“Real estate in New York? It just ain’t cheap,” John Brownlee reports for Cult of Mac. “In fact, it’s so expensive that even if you have a successful business you might not be able to afford it.”
Brownlee reports, “Case in point? Look no further than Restoration Hardware.”
Perhaps one of the biggest [mistakes we made] occurred in New York City, where we opened a successful store in the Flatiron district. We thought we’d do the same in SoHo but didn’t realize that SoHo was all about new, offbeat, and irreverent. We were in the old SoHo post office and did millions in sales, but in New York, you need mega-millions to afford the real estate. Fortunately, I was able to survive the mistake by selling the lease to Steve Jobs when he was just starting Apple stores and made quite a profit. – Restoration Hardware founder Stephen Gordon, Fortune, December 2014
Read more in the full article here.