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I wonder how much money Parker lost on that investment.
http://www.mysanantonio.com/business...es-4721515.php
Earlier that day, the bar had encouraged fans of its Facebook page to call for VIP reservations.
“The time has come, San Antonio: All good things must come to an end,” the most recent Facebook post reads. “Nueve Lounge officially closed our doors this past Saturday night and we want to thank everyone who came and supported us in this endeavor.
I wonder how much money Parker lost on that investment.
awww that's too bad
He put it in a terrible place tbh. Put it in Stone Oak or maybe downtown and it would've done well/better than it did.
Should have put in the west side as a cantina. It would have had tons of business.
Cop magnet I'm sure. Probably earned Bexar County much more money than Tony lost. The lawyers of San Antonio are in mourning!
Worst investment you can make is a bar, somebody should have told him.
On the other hand, if you have money to kill as I suppose TP does, then it can become a tax write off when it eventually fails.
Bars can make money if you have the right kind of person running it. People who want to party and think this is a cool way to do it will fail. Someone with the right mind set and the right locale can make a fortune selling booze to people. This place was probably a bad idea by his brother(s) who haven't a clue about the business and ran through a fortune before Tony's accountants screamed bloody murder. Blood is thicker than wine, but money is the great slap in the face.
Ran into some dude who said he helped run the place. Said they were pouring in 20k every month just to keep it running. Said he wishes it would have stayed as Changos instead of changing.
6-23
Good. Now maybe he will spend more time on basketball and less on being a celebrity.
Well wasn't it crazy expensive?
Terrible location.
He got impatient and didn't take better advice he was given about location parking etc.
The whole up-scale thing is horrible for bars. The general public doesn't want to pay more for already expensive drinks. And the bar had no TV's or anything the public could gravitate to. That's the reason most bars fail. They're simply not cool hang out places. TP's bar certainly wasn't.
The truth is for bars people want a hole in the wall with no restrictions, low costs, and easy access. That's all.
Not surprised. San Antonio is a terrible place to have an upscale anything. Should've opened one in one of the "big 3" (Dallas, Houston, Austin). Those 3 cities have some of the top 100 wealthiest zip codes in the U.S.
San Antonio has none. , I don't think San Antonio is represented in the top 10000, let alone 100 (there are ~45000 total zip codes for reference).
I went there a couple times, and my wife a few times more than me. It's NOT a bad place at all -- I was actually surprised at how much I liked it. The drinks were slightly more expensive than your typical area, but not that much more. The decor was great. The atmosphere was good. The place was well-run. For what it was, they did an overall great job.
My take on the problem was a combination of size/location/demand. The upscale concept is fine -- IF there's enough demand, and actually, I think the demand exists. But the rub is the demand exists closer to town; put this exact concept in Stone Oak and it does much better, albeit at a higher rent cost. But even if they did that, because of the upscale nature and how much money went into making it look and run well, the square footage itself was too small to generate a profit. You need a lot of drinkers and people* to bring in the cash flow, and the place was too small to support that.
* the caveat -- what you really need is high rollers who spend a lot, and it may seem you don't need much space to support a few high rollers. But, the high rollers come where the crowds are, and what attracts the crowds? Attractive girls. And what attracts attractive girls? Crowds, where they can be seen. Hence, you need space to bring in the crowds and girls, which then brings in the big spenders.
I bet they thought Parker's name and connections would bring in those big spenders, making the smaller size less of an issue. I certainly would have thought the same.
this place. I got denied at the door cause I was already drunk. Joes volcano for life!!!!!!!
Yeah, San Antonio.
Never went and had no interest to do so.. Just didn't see the appeal.
Not surprised TP shut it down quickly he doesn't seem to joke around with his money.
First off, there are plenty of upscale establishments thriving in San Antonio. So much so, that this closing will barely register on the SA social scene. Just a terrible location.
Second, what an odd indicator to use. Wealthiest zip codes? Ok, but then, you use it so incredibly inaccuratly and with such hyperbole that it loses purpose. What do I mean? I mean, you claim San Antonio doesn't have a top 1,000 zip code yet the wealthiest Dallas zip code has an average household income of $98k while the wealthiest San Antonio zip code has an average household income of $92k.
, the wealthiest Texas zip code is in Houston at $200k, but that zip code has a population of less than 700 people.
I get that your overt bias is trying to paint a broad picture, but kid, when you do that with ty claims thy are easily refuted, well, you look make yourself even more of a clown.
You outta be careful switching screen names. You're liable to slip up.
Oh ok. I don't know what that means.
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