Monday, March 10, 2008

Not sure what it signifies, but I counted 14 locations on Greenwood, between Bond on the West and Pilot Butte on the East, that were available. About 2 of them were strictly "For Sale", about 4 of them strictly "For Lease", and about 8 of them were "For Sale or Lease."

About 8 of them would actually be adequate for my needs. They are what I would term 'light industrial' spaces, that is, too big for your average boutique, too small for your average 'big' store. These places are often used for spas, or furniture, or used bookstores.

I would need one of these places to be at least 2000 sq. ft. and no more than a 1.25, including triple net. I haven't checked, but I suspect most of them are closer to the 1.50 to 1.75 range, and maybe even 2.00 range including triple net. Too much.

I like Greenwood. It gets good traffic.

But I like downtown even more. It gets good foot traffic, which is to die for. I've wished for it for many years, and now that I've got it, I don't want to give it up. That, plus being in the same location for 25 years (we spent 3 years on Greenwood) isn't something I can relinquish easily.

I think 14 locations, plus three or four more east of Pilot Butte is the most I've ever seen-- maybe 2 to 3 times the normal numbers.

I haven't checked Century Drive, lately, so I wonder if the same thing is happening there. In fact, Linda and I are going for a drive, so I'll be back....

5 comments:

Anonymous said...

Dunc,
I have to tell you your store is great. It can also be relocated to Greenwood. Parking downtown is ths shits if you you have a single destination. It is worse for employees. Bazillions of people drive Greenwood ,as the Westies, still need to go to Costco! East of 3rd St. on the south I think would be good. Like where the last tenant, the cycle something shop was or the last RE office. Surely you can succeed there, and park within 15 feet of you store. Don't forget you ca be heavy handed on you negotiating a lease. If you don't have a RE broker helping you, you should be ask for a 5% discount on the length of the lease. Good luck Bud.

Duncan McGeary said...

I agree that Greenwood is a great location. Apparently, no one else thinks so. The Bookmark was the perfect location.

The south side, that's interesting in that people on the way to some place would probably be more willing to stop than people on the way back.

But my lease is still strong, and I worry about losing customers if I move, so it's all academic.

Duncan McGeary said...

Meanwhile, went over the westside and drove Century Drive, around to Northwest Crossing, and around back to Century Drive again.

My overall sense was the Century Drive was chaotic, closed in, and messy. Linda used the word 'weedy.'

Northwest Crossing still seems like a non-starter to me.

But Century Drive was very busy at rush hour, but organized haphazardly, somehow.

I had the strange sensation again of 3rd Street seeming open and clean, which is not my normal reaction.

Not as many places for lease.

Why would you chose Century Drive over Greenwood? I'm mystified.

Duncan McGeary said...

I wish I could edit commments. I meant, the south side of Greenwood. And I meant 'why would you?' as 'why would one....'

Duncan McGeary said...

I can't tell you the number of customers Linda has gotten by people seeing her by driving on 3rd on Greenwood. Or the number of customers I've gotten by people walking around downtown.

What is important about location?

Price.

Visibility.

Quality of the Building. (and parking.)

The cachet of the westside has no appeal to me, even in housing. But a zipcode is at least more understandable than the cachet of paying extra for a less visible location for a business.

Besides, you have to earn cachet to a certain extent. Downtown Bend has charms that were invisible to people 25 years ago. It was abandoned.

We, the businesses who refilled Downtown, often because it was cheap believe it or not, brought it back simply by being who we are. We aren't who we are because of downtown. Or at least until recently. There was a synergy, but it wasn't always so apparent. It took a lot of heavy digging to find that gold ore. Recently, people are indeed buying into the cachet. (Ironically, driving away the businesses that had real funk, and replacing them with 'boutigues'.

But at least it was earned in the first place. Century Drive? Huh?

I always look for the potential. I refuse to pay extra for cachet -- that's like buying at the height of the market. I just don't believe cachet is anything but an ego boost.

In the three or so years I've driven through N.W. Crossing, it has always felt half-done, unfinished, and messy. I'm supposed to pay extra for that? So that in 5 or 10 years it will look better?

Most businesses don't even LAST 5 or 10 years, and especially if they are paying for some half-baked potemkin village.

Besides, bottomline, you are selling product, to customers, and if they see you on Greenwood, they'll park their SUV and come in if you have what they want and they know you're there.

Again, if it's run down, you have the opportunity to stand out, to make more of it. Instead of buying into a cachet that many oldtime Bendites never had. The westside was promoted, folks. You're paying extra for the promotion.