Dating Spaces is a series of blog posts in which we share information about our search for a location with our member-owners and supporters. The following is from the Co-op's Real Estate Committee Chair Angel D'Ippolito.
"Everyone's favorite hypothetical grocery store."
I remember attending the very first meeting of the Co-op's Real Estate Committee back on July 9, 2012. There were a lot of people at that first meeting, which really showed how eager people were even back then to get the store up and running. Now, as the chair of the committee nearly three years later, no one is as eager as me to turn the hypothetical store store into a physical reality.
The Real Estate Committee is 100% committed to finding the right space for our store. We have examined the viability of over 80 properties. We have done site visits of about 20 of them. Committee members have had countless meetings with potential landlords, developers, state and city legislators and agencies, civic leaders, lenders, other co-op leaders, and realtors. We interviewed half a dozen realtors and hired one. Through a Community Design Collaborative grant, we worked with a local architecture firm to prepare an architectural program for the store. Market studies have been obtained, financial pro formas prepared, and so much more has been done in the effort to find the right location.
You might have noticed that I didn't say we are looking for the "perfect" space. The reality is that no site in South Philly can meet every single item on our dream store wishlist. However, I am convinced that we will find the space that has the necessary balance in location, shape, size, loading, accessibility, and price. We face a fair amount of challenges. The biggest challenge thus far has been in finding spaces that (i) exist and are available, (ii) fit our few must-haves, and (iii) are priced in a way that gives the Co-op a good chance at long-term success. Places that are too big are too expensive to operate. Spaces too small don't offer the ability to stock enough product to sustain necessary sales. Locations on ideal commercial corridors are often priced way too high or get scooped up quickly by other suitors. Locations hidden away in neighborhoods often don't offer high enough sales projections to justify the start-up costs.
Phew - that's a lot of generalizations, I know! Know, however, that we analyze each and every location that comes to our attention with specificity and balance. We investigate every location that is brought to our attention, while actively searching for new potential sites. Sometimes we revisit prior sites to see if anything has changed.
We really need you, fellow members, to be on the lookout for spaces that you think match our dating profile. Call 215-839-8213 or email us with any possible locations. As I said, we'll leave no stone unturned!
We promise that we are moving as quickly as reasonably possible while exploring sites with diligence. As winning basketball coach John Wooden once said, "If you don't have time to do it right, when will you have time to do it over?"