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One of Pawleys Island "name" restaurants bites the dust. They made it about two years before closing shop. Louis', in the same location, lasted about the same length of time before closing here to head to Vegas, where he opened and closed another one. Tough times...
That is discouraging news for someone who has given semi-serious thought (AKA a pipe dream) to opening a restaurant in the area. It is difficult to turn a profit in the restaurant business in good times, let alone trying to do it in bad times. Earning just 4 or 5 cents on the dollar can be difficult, so it doesn't leave a lot of room for error or miscalculation.
I am a little confused by the link. Are they selling the business or the property? It sounds like the Hammock Shops are leased properties. I am not sure how you could sell a "business" that was not profitable (other than the content). I would be curious to learn more.
I cannot imagine a tougher way to make a living around here. Restaurant hours are killer stuff and the competition is brutal. High Hammock was definitely an upper-end restaurant, a niche that has been dominated in PI by Frank's for an awfully long time.
I thought the website statement was odd, also. I assume the space is leased, but I don't know that for a fact. I also can't imagine the name being either sold by Maverick or desired by a new owner. Perhaps they're trying to sell the equipment and the remaining portion of a lease?
I cannot imagine a tougher way to make a living around here. Restaurant hours are killer stuff and the competition is brutal.
That is true. I have tried to do a little self analysis to determine if I am insane or just recklessly over-confident. While pondering that, a restaurant equipment liquidation sale for Hogan's Hickory House went by on my facebook news feed. It seems they are for sale as well, but have now resorted to equipment liquidation.... Maybe I just need a hobby.
Related to the topic, I've been reading more about these mobile (RV) restaurants in Texas and other areas. I've read where even gourmet/high end restaurants are doing this to help generate revenue and awareness for their permanent location. I haven't seen anything like it in SC but it is an intriguing concept...... I remember one lady did nothing but fried pies and was "parked" in a regular location on certain days of the week. Another had gourmet Tapas food and rotated to where wine events were being hosted......... It sounds like a terrific concept to help mitigate the risks of commiting to a permanent location. One issue I see is that ingredients will be priced based on volume purchased so it seems like the mobile units tied to storefronts would have much better margins because they are receiving better supplier pricing.
BTW, The Italian restaurant we like in Garden City isn't moving down to Pawley's....they decided to stay in their little trailer location. I was happy about that.......
The company's perspective on closing: a good article (http://www.coastalobserver.com/articles/090910/4.html - broken link)
Tina, when I was in the Navy, we had similar mobile restaurants that moved from pier to pier. Affectionately know as "roach coaches"...Good days and riches... (I still like the concept.)
Tinabean, It does seem that the mobile restaurants are gaining in popularity these days. Food Network even has a Food Truck Race show. I agree with you though that food cost could be a problem without a stationary location. I can't see there being much storage space or even a walk-in on the mobile units.
PD, that was a very good article and it shows the importance of a solid business plan. There is quite an appeal in owning a fine dining, high end restaurant because of the potential for earning a greater profit (mostly due to the fact that people are willing to spend so much more on expensive overpriced wine and top shelf liquor). That being said, it is much more difficult to pull off so most ideas would and should be scratched in the planning stages. The article points out exactly why the space was not used to it's greatest potential, they didn't utilize their draw, shoppers. It isn't that a high end restaurant couldn't do well in a retail center, but other possibilities would be much more obvious. For the most part people make plans to go out for a nice dinner they don't do it spur of the moment. IMO not catering to the shoppers would be like putting a restaurant next to a kiddie amusement park and not offering a child's menu.
PD, that was a very good article and it shows the importance of a solid business plan.
I agree, and IMO it also emphasizes how difficult it can be to know when a business plan is truly solid, particularly in the current often-confusing economy. The parent company of High Hammock is well established, well respected, and experienced with successful high-end restaurants in both Charleston and Greenville. I was impressed by their candor in saying they simply "blew it" when attempting to read this market.
I think part of the quandry is that both the shop owners and the Hammock Shops management prefer an upper scale restaurant, since the patrons are usually more affluent potential shoppers. Unfortunately, it just didn't bring enough of 'em...
I agree, and IMO it also emphasizes how difficult it can be to know when a business plan is truly solid, particularly in the current often-confusing economy.
Very true, and in my case, you hit the nail on the head. Even having who I believe to be one of the most knowledgeable and experienced resources as an adviser, my husband, I still could not be certain that my plan was not built on sand. In addition to an uncertain economy we just haven't been here long enough to get a read on the area. It is extremely frustrating because we see the insanely low priced lease spaces, but unfortunately we can't afford to be wrong. For now, I might just have to go buy some yarn and take up knitting. ... well at least until my next stubborn streak sets in
I agree, and IMO it also emphasizes how difficult it can be to know when a business plan is truly solid, particularly in the current often-confusing economy. The parent company of High Hammock is well established, well respected, and experienced with successful high-end restaurants in both Charleston and Greenville. I was impressed by their candor in saying they simply "blew it" when attempting to read this market.
I think part of the quandry is that both the shop owners and the Hammock Shops management prefer an upper scale restaurant, since the patrons are usually more affluent potential shoppers. Unfortunately, it just didn't bring enough of 'em...
OOPPSS ... came back to clarify after a little birdie pointed out that I may have offended I didn't mean to imply that I thought the owners were not experienced, quite the contrary. I was trying to say, in my clumsy way, that high end restaurants are hard to pull off in the best of circumstances and in that particular location something else would have been, probably, better suited. Maybe I should offer, free of charge, to write the press releases for our current republican candidates.
I hear what you are saying about the management preferring something upscale and hopefully they will find the right balance that will not only benefit the restaurant but the shop owners as well.
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Are they selling the business or the property? It sounds like the Hammock Shops are leased properties. I am not sure how you could sell a "business" that was not profitable (other than the content). 
I would be curious to learn more.
Good days and riches... (I still like the concept.)
In addition to an uncertain economy we just haven't been here long enough to get a read on the area. It is extremely frustrating because we see the insanely low priced lease spaces, but unfortunately we can't afford to be wrong. For now, I might just have to go buy some yarn and take up knitting. 
... well at least until my next stubborn streak sets in 
I didn't mean to imply that I thought the owners were not experienced, quite the contrary. I was trying to say, in my clumsy way, that high end restaurants are hard to pull off in the best of circumstances and in that particular location something else would have been, probably, better suited. Maybe I should offer, free of charge, to write the press releases for our current republican candidates. 
