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Opening a new yoga studio (or any business for that matter) in this economy is risky. So when landlords approached a Memphis studio owner about expanding to a new location in their apartment building, the studio owner had reservations. The landlords didn’t want the commercial space in their apartment building to sit empty, and they saw a need for a studio in Memphis’s Downtown district.
So how did they convince the owner, Sarah Nichols who already owned Midtown Yoga, to take the risk? According to an article in The Commercial Appeal, they offered her a sweet deal. In exchange for a share of profits: No lease, no guaranteed rent. After the studio’s been up and running for a few months, they will re-visit the arrangement and possibly negotiate a lease.
It sounds like a creative solution that benefits everyone–especially the people who live in the apartment building or work in the neighborhood! I wish more landlords would do this. What do you think?