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Mikey, I pioneered my location about 35 years ago.
At that time, there was only one other laundromat
within 1 mile of me. It was a great business until
about 6 years ago when a huge laundry moved in
1 block away. Now there are 7 competitors within
1 mile. My business held its own until 2002 when
the recession and major street repairs in 2003
took their toll. This year receipts have started a slow recovery and I am hopeful that I will be able to sell for a fair price within a year or so.
Normally, laundromats are fairly recession resistant.
At least mine was until the last one. As far as being
inflation resistant, it is very difficult to raise prices in
a saturated location.
On another thread there was some discussion about
using low cost immigrant labor. I say thank God for
the immigrants ........ they comprise about 98% of my
business. I finally saw the light about 3 months ago
and fired my previous help who was hurting my
business with her unreliability and uncaring approach
and hired a Mexican immigrant. He is an outstanding
worker, conscientious to a fault, friendly with the
customers and speaks their language! My laundry
is now the cleanest in the area and I am hopeful
once again.
Cheers,
Charlie
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