Buying And Selling Restaurants And Bars In Los Angeles
The vibrant, ethnically diverse city of Los Angeles, California literally means City of Angels in Spanish. The great towers of the business district of the city draw the eyes skywards perhaps just as those mythical beings would.
The most populous city in the state of California, LA is the focal point of the Greater Los Angeles Area and the Los Angeles – Long Beach – Santa Ana MSA (metropolitan statistical area). The CSA (combined statistical area) is home to around 13 million people, making it the second largest metropolitan area in the US after the NY-NJ-PA metropolitan statistical area.
Los Angeles today is a global city. It is a center of international trade and business, media and entertainment, culture, fashion, science and technology, education and sports as well as research and medicine. The Global Cities Index ranking, which ranks cities based on their global significance and connectivity, has been placing Los Angeles at number 6 for a few years now, following important cities like New York, London, Paris, Tokyo and Hong Kong.
The Global Economic Power Index rankings also find LA the ninth most economically powerful city in the world, based on economic output, patents and innovation and the city’s financial position. Clearly LA is a coveted city to work and live in, and it supports a spectrum of cultural and professional careers. The Los Angeles CSA had a gross metropolitan product of over 902 billion in 2011, only third in the world following the Greater Tokyo Area and the New York metropolitan area.
Famous LA Landmarks
The world knows Los Angeles as the home of Hollywood, the largest creator of motion pictures, TV productions, commercials, recorded music and video games. City landmarks include the Hollywood district, Universal City and Venice Beach, all of which draw hoards of tourists that want to take a look at the location of their favorite movies, commercials or TV shows. Hollywood no longer makes all its movies on site, most of them are outsourced, but tourists still come to visit the city where it all began.
Other landmarks include the historic center of LA, Olvera Street which has a Mexican heart (as well as Mexican shops and restaurants), the historic railway hub of Union Station, the Getty Center, Museum of Contemporary Art (MOCA), Griffith Park and the famous Mulholland Drive.
Buying And Selling Restaurants And Bars In LA
With over 13 million locals and an annual tourist inflow of over 41 million, local restaurants and bars clearly have a profitable role to play in the LA economy. LA is one of the best places in the country for finding global variety in food and drink. The ethnically diverse population equally welcomes organic cafes and traditional American diners, swanky eateries and gourmet food trucks that serve a variety of authentic food. Vietnamese, Korean, Filipino, Mexican, Chinese, Ethiopian and Thai eateries rub shoulders with American ones. New styles of restaurants are welcome, and locals are always eager to experiment with new cuisines just as well with drive-thru places and fast food joints.
But there is always scope for new and unique restaurants or those that bring in cuisine from other underrepresented parts of America, such as from the East Coast, New England, the Pacific Northwest etc.
LA locals prefer hotel bars to be the nicest places to enjoy their drinks, especially around the Sunset Strip and Hollywood. But Los Feliz, Silver Lake and Echo Park are popular with hipsters that enjoy their drinks in cafes and dive bars. Downtown is also a newly re-invented area where the growing nightlife options are making bar hopping possible in a city where there are few such options.
There is plenty of scope in LA for entrepreneurs that want to make a foray in the dining and nightlife sector. People with great business ideas will need to contact a restaurant & bar broker Los Angeles localities that will be most suited for their business will also need to be identified. Selling off old businesses for any reason through restaurant and bar brokers will also help you get the best prices for your business. LA is ripe for the business of entertainment and dining, so there will always be someone willing to pay a fair price for the restaurant or bar you want to sell.