Business Summary:
THE COMPANY
For the last 10 years, Shortstop Market has operated from the Elva Street location which is a rare commercial property located south of the professional Melaleuca Baseball Park. Each year the market has grown in sales by 10% to 20% and 2010 has increased conservatively 10% over 2009 to date. The Shortstop is the community market and in order to meet customer needs the owners are building new center counters to better service deli and lunch sales. The laundry has been updated with newer washers and dryers. The boiler is operating at peak capacity and the laundry is beginning to grow back its customer base but the foundation for the Market is in convenience sales. Capital has continually been injected into making the Market more successful; a new freezer, expanding the walk in cooler, improving and adding to the deli area, installing a colored multi station security system, and giving the interior a new face lift with wall murals. Both owners have demanding full-time careers and do not have time to operate and manage this growing business. The price has been dropped by $100,000 to motivate the sale of the business. This is an ideal opportunity for an owner-operator who would see an immediate improvement in operating profits with day-to-day supervision.
THE LOCATION
The +/-4,000 square foot building was completely remodeled in 1999-2000; new steel with 20 year warranty, new sheet rock walls and ceiling, new plumbing both gas and water for the laundry and store, and professional grade stucco exterior. In fact the store had an appraisal done in spring of 2008 that valued the land and building at $395,000; this was done prior to completing the just updated interior lights. The location is more than a seasonal supplier for the ball park and now with the closure of the Saving Center that has been the neighborhood grocery store for 40 years, the demand for product at the Shortstop has grown as never before. The owners are motivated to sell and have not changed the interior of store to accommodate the demand. There is a 364 square foot office that is not utilized and the 1,897 square foot laundry does not post as high of a price per square foot as the store and should be consolidated to meet the demand.
THE CUSTOMER
The customer base has expanded in diversity over the last 10 years. Summer sales are still significant but now the demand of being a neighborhood store has increased the annual gross sales. The neighborhood has several rental apartment units and rental homes, as well as long established homeowners. The core community is within walking distance to the Shortstop and the customer base is established and loyal.
THE REASON FOR SELLING
The owners bought and built out the property to support their laundry that was being relocated. They did not have experience in the food industry. They were under financed from the beginning and have taken the profits from the convenience store to build the business and let the laundry suffer. The store has positive cash flow and they are motivated to sell and return their attention to their careers and families.
THE IDEAL BUYER
The store now has gross sales for an owner-operator to be very successful. An owner that has grocery experience and customer skills will be able to expand and grow with the void in the area over the closure of the Savings Center. The local bank has approved the project based on a new owner having experience and $100,000 down. The future for the Short Stop Market has never been stronger.
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