician. For those of us who are “non-standard” height (in my head I’m 5’ 9”, but my doctor and the DMV say I’m 5’ 0”), having one’s clothes tailored is the key to looking like an actual respectable adult. That is, if you care about things like that, which I do.
Most recently I had Ibo fix a pair of white jeans, which I had previously (foolishly) taken for “alterations” at my local (also beloved) dry cleaner. Turns out that someone who is capable of hemming is not necessarily capable of a more complex “taking in” of a waist. Before this, I...
Mindset is everything, right? And without a doubt, your mindset when it comes to finding and negotiating your brick-and-mortar lease is key.
Over the last few years, we’ve observed two different approaches that remind us of two deeply unpleasant bureaucratic experiences. What are these experiences? They’re going to the DMV, and going to court.
We know it sounds a little ridiculous, but go with us here, because you know we love a leasing metaphor, and we think this one works even if you’ve only been to court on TV.
So as we were saying…
In some ways, visits to court and the DMV are very similar:
They both have vending machines
The both require a lot of boring paperwork
The...
One of my great fears in life (besides clowns) is being suddenly thrust into a talent competition. I’m not a singer, I don’t play any instruments, and while my dance floor skills are excellent, my training came from the 1994 Bat Mitzvah circuit, so not exactly Julliard.
I have, however, realized that I do have some very specific…abilities?...that sometimes elicit responses like an “oh, wow, that’s cool.” Since you’re dying to know, I’ll share:
🍺 I’m very good at identifying the alcohol content of beers by taste
🥃 I can quite accurately determine the volumetric measurement of a liquid in a container by sight
🎤 I have near perfect accuracy in picking the “wrong” horse, so to speak. P...
We hear about it every day from start-up retailers. They call a “for lease” sign, have a (usually) pleasant conversation with the landlord’s broker, and then…nothing. Calls, emails and prayers all go unanswered.
They’ve just disappeared and left a specter of anxiety and dashed hopes. What in the flying phantasm?!
This is usually when the haunted house in your brain kicks into full gear…
😱 Did they think my business concept was stupid?
😱 Do they think I’m an idiot who can’t pull this off?
😱 Am I such an obvious loser that their k
...If you’re not a little nervous about signing a lease, you’re not thinking hard enough.
Truly – it should cause you some anxiety to make a multi-year, legally-enforceable commitment since you literally have no idea what the future holds. Unless you’re a regular at the high-rollers table in Vegas, making a bet valued at hundreds of thousands of dollars (or more) is pretty terrifying. And even indie retailers who have signed leases many times over still get nervous.
So how are you supposed to get comfortable with signing a lease if the uncertainty of the future looms so large?
✨ Your business plan is how. (Did you guess I was go...
Our dramatically dwindling attention spans (hello, TikTok) and culture of instant gratification (hello, Amazon Prime) is reshaping everything around us. We can order bulgogi bowls, a case of Modelo, toilet paper, a phone charger, and a hot date…all from our phones and all delivered to our doorstep within 60 minutes.
So, when we tell aspiring retailers that it’s going to take 10 months to a year (or more) to open their brick-and-mortar, we brace ourselves for their disappointment. Most of the time, when we talk to first-timers, they share their plans to open for business in a new space “by the summer” or “in time for the holidays.” Almost always, those opening dates are about three ...
