Chelsea Market is one of New York’s premier food spots. The marketplace, owned by real estate investment company Jamestown, just made a whopping 1.8 billion (yes with a “b”) dollar profit on a real estate negotiation with Google. The internet mogul intends to keep the location as is and, I would speculatively say, Google wants to play a proactive role in the food resources accessible to their New York offices, while expanding their own potentials for profit.
Chelsea Market did not become such a successful and popular business over the last 20 years in New York for lack of well thought out moves. The food retailer is now looking to expand the brand in locations in the U.S. and possibly Europe. As the saying goes “if I can make it there I’ll make it anywhere”. Prosperous business owners like Jamestown are well aware of the high stakes involved with sustaining economic endeavors in an extravagantly expensive city.
Jamestown plans to hold on to the intellectual property as it expands the operation into other major cities. With the market’s 20- year track record, I could see it thriving pretty much anywhere across the U.S. or overseas in England. If Jamestown’s choice for real estate in other up and coming markets is anything like it was in New York, they will continue to be profitable.
A decade after the second largest recession in U.S. history, people in major cities across the country are starving (so to speak) for a satisfying and reliable food source. Chelsea Market has proven to have longevity for success in one of the tightest markets in the world, New York City. They have the potential and the vision to transform budding American cities across the nation.