Amid recession, a vein of optimism

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Amid recession, a vein of optimism
Some firms finding ways to capitalize

By Jenn Abelson
Globe Staff / February 15, 2009


With creative financing, sharp elbows, and a hefty dose of optimism, some area businesses are aiming to capitalize on these terrible times to expand their enterprises or start up new ones, seizing the day or preparing for the upturn they know will one day come.

For many New England merchants and entrepreneurs, simply finding a way to survive is the order of the day, as sluggish consumer spending and frozen lending markets have made business growth seem out of the question, at least for now. But then there are those like Bruegger's Bagels and auto magnate Herb Chambers, who are ramping up just as everyone else seems to be scaling back.

Call them opportunistic or just plain counterintuitive, but these and other business owners see a window of opportunity, right now. Massive store closings have opened up prime real estate, and landlords desperate for new tenants are more willing to negotiate rents and consider leasing to smaller companies. Widespread layoffs have led to a glut of available talent from sales associates all the way up to management. And manufacturers, like designer Seven jeans, who once reserved exclusive merchandise for select national chains are now willing to market their goods with local ventures.

"It's a riskier marketplace right now, but there's a lot of opportunity," said Mike Tesler, president of Retail Concepts, a consultancy in Norwell. "It's still possible to win out there. But it is hard."

William Ashmore is one of those who sees opportunity - and he sees it in a neighborhood littered with vacant storefronts, stalled projects, and empty-handed shoppers. The 34-year-old owner of Ivy, a restaurant in Downtown Crossing, is currently building his second restaurant, Stoddard's Fine Food & Ale, across the street on Temple Place. He hopes to open in April and already has plans to launch a third restaurant, a classic 1960s diner, around the corner.

"Everyday someone tells me I'm crazy. It seems like the sky is falling, and in the back of my mind I wonder if this is the right thing to do," Ashmore said as he walked through Stoddard's gutted building, where he is saving money by doing his own construction.

"Yeah, you can call me crazy. But I feel so strongly about this. I think it will work."

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http://www.boston.com/business/articles/2009/02/15/amid_recession_a_vein_of_optimism/