Quote:
Originally Posted by TheTimeTraveler
As I understand it they were asking around $1 million dollars for the property, and others have alluded to the 3.5 month cash flow doesn't support the asking price. The property will eventually sell but only when it's priced correctly.
The cash flow wasn't there either when the Hunters ran it as a full supermarket; if experienced grocers couldn't cut it then that says a lot right there.
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I am going to pull out the BS card....
The problem isn't the 3.5 month cash flow not being enough. It is more then enough or any smart business man would have gotten the property sold off by now if it wasn't, and was costing him money.
More then enough money is/was being made operating as a season business. Even when it was Hunter's supermarket.
The problem is the same for every seasonal business, staffing. I am sure that opening up every summer with mostly new staff is a lot work, and year after year I can see how that could getting tiring. Jo Jo's was always and still is lucky that they have some employees that come back year after year... Peir 19 doesn't seem to have that luck. Now they could hire people to work all year around, but then you have to start worrying about benefits etc. which cuts into the profits...
While I will admit that the asking price is steep.... I also think there has been lots of recent investments (new gas pumps etc.).... So its not a neglected property... Once again confirming my belief that the business is profitable.
I will continue to state, that come July 4th if the store isn't open, then I will believe that until the property sells we all will be out of luck.... But I have seen this behavior before.... I never count on the store opening but I am not ready to draw the for gone conclusion that it will not...