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"Restaurant Row" on Waxpool forced to close down?

Discussion in 'Area Restaurants, Dining and Food' started by Mr. Linux, Dec 16, 2009.

  1. vincecarbone

    vincecarbone New Member

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    There are a lot of Monday morning quarterbacks here that need to be pointed in the right direction. A lot of these businesses signed lease 3-4 years before ground was even broke. They were charged a large rent becuase the landlords could get anyone one they wanted at the time. If someone didnt want to sign the lease, oh well, there was a list of people waiting to sign. That is obviously not the case any more.

    As far as business plans go, do you think Bloom, starbucks, and otherd didnt have a plan??? They did the research at the time and it all went south. That is the businee we are in. It is a gamble. Risk vs reward.

    Rent is a HUGE HUGE part that we all have to pay. Just imagine, if you have a 6,000 month rent on top of a 3,000 month loan. People forget that all of these businesses have gone out to get loans to start their business. Then food cost goes up, minimum wage, insurance, and utilities. Some businesses have to raise their prices some. Customers are also watching their money. They are not spending as much when they do visit. the economy has taught us all a lesson.

    This is only a small part of what owners go through. Weather effects us all as well. Last winter, kids had fun off school, most adults collected their salaries, and we sat back and saw no customers come in. It was brutal and nothing we could do about it.

    I try and do my best and love Ashburn/Broadlands. This community means a lot to me and I appreciate every customer that walks into my locations. I try and give back as well to say thank you. I just want everyone to understand that it is very hard and stressful at times and a lot of these owners do the best they can.
     
  2. OSimpson

    OSimpson Certified Master Naturalist

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    Vincecarbone,

    I am glad that you given your input. It's a good insight. Specially, the part:
    :happyclap:
    As far as business plans go, do you think Bloom, Starbucks, and otherd didnt have a plan??? They did the research at the time and it all went south. That is the businee we are in. It is a gamble. Risk vs reward.

    I am not sure if I can be QB in this game.

    I think we are all in this together as far as the economy. We have to save our own boat and others within our own way and means.

    Best of luck,
     
  3. Ken

    Ken Member

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    This is exactly what I figured was the case. Rents are of course a huge part of the business expense, especially around here. I often wonder how businesses swing it. But it also explains why the vast amount of storefronts around here are karate schools, nail salons, barber shops -- very low overhead. Those with high overhead, who stick around, are usually the chains who can afford to take the hit to have a footprint in Loudoun County, VA.

    The really sad part is that the landlords are also just investors who bought these properties from developers at a price substantially more than they're worth less than a decade later. Said developers are probably still laughing at their piles of money.
     
  4. redon1

    redon1 aka Aphioni

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    all great points vince. different bizzes fail around here for different reasons, there's no pigeon holing them all into one bucket.

    your involvement with the community is a HUGE part of your success vince and we're lucky to have you!
     
  5. Capricorn1964

    Capricorn1964 Active Member

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    What restaurant does Vince own/run? Am curious! Thanks!
     
  6. redon1

    redon1 aka Aphioni

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    subway in the Safeway Plaza
     
  7. vacliff

    vacliff "You shouldn't say that."

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    And in Ryan Park and in Ashburn Farm Giant shopping Center.
     
  8. Winston

    Winston Junior Mint

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    But sadly, not the one in Brambleton. That Subway is horribly managed. Vince's Subways are the ones we'll go to.
     
  9. TeamDonzi

    TeamDonzi ShowMeTheMoney!

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    FWIW, Vince, I am officially addicted to your subs. I had one recently for the first time in about a year, and now, I'm tempted daily, it's almost like my car is on autopilot!
     
  10. RobVT3

    RobVT3 New Member

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    So it's the developers fault? There are a lot of developers who got burned by the downturn as well. It's not as if they knew it was coming and decided to sell their properties to the first sucker who came along.
     
  11. redon1

    redon1 aka Aphioni

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    I think it's fair to say that no one factor if to blame, a combination of issues create the failure epidemic around here: expectation of big biz that never came, belief that consumers would be interested in frequenting the biz, and again, the cashburn myth.these among other factors created a false sense of security for some biz owners who finally have up on ashburn and left for fairfax county or other greener pastures....
     
  12. Ken

    Ken Member

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    Huh, really? That's what you read from my post? Okay then. Let's try it a different way.

    Developers built properties and sold them to people who believed, correctly or incorrectly (irrelevant), that their investments would pay off. They invested, they gambled. As did the developers, but their gambles paid off and they made a lot of cash on these sales.

    With me so far?

    A few short years later, investors who bought said properties are finding that it's extremely difficult to charge and get paid rents that can pay for the property mortgage. At the time of sale, I'm sure the thought of tenants having difficulty paying these rents was preposterous. Not in Ashburn! That's where the rich folk live. :)

    Quiz Time. Who's in the pickle now from these sales?

    A) The customers
    B) The renters
    C) The landlords
    D) The developers

    If you guess A, B and C, you are correct! Gold star for you! But this isn't an assault on the developers and I'm not saying it's anyone's "fault;" it happens all the time with fluctuating and volatile markets. Some people get rich, some people get poor.

    So, sure, a lot of developers lost of a lot of money. I think that's pretty common knowledge. But I doubt many lost money on sales of commercial property in Ashburn from 1998-2008, which I thought was the point of this thread. Some developers came in too late, sat on properties too long, or didn't properly research the area in which they were building. Some of it's luck and some of it's brains. And those with a lot of at least one of these are still laughing at their piles of money.
     

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