Finally had a chance to get out and do some chores and visit the JV project after being under the weather the last few days. Its been cold (for us California wimps anyway), with lows in the high 20Fs and 30Fs at night and a high that barely goes over 50F. But I've been using a new down parka and so its been pretty bearable so far.
|The outer shells of the stores are completed|
The JV project is going beautifully. The developer and the tenants have made a total transformation of the site into something people will want to come to again. Our fitness tenant, Planet Fitness, is about to open and they have been selling pre-opening memberships at a furious pace. Planet fitness is one of the largest chains in the USA and is heavily involved in the sponsorship of the TV series "The biggest Loser". Their strategy is to provide a fitness center where there is a "no judgement" environment and no pressure from the gym rats and "lunkers". They offer memberships for as little as $10 per month and their top of the line membership is only $20 per month. Interesting article here.
|Inside is not finished yet, but looks beautiful|
The other tenant, dd's discount is on track to open later next month. They are a super discounter and part of the Ross chain of companies. The store is just being finished out and no merchandise is being brought in as of this visit.
I had a hand in the retail mix of this project when we were still deciding if we were going to do it alone or take on a JV partner. My goal was to put together tenants that reflected the mid tier consumer that is always out looking for a bargain. That meant decent quality products at a discounted price. That retail goal might be achieved by size and scale, or by corporate strategy. So far, that strategy has worked really well as the high end retailers are failing in record numbers while the discounters are booming. The harsh reality is that Americans are getting poorer and having a harder time making ends meet. Discount and bulk purchase stores help a lot in helping people save money during these hard times. Even if times get better, people are always looking for a better bargain.
Changing the subject, I ordered another bow for my collection. Bought a new Longbow. A longbow is different than the compound or recurve bows one normally sees in that it is startlingly simple. Looks like a bent flat stick with a string - as primitive as it gets. No gimmicky gears, cams, sights, stabilizers, or fancy stuff - just a bare bow.
Decided on the Bear Ausable Longbow. This bow is one step up from their Montana, and is a lot faster and will likely hold its value due to it being made with better materials and its better performance. Should arrive in a couple of days so I will give a report on it after I shoot it. Meantime, here is a review of the bow with Jeff Kavanagh and daughter. Both unbelievable traditional, instinctive, shooters.
In the meantime, have to get ready for the new year. Lots of stuff to close out and small business stuff to catch up on, but that is what this trip was all about anyway right?