"The Store" For Sale

[PLANSIT]

Found this listing on Craigslist. Wish he could survive. The delays in the Hampton sure didn't help.


"The Store" Retail Convenience Store Business For Sale (222 E Sheridan) (map)
Reply to: irmon@naisullivangroup.com [?]
Date: 2008-11-08, 1:06PM CST



Business Sales Price: $125,000 Lease For Building: $1,000/Month(Tenant Pays electric & Insurance). New Business in the Most Progressive Area of Bricktown. Located in the Redhawk's Parking Garage. Equipment Included. Upscale Environment. Open Convenient Hours. "The Store" sells Grocery Items, Fresh Fruit, Ice Cream & Dairy Products, Coffee & Cappuccino and Much More. Turn Key Operation. Located near the 230 Room Hampton Inn being developed next door & the 900 Unit Condominium Housing Development-3 Blocks Away. Great Retail & Entertainment Area in Bricktown. Heavy Pedestrian Traffic. Please Call Irmon Gray @ 405-840-0600 or 405-474-7286. Hurry, Price subject to change with new, limited service Hampton Inn going in next door!!

[BailJumper]

It is sad to see him go - but did anyone really think he would make it? Maybe in another 10-years, but not now.

[PLANSIT]

I really thought he would have a chance if the Hampton Inn would ever open. Original Opening was scheduled for October, now they are saying late January. That's after they said late November and late December.

[betts]

That's a terrible shame. But, there's just not enough traffic for that kind of merchandise in that location right now.

[Steve]

I heard rumors when he opened this was the plan all along.

[BailJumper]

Even with the Hampton Inn, it just didn't make sense. $1,000 a month rent, electric, insurance, wages, etc. - just not possible. He'd stood a better chance opening in Deep Deuce.

[mecarr]

I think what the guy did here was an honorable thing, which is trying to open up some sort of limited grocery store in downtown. However, there just aren't enough people living downtown to make it work. People keep yelling about the need to get a grocery store, but does anyone think it could survive?

One thing that may have held back The Store is that they were more like a convenient store than an actual grocery store. If they had carried more items I would have probably shopped there.

[oneforone]

I think you will see a Wal-Mart Supercenter built near/on the fringe of downtown (IE: I-40 and MLK) before a downtown grocery.

I am suprised they have not convinced Braums to open in the Downtown area. Braums carries almost everything short of toiletries these days.

[metro]

I think what Steve is hinting at, is that it was the guy's idea to get the thing off the ground since no one else was stepping up to the plate. Sounds like to me he's hinting that the guy's intention was to sell the "store" (pun intended) to investors once it got off the ground. Now that the Hampton will be opening up next month, it should be able to self sustain. I know my wife and I stopped in their twice in the last couple weeks to get a few things. The owner said things were going okay and certain events help his business pick up. He didn't hint in any way that he was struggling. I agree, it is more like a convenience store than anything, but even that is still a niche for that area. I think the hotel will really help it self sustain.

[jbrown84]

With that large of a hotel going in with no gift shop or restaurant, this thing should do okay once Hampton opens.

[badfish77]

I think braums would be ok somewhere near. They sell good quality produce and meats and of course dairy. Whatever happened to the possibilty of a whole foods somewhere near? I used to manage at the health food center on the s side and thought if a whole foods opened I might get back in the business for a part time job anyways.

[Urbanized]

I heard rumors when he opened this was the plan all along.

You did. From me. And from him too, perhaps. He has been very up front from day one that the business was for sale, and for the very amount listed on Craig's List. It was no secret to anyone who talked with him. He put in the store because he was locked into a lease for that space from a previous business venture of his.

After he no longer needed the space, he sublet it to a couple of different clothing stores who didn't make it. Instead of paying out the balance of the lease term on an empty, non-producing space, he decided to open the store he has in there now. And, as discussed, immediately offer it for sale to anyone who might be interested. Actually a pretty good plan, I think.

I don't think he ever had any interest in owning that particular store long-term.

[Steve]

Yep. Chad, didn't know if you wanted me dropping your name on this one or not. The operator did not acknowledge this was his plan when I asked a while back.

[Urbanized]

Thanks for looking out for me. I'm not concerned about this one, though. He was really open about why he opened the place, what his expectations were, and his willingness to sell, right out of the gate. He probably didn't confirm it with you at the time, only because it would have muddied the water -- from his perspective -- on any reporting you did during the opening. I'm sure you know people spin sometimes...

[mecarr]

Now that it is for sale, does anyone think he will get a buyer? With today's economic climate, including tight credit markets, I wonder what his chances are.

[BailJumper]

Now that it is for sale, does anyone think he will get a buyer? With today's economic climate, including tight credit markets, I wonder what his chances are.

I think that answer comes down to simple math. If his selling price is too far above the cost to open from scratch then I doubt he'll sell. it's not like he has a following or anything unqiue - it's a c-store for crying out loud.

But, if he isn't trying to make a lot of profit off of it, then I could see a buyer stepping in.