$\"Median$ <\/a>
Median Sales Prices are steadily rising as the economy recovers and Downtown becomes more popular<\/p><\/div>\n
Debuted in May 2013, Badmaash has managed to evade most of the economic instability. Today investments in Downtown LA are \u201csound and growing\u201d stresses Nakul. But business has not always been easy. The brothers\u2019 previous Toronto-based restaurant, Jaipur Grille, felt the effects of recent economic turmoil. The restaurant group that worked with Jaipur Grille, Nakul explains, had to accept significant losses and dramatic dips in business.<\/span><\/p>\n
Indeed, though many industries worldwide slipped into decline after the 2008 Wall Street Crash, few were as hard-hit as the restaurant industry.<\/p>\n
According to data<\/a> released by the Federal Reserve and the Bureau of Economic Analysis, overall consumer spending dropped dramatically from 2008 through 2010. In addition, a <\/span>comparative analysis<\/a> by <\/span>Beacon Economics <\/i>details how taxable sales for the City of Los Angeles, which bottomed out in the Q2 of 2009, saw a 18.6% decline from peak to trough. A triple hit, lowered consumer spending complemented by heavy job loss and the inherent increase in available time to cook, meant few people were inclined to eat out.<\/span><\/p>\n
$\"Consumer$ <\/a>
Consumer spending dropped dramatically during the crisis. Restaurants suffered significant losses in 2009 in particular.<\/p><\/div>\n
In my conversation with Nakul my questions about the economy\u2019s impact required little elaboration. With spending reduced to bare-necessities, eating out became a luxury most could no longer afford.\u00a0<\/span><\/p>\n
More interesting, however, was his positive outlook.<\/p>\n
\u201cThis is an extremely great time for the U.S. and an event better time for Downtown LA,\u201d he said. \u201cEveryone is look to Downtown LA as the next great American city.\u201d<\/p>\n
In the last few months, publications like GQ<\/a> have written about Downtown LA, painting it as a crossroads of innovative cuisine, alternative shopping, and an edgy, somewhat nostalgic culture. It was interesting to hear about the area\u2019s rise from someone with an on-the-ground perspective. Nakul explained that Downtown LA is growing rapidly, just less noticeably.<\/p>\n
Traditionally, the Downtown economy is restricted mostly to the daytime, catering to the office workers that file in and out of its high-rises each day. By night, its derelict and supposedly \u2018crime-ridden\u2019 streets make for a disheartening vision.<\/p>\n
Yet, as Nakul points out, the area is rapidly changing. According to a survey by the Downtown Center Business Improvement District<\/a>, there was a 6% rise in Downtown\u2019s population between 2011 and 2013. More than 92% of people reported they \u2018lunch out\u2019 at least once a month. Notably, 93% of permanent residents (i.e. not employees or visitors) dine out at least once a month. Finally, close to 68% of respondents said they wanted more mid-level restaurant options.<\/p>\n
$\"Web\"$ <\/a><\/p>\n
Asked what the increase in population might mean for Badmaash, Nakul underscored that heightened demand means more supply must be created.<\/p>\n
\u201cThe more\u00a0people that move here, the more demand for eating options. The more restaurants that open up, the better\u201d he said. At such an early stage there is still ample opportunity and room for expansion without the risk of market saturation, it seems.\u00a0<\/span><\/p>\n
Nonetheless, Downtown property rates have \u201cskyrocketed,\u201d according to Nakul. With the openings of establishments like the Ace Hotel, Downtown\u2019s micro-economy is certainly on the rise.<\/p>\n
Economic indicators notwithstanding, I realised from my conversation with Nakul that Downtown\u2019s business environment is actually much more promising for small businesses than that of its West LA counterpart.<\/p>\n
The saturated, unfamiliar, and expensive market of Beverley Hills or West Hollywood is hardly conducive to starting an unconventional restaurant concept, especially without financial backing.<\/p>\n
\u201cIn Hollywood, the chairs alone were $1000 a piece. It would have completely changed our business. In Downtown, we found ones for $100,\u201d Nakul highlighted to me.<\/p>\n
Interestingly, though Downtown\u2019s low-cost economic environment made it easier, the City of Los Angeles\u2019 policies, as other interview posts have mentioned, left much to be desired.\u00a0<\/span><\/p>\n
Nakul described the process of opening a restaurant\u00a0 in LA as \u201cvery bureaucratic, almost inaccessible.\u201d<\/p>\n
More importantly, he emphasised the need for more support for starting small businesses, particularly in a budding micro-economy like that of Downtown LA. Support from the Downtown Business Improvement District helped push through a lot of Badmaash\u2019s permits. Beside this however, Nakul stressed the need for a city- or country-wide program to provide micro\/local economic stimulus through support of small businesses. Assuaging the need\u00a0for capital through long-t<\/span>erm loa<\/span>ns,<\/span>while lowering the barriers for entry are essential if Downtown is to continue growing, he said.\u00a0<\/span><\/p>\n
\u201cRestaurants can become a sinkhole of money, a purveying nightmare,\u201d he explained. \u201cAccess to capital is extremely important and any restauranteur knows that initial capital investment has to be really small, making funding and low costs all the more crucial.\u201d<\/p>\n
All in all, my interview with Nakul of Badmaash LA was enormously interesting and illuminating. As mentioned, Downtown is often said to be \u2018on-the-rise,\u2019 but this is only gradually becoming evident. This aside, Badmaash\u2019s and Downtown LA\u2019s burgeoning success points to the ability of unlikely, written-off economic environments to be a huge hotbed for small business success. Could this be extended to entire economies? Who knows\u2026<\/p>\n
BaadmashLA is located on\u00a0108 West 2nd Street #104 in DowntownLA. Be sure to visit if you’re ever looking for a fantastic place to eat!<\/p>\n","protected":false},"excerpt":{"rendered":"
\u201cThe most badass chicken tikka out there,\u201d that\u2019s what Badmaash LA, Downtown Los Angeles\u2019 revolutionary Indian Gastropub, offers. Mention Indian food and the natural instinct is to think of a staid restaurant with faded red carpeted floors and sitar-music. Enter Nakul and Arjun Mahendro, the two Canadian Indian brothers who started Badmaash. Serving traditional indian […]<\/p>\n","protected":false},"author":592,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[75],"jetpack_featured_media_url":"","_links":{"self":[{"href":"http:\/\/j469.ascjclass.org\/wp-json\/wp\/v2\/posts\/65"}],"collection":[{"href":"http:\/\/j469.ascjclass.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/j469.ascjclass.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/j469.ascjclass.org\/wp-json\/wp\/v2\/users\/592"}],"replies":[{"embeddable":true,"href":"http:\/\/j469.ascjclass.org\/wp-json\/wp\/v2\/comments?post=65"}],"version-history":[{"count":0,"href":"http:\/\/j469.ascjclass.org\/wp-json\/wp\/v2\/posts\/65\/revisions"}],"wp:attachment":[{"href":"http:\/\/j469.ascjclass.org\/wp-json\/wp\/v2\/media?parent=65"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/j469.ascjclass.org\/wp-json\/wp\/v2\/categories?post=65"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/j469.ascjclass.org\/wp-json\/wp\/v2\/tags?post=65"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}