A couple weeks ago we talked about why people lose their ever-loving minds and try to Mortal Kombat us when we tell them they’re going to need more money to open their brick and mortar business.
So today we’re taking it one step farther and discussing one of the biggest reasons why it costs way more to get open than people often expect: brick and mortar businesses require certain up front expenditures that you absolutely, positively have to incur whether you want to or not.
It would seem that the amount of money you spend would be entirely within your control – that if you’re scrappy enough, you can always make something work within your budget. To some extent that’s true; bigge...
When I moved into my house, it was brand new construction. It looked amazing — clean floors, sparkling fixtures, still had that fresh drywall smell. But you know how this story goes: in the first few months, the cracks started to show.
🚰 The water dispenser on the fancy fridge didn’t work.
🌧️ Our neighbor Aaron complained that the pop-drain in our lawn flooded his property every time it rained.
🚪 And then — the real kicker — the vendor repairing said pop drain left our garage door open when we weren’t home. And wouldn’t you know it, the fancy new e-bike I’d bought my husband just a month prior was GONE.
We were livid. The bike was expensive – it had bee...
When Netflix dropped Nonnas, a "feel-good" Vince Vaughn flick about the restaurant business, we just knew we needed to write about it.
Here’s the synopsis: After losing his beloved mother, a man risks everything to honor her by opening an Italian restaurant with actual nonnas — grandmothers — as the chefs.
Cute premise and who doesn't love Italian food, but what made our blood pressure rise to dangerous Florida PTA book banning levels was the Hollywood treatment of opening a restaurant. Yes, it’s “based on a true story,” but just like Vince Vaughn’s forehead, the story is pumped full of neurotoxins to make opening a restaurant look smooth and carefree.
This is what infuriate...
This week I’ve been listening to a four-part series about the Medici on one of my favorite podcasts, The Rest is History. Anyone with a mild interest in art history is surely familiar with the Medici family from Renaissance Florence who commissioned some of the most significant artworks in western history like Donatello’s David (the scrawny one, not Michelangelo’s ripped version) and Botticelli’s The Birth of Venus.
Not surprisingly, as the Medici banking business passed from grandpa Cosimo to son Piero and then to his son Lorenzo, the business acumen and attention to detail started to wane as the gout and baller-lifestyles grew. So when a feisty party-pooper friar named Girolamo Savona...
✨ Welcome to a four part series we’re calling “What makes Pedal so unique and effective in the retail real estate industry.” Otherwise known as “Why we need our own TV show pronto.” ✨
Today we’re discussing point #1:
Our business model is not reliant on lease commissions or equity in our clients’ businesses.
Have you ever spent 23 minutes trying to get the attention of a bartender on a busy Saturday night at a nightclub? Have you stood on your tip toes and tried waving cash? Have you wondered if maybe they don’t see you because you’re only five feet tall, or because you’ve never been able to dress cool like you’re at a club in your 20s even when you’re clearly at a club in your 20s
...📞“Alexis, guess what?! We got the space! It’s yours!”
That phone call was one of the highlights of my time at Pedal. It’s not often that we’re in suspense over whether we’ll “win” a deal definitively, but that’s how it went for Fedwell, Alexis Starkey’s neighborhood farm-to-table comfort food concept.
The experience was all the more amazing because of how close it came to not happening at all. Alexis’ road to finding her dream space was long, winding, and quite literally tragic at times. Nothing ever felt certain.
And yet, here I was, letting Alexis know that she’d 🥇 beaten out two established restaurant concepts for a rare second-generation space right in her own neighborhood, ...
As new retailers we expect to sacrifice our weekends and holidays, dry-clean-only clothing, and possibly our lower backs. But we do not have to sacrifice our mental health, personal relationships, or overall well-being.
When you're planning your business, you have the opportunity and obligation to carve out the boundaries that will make your business sustainable for the long term.
Your lease will run five to ten years, so it's critical that you build a "sustainable" model that will allow you to stay healthy, stay married (if you want), participate in your child's life, etc.
So how do you do this? Start with the ideal scenario. The realities of the numbers and the things outside of your co...
Remember the “I was today years old when I learned…” moment on TikTok where we all learned a lot of trivia like Australia is wider than the moon? Or the IRL moment when Sheila (at 35) finally figured out that Free Slurpee Day is always on July 11th (get it? 7/11!)
Today, we have one for you: big retailers are able to thrive in commercial real estate (when mom-and-pops struggle) because… retail real estate is actually a core business function for these larger companies.
Think about it -- if you’re Starbucks, your real estate is not something you have to deal with periodically… it’s an everyday thing. You’re constantly opening stores, closing stores, renewing leases, making modif...
