Gauging Interest - LFS in Ktown

[ezcompany]

I want to know how much interest there would be for a LFS in the Koreatown area of Los Angeles. The store would be located in the area near Vermont and Olympic. If it was decently stocked with corals and fish (with more focus on corals) and drygoods and equipment, would a lot of you people come? The LFS can also host an area that can serve as a meeting place for monthly reef club meetings and such, or possibly frag swaps.

I know the better neighbourhoods have decent LFS, but I don't see one in Koreatown. They're either so rundown/ghetto, or poorly stocked with bad knowledge. I also don't know how many of you live in Koreatown, frequent/visit Koreatown, or how far Koreatown is for you. The advantage and opportunity I see is that Koreatown is smack in the middle of everything, and could be a hotspot for Socal reefers.

If there is a significant amount of interest, then I will write a report to my investor to open one up. It will be for profit of course, but the prices shouldn't be outrageous. All feedback and input is GREATLY appreciated, negative and positive!

 

[beefjerkygood]

I go to Ktown at least 2-3 times a week but that's b/c I HAVE to go. I personally hate driving down in that area b/c the traffic is horrible especially on weekends (once took me 1/2 hour to get from Vermont to Western - only a couple blocks) , and difficult to find parking anywhere. The corner of Vermont and Olympic has several shopping plaza's with parking but they are always full with double parked cars. At night time, that intersection attracts a lot of the "late night" drunk clubgoers (between 12AM - 3AM) b/c of the many Korean restaurants that stay open late and there is a lot of theft, vandalism, general trouble - this might be a concern for a store down there. I'd rather drive a bit farther to somewhere in OC - but that's just me.

 

[glaudds]

"Build it and they will come"

I would make the drive into the mid city if there was a quality saltwater/reef store there. All the good stores seem to be in the OC, westside, or deep in the San Gabriel Valley.

 

[saltyESQ]

When I went to Southwestern (located in K-Town) There are many fish shops and some decent size with large stocks of marine fish and corals. Additionally, the livstock did not look so bad, although the owners could not answer any questions (not sure if it is because they don't speak good english or because they knew nothing about marine critters- I think it was their son who took care of all the critters) and their prices were dirt cheap on everything. It would seem to be a tough market with competitors such as them

 

[Texsun]

I'm sure you're already thinking about these, but some of my concerns would be:

- Relatively low-income, immigrant, non-english speaking community. Yes, you have those elsewhere but fishkeeping isn't as big with the Korean and Latino/Chicano communities as it is, say, with the Chinese and Vietnamese communities.
- As someone else pointed out, lack of parking and overall congestion.
- Rents/leases have risen dramatically over the past couple of years in the mid-wilshire area.
- The usual concerns about crime, vandalism, etc...
- If you relying on primarily a hobbyist customer base, not sure about the long-term viability of that model.

On the plus side, the area is obviously gentrifying with younger types who could potentially be interested in aquaria. It's not an impossible but it certainly is a tough proposition no matter how you look at it.

 

[ezcompany]

i just don't know how profitable LFS's are in general. say Jeff's exotic fish, does anyone know if they turn a decent profit with respectable products and service?
and i know that Koreans/Latino people aren't into reefs yet, but again the main point here is that it's in the middle of everyone, and it can turn into something.

 

[ettekmo]

I've been thinking about this too. I live in Hollywood. There is Oranda but - it's so minimal... not very good selection of fish and corals. I love VividAquariums - which is way up in Canoga Park and it's nearly impossible for me to get there during their hours. I would love to run an LFS, but I believe the only road to profitability is location (I'd go for hollywood / west hollywood to take advantage of the relative wealth of the neighborhood and the fact that there are very few other options locally...) + a very good website and shipping of all product nationwide (or at least regionally - and I do websites... it's my line of work.) + custom jobs for offices, rich people and entertainment ind. types. If the retail store had a few really great display tanks and maybe even a fantastic surge tank like Vivid has, I think such an operation could do quite well. BUT - there is a lot of very good competition online and making money that way seems the only way to become profitable. I think you'd have to spend a lot running the shop. But if you took a very conscientious/educational approach - I think it could be fantastic. I want to do it! But - I'm a bit scared to jump off that particular bridge. Oh but i want to...

 

[ezcompany]

how successful are the most successful fish stores online or not?

 

[ettekmo]

i don't know - i look at vivid and they run a store that is fantastic but hard to find and with limited hours because nearly all their business occurs online. i think the business is moving that way... especially with dry goods. people still like to pick out fish and corals in person, but more and more are willing to try getting them online too, and people who live in remote areas just can't make it to the LFS. i'm pretty certain the future points toward LFS' that succeed on the internet with a closed door shop first, then when they make enough money to set the shop up really nice for visitors, they do so and the internet part funds the real shop's setup and growth. the upfront costs of setting up a store online is tiny compared to opening up a physical retail shop.

but - i can't really answer the question about HOW successful online fish retailers are. dr. foster's and mr. smiths seems to be doing well, but how can you really tell? they're all small and private for the most part.

mainly, running an LFS would be a minimally profitable labour of love. I think. of course one wants to make lots of money and be supersuccessful at it... but - this particular sort of thing seems fraught with pitfalls and prone to disaster.

still, i kinda want to try it! it's like friends i have who are lawyers but want to quit and open bakeries. i want to quit my job and open a fish shop. but - it's just insane.

 

[noschmo]

This is a tough business. Lots of losses of fish etc. Many late nights getting fish from the airport with losses, delays etc. I have heard that Aquatic Village in Ventura may be going up for sale. Maybe Dottie will give an honest, unbiased answer to whats it really like. Koreatown makes no sense to me. I went by Vivid yesterday. Young fellow with ear rings very pleasant and helpful. Fellow behind the counter with lomg face could not bring himself to greet me, ask if I needed help etc. I was getting ready to wAlk when the young man approached and ansered questions. Other guy looked bored. Bet he was the owner. Picture they present in person very different than the spin on their website but they do have nice facilties and healthy live stock. Saw the smallest clown trigger ever. Was wishing he was left in the sea.

 

[noschmo]

Let me add from experience that when you go from hobby to business, the hobby part goes out the door. I have had business's in two hopbbies, fish and plants. Get into business then the hobby is no more. Then its the stress of paying the rent, keeping lots of animals alive, opening boxes of dead fish in bags, wondering if some of them should had been left in the ocean and finally, dealing with the public and some of those few who will post something negative that you feel was undeserved. Ask Max at Reef Hotspot!

 

[SkinyChinaMan]

do it for the love of the hobby, otherwise, stay the heck out! ^_^
If you are looking for profit, good luck and dont waste your time and money.

 

[noschmo]

One final note. Mary at Seacrop is in the process of selling her online business which she runs out of Pt Huememe. Moving to Colorado. Been in the business a long time. Burnt out. When she opened facility recently for a visit by clubs, she had just lost power and was stressed. As i walked around the place, I really started thinking about how tied down she must have been trying to keep the thing going, live stock alive. etc.

 

[noschmo]

<a href=showthread.php?s=&postid=7575218#post7575218 target=_blank>Originally posted</a> by SkinyChinaMan
do it for the love of the hobby, otherwise, stay the heck out! ^_^
If you are looking for profit, good luck and dont waste your time and money.

You miss the point. There are people who love the hobby and make a profit running LFS. Without those, you would have limited options in getting what you want. This tread was about a person who loves his hobby but wants input about opening a store. And not all people owning LFS do it for "love of the hobby". As long as they conduct their business fairly and care about their livestock, so be it! The point again is love of hobby changes when the demands of running a business come into the equation.!

 

[SkinyChinaMan]

<a href=showthread.php?s=&postid=7575258#post7575258 target=_blank>Originally posted</a> by noschmo
You miss the point. There are people who love the hobby and make a profit running LFS. Without those, you would have limited options in getting what you want. This tread was about a person who loves his hobby but wants input about opening a store. And not all people owning LFS do it for "love of the hobby". As long as they conduct their business fairly and care about their livestock, so be it! The point again is love of hobby changes when the demands of running a business come into the equation.!

hmmm.. really? I thought he was going to present this to his investors? if i am missing the point.. my bad..
eventhough, in SoCal nowadays with all the hobbist attending frag swaps/group buys, there is nothing left for the LFS.. I stand to my saying.. Don't Do It..:lol:

* PS, I hope i am not discouraging anyone from opening up, by owning one myself, its not easy work and definitly not profitable, even when you KNOW what you are doing.:eek2:

 

[littlevietnam]

It's hard to open a LFS, since everyone is complainning and comparing why marinedepot sell the same pump for 5.00 and you're selling for 10-15. Customer asking for discount for price match.

LFS is for people that have limit knowledge about the hobby and are willing to pay high price for un-reliable stuff.

Unless you have alot of money for inventory don't do it.

 

[ezcompany]

well obviously if i had no interest in the hobby i would much rather go about selling something else then wouldn't i? i'd be the one running it if i thought it would satisfy my love for the hobby and serve my fellow community reefers with good livestock.

 

[jjirsa78]

If it were me (and I say this as someone who's never owned a physical store, but as someone who manages a very busy website), I'd not try to open an independent store, but I'd find an existing LFS you know and respect, and try to open a franchise. Rely on their experience, infrastructure, and brand recognition to do the hard part.

 

[ettekmo]

that's a good idea actually. join up with someone who is doing a good job already but who you could help expand by opening another location. i'm not too sure about koreatown though. who knows... it could be a very smart move actually, as the area is densifying and fish are great in apartments. (even reefs with nanocubes nowadays.) there are massive apartment projects going up all over koreatown, and more middle income professionals are moving in around there.

 

[ezcompany]

very true.
judging the amount of LFS out there and demand just based on what i see on reefcentral, i still don't know it its a good idea or not. maybe i can ask marinedepot for a franchising option whats the most popular online/lfs?