4 4 Nightclub & Bar Magazine | OCTOBER 2009
Downtown storefronts are easier to come by in today’s climate. Cuba Libre in Philadelphia may soon be joined by an Italian concept from parent company Libre Management.
opment costs are too high, even a successful restaurant may
not make any money.”
In the coming months, Gutin hopes to expand Libre
Management’s holdings with the opening of a new Italian restaurant concept in Philadelphia showcasing the culinary talents
of recently acquired chef Luke Palladino. Although the precise
location has yet to be identified, Gutin has a clear idea of the
desired real estate.
“We’re looking for places that have just gone out of
business or are nearly out of business,” Gutin explains.
“We want to keep our capital costs low and re-concept or
redesign an existing space that may already have exhaust
hoods, an entire kitchen, bathrooms, bars and perhaps a POS
system in place.”
How low those capital costs may be stems from the condition and features of the space. “It depends on how little or
how much you have to do to the space to reopen. On a $3
million deal, it could be as high as 80 percent or it could be
lower. We look for properties with 50 to 80 percent of the
infrastructure already in place.”
For those entrepreneurs with the cash to answer, Gutin
says the real estate opportunities are knocking as he has
never seen before in places such as Boston, Washington,
D.C., and Chicago. “Now is the time to be making deals for
2011 and 2012. People have developments that are still getting in the ground, and for which they are now offering leases
that may never come around again.” NCB
