If you’re seriously interested in moving forward with a salon suites development, you may want to accelerate your decision-making process. All our operating clients that had any vacancies going into the Covid-19 mess have filled every one while the shutdown has been going on, even though these new tenants can’t even access the facility. Our clients are seeing a once-in-a-lifetime opportunity because:
a) Demand is skyrocketing with the industry’s move from open salons to private salon suites. More stylists, and especially their clients, prefer the suites concept because of Covid-19. Justifiably they see it as a way to protect themselves by continuing with social distancing along with the capability to control their work environment.
b) Developers see the opportunity for additional leverage in negotiating lease terms right now since most commercial landlords are losing tenants. (Anyone walking through the door wanting 5000-6000SF right now is king.)
c) Money is relatively cheap.
We’re advising our clients that demand has exploded in the last few weeks as existing clients have decided to strike while it’s hot and either start a new development or move up planned developments. Please be advised that we will not take on too many projects if we can’t service our clientele as we have historically done. We're just providing a heads up as this information may impact your decision-making process.
Also, you might find this link interesting:
“As the corona virus pandemic keeps salons closed, companies with suite-based business models are seeing an uptick in demand for both stylists and services, providing a glimpse into what the beauty care industry could look like in the new normal.” | Fox Business https://fxn.ws/35FDwMj