December 19, 2020 at 11:11 pm #2772Travelle MasonParticipant
It’s midnight, I’m on my way home after working my part time evening shift at the hospital lab. I decided to take a different way home. I recently mapped out the laundromats in my area so I can get an idea what my area looks like. I hit like 4 to 5 of them. What struck me the most was that 4 of them were attached to commercial properties and mainly strip malls. There was one that was a solo stand alone building. This led me to question which is better. Here’ what I thought of:
1. Stand alones, operators are less likely to be pushed out by the landlord to utilize the space for something else.
2. Stand alones, operators are less likely to get foot traffic like a strip mall would (which can be good or bad).
3. Stand alones, operators have a better chance of buying the property, since it may cost less than acquiring a strip mall.
4. Stand alones, rent increases may be less drastic.
I seem to be leaning heavily toward stand alone facilites. What do y’all think? What am I missing?
December 21, 2020 at 5:45 am #2813Kamal SinghParticipant
Those are good points especially 3 and 4. It all depends on the variable of customer base. I’m in a stand alone building, across the street from an apartment complex but most of my customers drive in to do their laundry. Some stick around, others put stuff in wash, come back 30 minutes later.
January 5, 2021 at 10:42 am #2916Travelle MasonParticipant
Thanks for your input.
I was thinking of researching an area 1 hour away. I am now focusing on my immediate area in Montgomery County, MD.
ALL HANDS ON DECK for this first quarter of 2021!
January 13, 2021 at 6:00 pm #3185Jason DodgeParticipant
A building you own will always be best. Whether thats a stand alone or in a strip mall. For arguments sake, lets say you own both, a stand alone and a strip mall. Which is better? That depends on the other businesses in the strip mall and access to good parking. Try and stay away from liquor stores and bars, they can be trouble neighbors, at least thats my experience with them.
Have you ever noticed that when a Walmart is built that other businesses will build nearby or in the out lots of that Walmart. These other businesses share the same customer as Walmart, same demographic. So if Walmart builds, they build. So if your strip mall has ample parking, a good demographic and other businesses that share that same demographic, it can do really good. They can all feed off of each other and help each other.
On the other hand a Laundromat is a destination business so a stand alone can also do great.
The correct answer is, as long as you run the best laundromat in your area, you will win. Regardless if its stand alone or in a strip mall.
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