You've heard the old mantra: in real estate, you need to worry about three things, location, location and location. With this in mind I was chagrined to read in today's News & Record
about Karla and Daniel Paris opening their new venture, Lulu and Bubba's Sweet Shop
, in a location where two previous businesses have gone bust in relatively short order.
In theory, the location--being cheek to jowl with UNCG and the massive apartment complexes on the west side of Aycock Street--would seem like a sure winner. The agent who sold the Parises on the benefits of this spot probably had all kinds of charts and graphs hyping the large population living within half a mile--a population of 20-somethings who love sweet things--and the vehicle count on Aycock Street. But I'm also sure he or she glossed over the two huge drawbacks of the location: zero parking and next-to-zero visibility.
The story in the paper portrays the Parises as wide-eyed innocents with next to no experience running a restaurant who optimistically think that they won't fall victim to the statistics of new businesses. It's the American dream, right?
I wish the Parises, well and I hope to heck they got a deal for that space (percentage rent?) but I doubt it. Long about Christmastime when the rent comes due and with the students gone on break they're going to wonder how they talked themselves into this mess. I feel like I should go over there right now and buy a cinnamon bun but I don't know if I'll be able to find a parking place.