How to make a careful and critical examination of a possible Location for your Brand. How many times have you heard “location, location, location………” It’s TRUE!!
Where do we start? This is in the first interview:
- Where: What area(s) do you want to locate your Brand?
- Size: What square footage do you want to occupy? How many seats? How large is the kitchen? Answering these two questions will get you started.
- Demographics: Who is your target market(s)? Age, income, trend patterns, etc. Other amenities in the area might include residences, retail, offices, and other restaurants.
- Affordability: What can you afford in terms of rent and capital investment?
- Timing: What is your timeline to be in business?
Then, your broker, Hesch & Shain, finds potential locations for you to review and evaluate. After assessing the locations, it is time to tour the sites and walk through each location to determine feasibility.
We consider these following key points in the evaluation process with you:
- Financials: Rent and the term of lease are the two most crucial points. Do they fit within my budget?
- Property Condition: Assess the condition of the space to include the equipment and finishes. If remodeling is required to fit within my Brand, what are the associated costs to do this?
What do we do next? Work with your Broker to present an offer to either a seller and/or a landlord. Our firm would work closely with you to create the best offer that fits your requirements. Now the work just begins in the negotiations which requires significant experience that we find most operators/owners are in need of our assistance and when all the dust settles are most thankful for handling this tedious process.