Successful Coffee Shop Expansion
A successful coffee shop/bakery client that has been in business for 10+ years and several locations in the University City area, wants to expand to Center City Philadelphia.
- It is determined how much space is needed, the demographic that work with the menu and pricing, the rent and other monthly property expenses that the client can afford – including tenant improvement money needed from the Landlord.
- Search for location:
- Direct communications contacts with numerous commercial retail brokers in the region,
- Contact friends and associates with knowledge of the area.
- Direct contact with property owners
- Visit potential sites.
- Decide on site. Negotiate a letter of intent for rent, term of lease, guarantees, tenant improvement money, landlord’s work, contingencies.
- In conjunction with attorneys, write and review lease.
- Self financing
- Sign lease and begin build-out.
- Opens another café at a corner location in the Comcast Center area.