What are the keys to being successful in the coin laundry business?
I don’t think there is one formula that works for every type of store. I see three really distinct types. One is the urban, neighborhood laundry, which is what we have, where a huge number of customers are walking to the store. People know each other, and it’s really a friendly atmosphere. Then, there is the strip mall laundromat that is pulling from a much wider geographic area. Everybody is coming to it in a car, and there isn’t necessarily as much of a neighborhood feel. Then, there is the rural laundromat, where people have to drive long distances to get there. Generally, they’re not using it for their weekly laundry. I think all of those different types of stores take slightly different approaches. However, one of the things that is universal is the need for owners to be engaged in running their stores. Some owners assume they can build an unattended store, keep it clean, maintain the machines and collect the quarters. But there aren’t many markets where that formula actually work
