Reply To: Bringing back dying businesses?
I believe that you need to understand why the business is dying/ Is it becuase of technology? Was it just a fad? Did the aspects of the neighborhood change? Or did the management not do their stuff.
For example, businesses that failed due to new technology like typewriters, cassettes, video machines, film cameras. Are businesses that are not with investing in unless you have a found some use for their parts.
Restaurants that thrived in business sectors or industrial zones may not be as successful in the near future due to the covid pandemic, lots of people don’t eat out, and lots of businesses have shut down or gone more on line from home offices.
Fads like Hoola hoops, wigs, pet rocks, spinners, certain diets, are fads and they tend to spike up out of nowhere and disappear.
Then you have the example of a little grocery store on my street. The former owner was old and letting gets neglected, and people stopped going, and the quality of the food and the variety was deteriorating. Several years ago, three young guys (friends) saw an opportunity. The neighborhood is pretty affluent, the store has no real competition, so they bought it.
Today the owners are making millions. They cleaned the place up, stocked the shelves with high-end quality food, and added amazing service. There is always an owner in the shop making sure that everything is running properly.
The prices are higher than most other places, but the people here can afford it and are glad to pay becuase of the service and quality. Same-store, same location, different management.