Yesterday and today business as slow, so on both days, I took a stroll around Beacon Hill.
I happened to stop at the Beacon Hill Tavern, where I spoke with one of the owners. How true this is I’m not sure. But he told me and others at the bar that prior to COVID-19 he was grossing $40K a week. In the last few weeks, it was down to $15k a week. Thanks to a large part of outdoor sitting. As result. he needed to speak with his landlord about the lease. I wasn’t aware of this but his rent is triple net, he’s paying property taxes, utilities (water bill) plus a percentage of sales.
That gross figure diminishes quickly when you encounter all those expenses.
A few hours ago, I picked up a pizza to go order and Harvard Gardens, unfortunately, the same story played out there. I noticed that the bartender was also the waiter, he told me that Lions Group owned the Harvard Gardens among many other bars/restaurants, especially in the Fenway area.
What he told me next surprised me, apparently within this large organization, Harvard Gardens was the only one of their restaurant that was breaking even.
Boston Real Estate and the Bottom Line
Today, due me a favor, support your Boston neighborhood restaurant owner. Don’t forget to tip the bartender.