Originally Posted by patrickBOOTH
I would say there is a lot more risk wit the Jersey sports bar as well. Think of the riff-raff it will attract.
This statement is an example of why so many businesses fail. Riff-raff pay your bills. They aren't going to burn down your bar. You have access to the majority of the 21+ population when you have a sports bar.
A high end bar is dealing with a very small market segment. When your market is that small, the competition is fucking brutal. The established favorites may be run by multi-millionaires who can take a loss for a year or two in order to run you out of business. Also, loyalty plays a huge factor in niche markets. It'll be hard to draw customers away from their established favorites. Beyond that, the favorites rarely stay in business for extended periods of time. There are tons of companies that would appear to be successful that just aren't making money. Niche luxury businesses do this a lot.