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hagar the horrible

Enterprise Development Scheme.

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I saw this little article via IOMNP FB page regarding a new shop (bespoke tailors) just opened up at Tynpotwald Mills. Apparently another one receiving financial assistance from the Starship Enterprise award scheme. Im sure all the Tynpotwalders can get bespoke suits for bespoke occasions - TT Hospitality Tent Day, Tynpotwald Day and Banquets and the the Tynpotwald Garden Party. 

I wish the new shop keepers all the luck in the world, and in all fairness can’t blame them for wishing to ‘relocate’ here. 

Its a shame that jobs on Strand Street have been lost, when Cotton Traders closed as their rent was doubled by their landlord- allegedly. It’s a shame that Starship Enterprise couldn’t find cheap affordable premises with good footfall for new businesses wishing to relocate and also receive financial assistance. 

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3 hours ago, 2112 said:

 

Its a shame that jobs on Strand Street have been lost, when Cotton Traders closed as their rent was doubled by their landlord- allegedly.

£50000 a year that shop, going to become The Works. Gotta sell a lot of pencils to cover that.

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50 minutes ago, TheTeapot said:

£50000 a year that shop, going to become The Works. Gotta sell a lot of pencils to cover that.

Douglas, the Monte Carlo of the Irish sea!

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48 minutes ago, TheTeapot said:

£50000 a year that shop, going to become The Works. Gotta sell a lot of pencils to cover that.

Skelly and the DfE would be creaming themselves over the image that figure would convey.

Unfortunately in reality, it's rental figures like that that are driving businesses out of Douglas, if not off the Island altogether.

Edited by Non-Believer
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15 minutes ago, Non-Believer said:

Skelly and the DfE would be creaming themselves over the image that figure would convey.

Unfortunately in reality, it's rental figures like that that are driving businesses out of Douglas, if not off the Island altogether.

For a UK Group £50K a year probably looks cheap to be right in the main shopping street of a major town until you realize about 500 people a week walk past. 

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1 hour ago, TheTeapot said:

£50000 a year that shop, going to become The Works. Gotta sell a lot of pencils to cover that.

 

51 minutes ago, Non-Believer said:

Skelly and the DfE would be creaming themselves over the image that figure would convey.

Unfortunately in reality, it's rental figures like that that are driving businesses out of Douglas, if not off the Island altogether.

 

34 minutes ago, MrPB said:

For a UK Group £50K a year probably looks cheap to be right in the main shopping street of a major town until you realize about 500 people a week walk past. 

Yes, yes, yes. Several years ago we were involved in a partnership with some retail investments, one of which was a shop on the main street. Rents like that for a smallish shop unit are common. They are highest in the centre generally, and get a bit lower as you move down to the Castle Street end.

You need to make a grand a week plus VAT just to pay the rent, before even thinking of staff, NI, rates, fuel, power, etc. If you have all of that sussed out then you've broken even and can start thinking about making a profit. Given the underwhelming footfall, there isn't much you can put into a shop along there that is going to make you worthwhile money. It might look like a decent crowd on the street on a Saturday afternoon, but take a look on a cold, wet weekday morning anytime outside the summer. I did a few surveys of my own at the time, and there were days when there was virtually nobody about between 9.30 and 11am. In my opinion, to make it pay even modestly, you need to own the property or be a big name with a good margin product (like the Card Factory franchise for example). For an independent, even with a respectable turnover, it's an uphill struggle. Suffice to say we got out as soon as possible and never touched retail again.

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29 minutes ago, woolley said:

For an independent, even with a respectable turnover, it's an uphill struggle. Suffice to say we got out as soon as possible and never touched retail again.

Even David Cretney worked that out over 10 years ago. 

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And it's only got worse since. Internet. Falling population. Less disposable income because of stealth taxes. Mug's game to be setting up in my opinion, but hey, good luck to anyone who is brave or mad enough.

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3 hours ago, TheTeapot said:

£50000 a year that shop, going to become The Works. Gotta sell a lot of pencils to cover that.

Cotton Traders stuff is absolute crap! Nice glossy brochures come in the post but since I went into the shop I've chucked brochures straight into the bin! They deserve to go out of business.

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1 minute ago, Snaipyr said:

Cotton Traders stuff is absolute crap! Nice glossy brochures come in the post but since I went into the shop I've chucked brochures straight into the bin! They deserve to go out of business.

I've never been in, had assumed they sold Partridge style sorts casual.

 

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8 hours ago, woolley said:

Suffice to say we got out as soon as possible and never touched retail again.

Which is what needs to happen with more retailers in Douglas. Rents are not going to fall until the commercial letting agents and property owners are forced out of their current very comfortable existence by starvation. How on earth can Douglas support / justify commercial property rents that are 50% - 100% more than, for example, Harrogate, in an island of 85,000?

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59 minutes ago, craggy_steve said:

Rents are not going to fall until the commercial letting agents and property owners are forced out of their current very comfortable existence by starvation.

Won't happen. Govt would step in and subsidise before they'd let a little part of local establishment suffer and let a sign go out to the world that things weren't anything other than booming :lol:

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9 hours ago, MrPB said:

Even David Cretney worked that out over 10 years ago. 

And he’s as thick as mince.

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9 hours ago, MrPB said:

Even David Cretney worked that out over 10 years ago. 

its the monkeys and typewriters scenario, eventually he got something right.

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1 hour ago, Non-Believer said:

Won't happen. Govt would step in and subsidise before they'd let a little part of local establishment suffer and let a sign go out to the world that things weren't anything other than booming :lol:

Not all of the landlords are local. A few UK and CI interests involved and others. They bought in at the boom and obviously they don't want their earnings to go south. It is quite possible to finish up working just to pay the rent on a long and onerous lease. The situation we had gone into was a partnership with a portfolio of interests that were a lot better but also included this one. We thought that maybe we could turn it around, but in the end we paid the landlord for the privilege of walking away. Even that took a bit of arm twisting, but I told him I would otherwise liquidate the company which was on the verge of trading while insolvent anyway. That's how good it was.

By the way, never, ever give a personal guarantee for a commercial lease! Even if you think everything else I write is buffoonery then at least heed this. It could save you a bankruptcy.

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