It is always a rather enlightening thing when a business finds new and creative ways to save on costs while still offering exceptional quality service. One of the recent trends that seem to have made its way to the streets of Dublin is the newly coined phenomenon known as “meanwhile us”. The phrase is used to describe actions by local businesses, especially restaurants where the establishment will simply find itself a temporary home to set up shop in a building which has been earmarked for redevelopment. By doing so many business owners find themselves cutting down exponentially on premises rental costs.
Creating Creativity Out Of Necessity
The cost of running a small business, specifically a restaurant is not on the cheap side of life. This major fixed cost tends to prove problematic for business owners, this has led to creativity stemming from the necessity to cut costs in order to survive. One of the best things about engaging in such practices is the fact that business owners no longer need the backing of an equity fund of a developer to help them create their café or restaurant space. The power and control are somewhat given back to the business. As such, owners will find themselves avoiding the upfront 5 figure payment for them to collect their keys.
The Effects Of The Recession
When the market downturn also simply called “the recession” hit economies around the world many landlords were forced to do business unconventionally as many where struggling to find long-term rental commitments. As a result, many landlord building owners in Dublin found themselves willing to forego “key money” norms. As such a rather unprecedented relationship between landlords and specifically restaurant owners started to emerge. This era has of course long passed and landlords are again calling all the shots. Landlords can again request large upfront deposits before giving up the keys.