Yoga Studio Makes Creative Agreement with Landlord
Opening a new yoga studio (or any business for that matter) in this economy is risky. So when landlords approached a Memphis studio owner about expanding to a new location in their apartment building, the studio owner had reservations. The landlords didn't want the commercial space in their apartment building to sit empty, and they saw a need for a studio in Memphis's Downtown district.
So how did they convince the owner, Sarah Nichols who already owned Midtown Yoga, to take the risk? According to an article in The Commercial Appeal, they offered her a sweet deal. In exchange for a share of profits: No lease, no guaranteed rent. After the studio's been up and running for a few months, they will re-visit the arrangement and possibly negotiate a lease.
It sounds like a creative solution that benefits everyone--especially the people who live in the apartment building or work in the neighborhood! I wish more landlords would do this. What do you think?
So how did they convince the owner, Sarah Nichols who already owned Midtown Yoga, to take the risk? According to an article in The Commercial Appeal, they offered her a sweet deal. In exchange for a share of profits: No lease, no guaranteed rent. After the studio's been up and running for a few months, they will re-visit the arrangement and possibly negotiate a lease.
It sounds like a creative solution that benefits everyone--especially the people who live in the apartment building or work in the neighborhood! I wish more landlords would do this. What do you think?
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Comments
Unfortunately, typical commercial landlords are rarely creative when it comes to their spaces. I worked for a non-profit that needed space while its offices were undergoing renovation, and no nearby commercial landlords were interested in anything but a full year lease at the usual terms. I believe that they have some tax considerations that make them prefer to keep an (eyesore) empty space rather than have a tenant -- any tenant -- fill the space.
Posted by: amee | November 13, 2009 5:29 AM
Whatever the landlord's objective, be it tax credits or otherwise, it is always a good thing when more people can be exposed to the gift of yoga.
This is a win for the landlord, a win for the yoga school and a win for the community.
Posted by: David | November 21, 2009 6:27 PM
This is such an inspiring thing to hear! I hope this happens more, and it will inspire me to approach people more creatively in the future about business arrangements.
Posted by: Leigh Ann | November 30, 2009 12:13 PM