The barriers to entry for commercial real estate (both on the developer and tenant side) are high and seem to be getting higher. So, whenever I see a creative real estate solution that lowers those barriers, I get really excited.
One such solution that I saw announced recently was the Black Friday Express space on Fayetteville Street.
The Concept
For retailers, location is critical to the success of their operation. But, the more popular a location, the higher the rent costs. The only way to have high rent per square foot – because an area is popular – and a low cost to the tenant is with a small space. Costs and risk to the tenant can be further reduced with a short term lease.
Unfortunately small spaces are rarely built and landlords prefer longer, more stable leases.
Black Friday Market
Black Friday Express is the brainchild of Johnny Hackett Jr. of the Black Friday Market and The Black Dollar Corp. A micro-retail space like this requires someone to master lease and operate the space, which is likely why these spaces are so rare.
The Space
At 166 square feet (though it looks smaller), Black Friday Express has to be one of the smallest retail suites in the entire city. Which makes it perfect!
Located at 234 Fayetteville Street at the corner of Fayetteville and Martin, the store is in a high foot-traffic area.
The store includes all of the essentials, and no more. Tenants get modular and customizable shelving and hooks to display merchandise, a table, and signage opportunities.
The store is built for low cost and risk to the tenant, with maximum flexibility.
The space is available to lease on an hourly, daily, or weekly basis.
The front door to the space is retractable and opens vertically to create an awning of sorts. The design encourages the retail space to spill out onto the street increasing the opportunity or interaction with pedestrians.
That is how I discovered Woke Living Coffee.
Woke Living
As I was walking to the Library the table first caught my eye. I wasn’t sure what it was, but I didn’t remember seeing a table there on previous walks.
As I approached I realized they were selling coffee. Had they been behind a door, there is a zero percent chance I would have stopped.
After a quick hello I met the husband and wife team behind Woke Living Coffee. I learned all about their ethically sourced beans from Nicaragua, the varieties of roasts and iced coffee drinks they offer, and even got a sample. Delicious.
We even talked about how Woke Living Coffee is partnered with a local roaster who is willing to work with them rather than see them as competition. One of my favorite things about Raleigh is our spirit of collaboration!
After a few minutes, I was on my way with a new friend and some delicious coffee!
I highly recommend you check out Woke Living Coffee!
Barriers
What barriers to entry in real estate do you see? Let me know in the comments below!
