Pier 19

tis · 04-11-2018, 05:58 PM

Buddy had financial issues for a while. Maybe he had to sell them. I don't think he was being greedy. I happen to like the family very much so I hate to see them get torn apart with what ifs. Frank his son in law who has been running the store now is a great guy and I think he has only run it because he got stuck with it, just trying to do something until it sold. Problem is, it hasn't sold.

TheTimeTraveler · 04-11-2018, 08:13 PM

As I understand it they were asking around $1 million dollars for the property, and others have alluded to the 3.5 month cash flow doesn't support the asking price. The property will eventually sell but only when it's priced correctly.

The cash flow wasn't there either when the Hunters ran it as a full supermarket; if experienced grocers couldn't cut it then that says a lot right there.

.

LIforrelaxin · 04-12-2018, 10:20 AM

Quote:

Originally Posted by TheTimeTraveler

As I understand it they were asking around $1 million dollars for the property, and others have alluded to the 3.5 month cash flow doesn't support the asking price. The property will eventually sell but only when it's priced correctly.

The cash flow wasn't there either when the Hunters ran it as a full supermarket; if experienced grocers couldn't cut it then that says a lot right there.
.

I am going to pull out the BS card....

The problem isn't the 3.5 month cash flow not being enough. It is more then enough or any smart business man would have gotten the property sold off by now if it wasn't, and was costing him money.

More then enough money is/was being made operating as a season business. Even when it was Hunter's supermarket.

The problem is the same for every seasonal business, staffing. I am sure that opening up every summer with mostly new staff is a lot work, and year after year I can see how that could getting tiring. Jo Jo's was always and still is lucky that they have some employees that come back year after year... Peir 19 doesn't seem to have that luck. Now they could hire people to work all year around, but then you have to start worrying about benefits etc. which cuts into the profits...

While I will admit that the asking price is steep.... I also think there has been lots of recent investments (new gas pumps etc.).... So its not a neglected property... Once again confirming my belief that the business is profitable.

I will continue to state, that come July 4th if the store isn't open, then I will believe that until the property sells we all will be out of luck.... But I have seen this behavior before.... I never count on the store opening but I am not ready to draw the for gone conclusion that it will not...

FlyingScot · 04-12-2018, 08:39 PM

Quote:

Originally Posted by LIforrelaxin

I am going to pull out the BS card....

The problem isn't the 3.5 month cash flow not being enough. It is more then enough or any smart business man would have gotten the property sold off by now if it wasn't, and was costing him money.

More then enough money is/was being made operating as a season business. Even when it was Hunter's supermarket.

The problem is the same for every seasonal business, staffing. I am sure that opening up every summer with mostly new staff is a lot work, and year after year I can see how that could getting tiring. Jo Jo's was always and still is lucky that they have some employees that come back year after year... Peir 19 doesn't seem to have that luck. Now they could hire people to work all year around, but then you have to start worrying about benefits etc. which cuts into the profits...

While I will admit that the asking price is steep.... I also think there has been lots of recent investments (new gas pumps etc.).... So its not a neglected property... Once again confirming my belief that the business is profitable.

I will continue to state, that come July 4th if the store isn't open, then I will believe that until the property sells we all will be out of luck.... But I have seen this behavior before.... I never count on the store opening but I am not ready to draw the for gone conclusion that it will not...

I agree. Plus, you kind of answer your own question/BS calling. 3.5 months is only insufficient if a person believes the asking price is fair.

If you believe the store is worth less than the asking price, then 3.5 months seems like enough time to cover the fair value of the store. It would be interesting to know the historical prices.

SAB1 · 04-22-2018, 06:57 PM

Swung by ramp today at pier 19 hoping to get a small boat in and was surprised to see the dock to the left of the ramp looking out at the lake is closed off to the public. They installed railings down the entire length of the dock with signs saying private dock no tie ups. This is the side most people visiting the store used. If the store did open now the parking by water wound be the cement dock that the fire Dept and game wardens use.

mas1992bc · 05-26-2018, 11:03 AM

Went by there yesterday to get ice cream - only to find it was closed. The ice cream windows are boarded up. Doesn't look like it is opening any time soon.

Janet · 05-26-2018, 11:07 AM

Quote:

Originally Posted by mas1992bc

Went by there yesterday to get ice cream - only to find it was closed. The ice cream windows are boarded up. Doesn't look like it is opening any time soon.

Very sad. Will really miss our ice cream trips and also their "steak bombs".

camp guy · 05-26-2018, 02:45 PM

I just had a thought - maybe the Marriott Family will buy Pier 19 and run it for a learning experience for their extended family. The Family certainly has unchallenged qualifications in the food service business, and they could commute by boat.

(I am not trying to spend other people's money, just had a thought!)

04-11-2018, 08:13 PM	#2
TheTimeTraveler Senior Member Join Date: Aug 2015 Posts: 888 Thanks: 278 Thanked 288 Times in 178 Posts	Pier 19 Store As I understand it they were asking around $1 million dollars for the property, and others have alluded to the 3.5 month cash flow doesn't support the asking price. The property will eventually sell but only when it's priced correctly. The cash flow wasn't there either when the Hunters ran it as a full supermarket; if experienced grocers couldn't cut it then that says a lot right there. .

05-26-2018, 11:03 AM	#6
mas1992bc Senior Member Join Date: Mar 2012 Location: Tewksbury, MA Posts: 72 Thanks: 24 Thanked 104 Times in 20 Posts	Pier 19 still closed Went by there yesterday to get ice cream - only to find it was closed. The ice cream windows are boarded up. Doesn't look like it is opening any time soon.

05-26-2018, 02:45 PM	#8
camp guy Senior Member Join Date: Apr 2004 Location: formerly Winter Harbor, still Wolfeboro Posts: 1,190 Thanks: 301 Thanked 527 Times in 294 Posts	Pier 19 I just had a thought - maybe the Marriott Family will buy Pier 19 and run it for a learning experience for their extended family. The Family certainly has unchallenged qualifications in the food service business, and they could commute by boat. (I am not trying to spend other people's money, just had a thought!)

04-11-2018, 05:58 PM	#1
tis Senior Member Join Date: Jan 2006 Posts: 6,749 Thanks: 752 Thanked 1,459 Times in 1,016 Posts	Buddy had financial issues for a while. Maybe he had to sell them. I don't think he was being greedy. I happen to like the family very much so I hate to see them get torn apart with what ifs. Frank his son in law who has been running the store now is a great guy and I think he has only run it because he got stuck with it, just trying to do something until it sold. Problem is, it hasn't sold.

04-22-2018, 06:57 PM	#5
SAB1 Senior Member Join Date: Feb 2012 Location: Tuftonboro Posts: 1,232 Thanks: 190 Thanked 323 Times in 236 Posts	Swung by ramp today at pier 19 hoping to get a small boat in and was surprised to see the dock to the left of the ramp looking out at the lake is closed off to the public. They installed railings down the entire length of the dock with signs saying private dock no tie ups. This is the side most people visiting the store used. If the store did open now the parking by water wound be the cement dock that the fire Dept and game wardens use.