Listing Number: 6842-83919
If you’ve been on the sidelines waiting to buy a business, NOW is the time to get in the game. The owners of this iconic New York City bridal store want to stay on the beach after Labor Day, so they’ve slashed the asking price to from $2.75 million to $888,888.88 for buyers ready to close quickly.
While the store was forced to close due to Covid-19, they never stopped working: taking orders, shipping orders, scheduling appointments and helping brides get ready for their big day. They are open now and the Brides Are Back! At 30,000 square feet, the location is large enough to accommodate the same number of bridal appointments as before the virus while still adhering to social distancing guidelines. It is early in the reopening but, so far, Brides are BUYING (versus shopping around) so closing ratios are UP while time spent in store is down (meaning even more brides can make appointments).
This is not a bridal “boutique” or bridal “store,” this is a bridal DESTINATION with a decades-long reputation for quality, value and service, featuring every style imaginable from contemporary to traditional, and at prices to fit every budget. And brides come from all over the Tri-State region and beyond for that one-stop shopping experience featuring famous name gowns and dresses for brides, bridesmaids, mothers-of- the-bride and flower girls and more.
At a time when smaller bridal stores in in the Tri-State region are closing for good, they are poised for a strong comeback from in-store and online sales as well alterations and accessories. Growth opportunities include building out the ecommerce platform and adding services for planning, tuxedos, limousine rentals, honeymoons, entertainment and more.
Hours: Monday-Friday 11:00am-7:00pm, Saturday 9:30am-3:30pm, Sunday 11:00am-3:00pm
Lease: Four years left on 10-year lease, plus renewal. Rent $122,560/mo, plus real estate taxes. 30,000sf.
The Transaction: The deal structure will be an asset sale. The reason for the sale is the sellers’ desire to retire. Owner will train for four weeks at no charge. Offered at $888,888.88 (plus inventory).
- Price: $888,889
- Down Payment: $888,889
- Sellers Discretionary Earnings: $547,639
- Total Sales: $5,856,272
- Location: New York, New York
- Inventory: $700,000
- FF&E: $50,000
- Employees: 47
- Year Established: 1953
- Reason for Selling: Retiring.
- Category: Clothing