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The restaurant brokers were convinced that the thriving restaurant scene, overall business climate and a strong franchise partner for the region would pay off. Now it seems we aren't the only ones singing the praises of Nashville these days.
A Gallop poll puts it in the top five regions for job growth and GQ magazine just termed the funky, slightly edgy and oh-so-grown up beyond country music town as the new "Now-Ville." It doesn't hurt that the newest hit on TV is the ABC drama "Nashville" that premiered in October with more than nine million viewers. In fact, the New York Times says, "It appears to be doing for the city of 610,000 people what the prime-time soap opera"Dallas"did for that Texas city in the '80.s" The mayor of Nashville (Mr. Karl Dean) agrees according to the same NY Times article where's he quoted as saying, “You can’t buy that,” Mr. Dean said. “The city looks great in it.”
The restaurant brokers agree and spent time in the market last week signing deals and working with the restaurant scene. The resurgence in the downtown area is driving development of new restaurants at a fast pace leading to lots of turnover and activity from interested buyers. That's not only happening in the buying and selling of restaurants, the residential real estate market is booming with real estate closings up 28% in July of 2012 over the previous year. That shows just how many people are moving into this hot market.
According to the Nashville Chamber of Commerce, "Over the last decade, the Nashville area has experienced tremendous growth across industry sectors, including the major industries of health care, tourism, publishing and music. High-profile businesses from across the country and the globe have moved to the Nashville area in the past few years, from ServiceSource, to Saks Fifth Avenue, to Oreck, to Backyard Burgers, to Nissan, to the Consulate-General of Japan."
The Chamber of Commerce also reports on their website that Nashville's economy performs ahead of most regions of the U.S. stating it is "one of the most dynamic, diverse and resilient in the U.S. Due to the region's many positive attributes, business growth and success routinely outpace that of the state or the nation. Data show that business formation and job growth exceed national rates, and that unemployment levels remain lower."
Patrick Dee, Franchise Partner and Restaurant Broker for We Sell Restaurants in Nashville says, "Nashville is a great market for the launch of my restaurant brokerage practice. I am receiving daily calls from people in other states that want to relocate into the area who want to buy a restaurant. At the same time, redevelopment and growth in key parts of the city are fueling turnover and additional opportunities for new restaurants. All of this is positive as a restaurant broker."
While lots of states are working to attract corporate headquarters and new business opportunities, according to the Nashville Chamber of Commerce, "Now-Ville" has a leg up. They cite a "cost of doing business that is nearly 10 percent lower than the U.S. average, and a highly educated workforce" as competitive advantages for the state.
Eric Gagnon, President of We Sell Restaurants and Restaurant Broker was in the market last week working with Patrick Dee on a number of deals. He says, "It's no surprise to me that Nashville is emerging as a major player on the national scene. Nashville has been a hidden jewel for a number of years. The state is easy to do business in and does not have a state income tax. More than 60% of the restaurants we sell in a given market are to out of state buyers. Nashville is on the mind of these buyers now who are relocating from high cost of living and excessive taxation states. They find the business climate very welcoming."
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