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Eldon Scott

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2018-08-29
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2018-08-29
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  1. “I think what is easier today probably didn't exist 20 years ago, which is access to landlords and capital. But that's a shift. Know more about capital markets and real estate than I did when I started, but it was tougher to find spaces 25 years ago.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Definitely just jump in Get a job, get some experience, and start doing it. I think that you need the experience. I think if you try to start, for example, a food brand too early without knowing all the ins and outs, it could be difficult. On the other hand, if your capital outlay isn't that high, you'll gain experience by doing it, even if the first one doesn't work.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Do a lot of ski trips with my kids. And we do a lot of stuff together as a family. So we're skiing, we're playing tennis, we're hiking and doing Tuckerman's ravine next month.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “There's a lot of different customer bases, so it could be residential, it can be tourism, it can be office. Obviously, there's different patterns to each one of those.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Yeah, and there's going to be a little bit of price adjustment. You know, rents will adjust a little bit. There'll be other. Downward. I think that I talk to a lot of people. I think there'll be other tenants backfilling those spaces. Clearly, it's a great market to be in if you have a concept that's making money right now.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “People say no, it takes a good year. Because everyone's got great intentions and they're working hard. But a lot of we've worked with a group that works with small businesses and they've done surveys. A lot of these small businesses don't even know if they're profitable. They don't have the books, the bookkeeping. They're not on top enough of what's going on. So it may take them a year to realize that this isn't working for them.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “I've had plenty of bad markets, and I think markets that have failed. And I think that that's something that Currently, a lot of operators jumping in don't have the experience of knowing that these markets just don't work everywhere. And they go bad, they go fast because you don't have a national tenant who's signed a 10-year lease. You've got a local guy and they're leaving. The second they're not making money, they're walking out the door. So, this does not work everywhere. And I think a good 50% of what's being planned right now won't last in the long run.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “What really drives me in a lot of our company is creating great places that are social places. So we're not hopefully always going to be stuck in our car or our home looking at our computers that we can create great places where you can be out and leading a civic life, if you will, meeting other people brushing shoulders, meeting entrepreneurs. And I think that's a big part of our mission.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “What's different today is technology has changed everything. Therefore, the consumer preference or what consumers are looking for has shifted quite a bit. So there's much more interest, which I didn't anticipate would happen in markets and in entrepreneurs. So that's exciting.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “And if you read the first chapter of that, the Wright brothers were bicycle repair people, but they were working in a vibrant city in the 19th century where you had a lot of entrepreneurs and a lot of access to parts and pieces and ideas and a lot of idea of there was no limitation to what they could do and the individual entrepreneur or inventor could really put things together and make something new happen. And I think what's really exciting to me working in this sector is that I see that energy. I see it in Brooklyn. Now I see it in Boston and Chicago. There's a lot of young entrepreneurs who feel empowered by the internet and by the technology to go out and create something.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “I read a lot of history. I'm fascinated with the history of cities. I read a lot about London, about New York, about other great cities, and how they developed and the economies of these cities and how the economy is interwoven with how these places have been set up.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “In Seattle, and we had Eric from London, the guys from Pike's Place, we had other guy from South Africa. And it was interesting talking to people who had been involved at that time redeveloping things. And it was very real estate driven. It was like, oh, we got this great warehouse. Let's reuse it. Today it's different. I think that what's happening today is it's very vendor driven. It's about the entrepreneur. Space is critical, but it's first and foremost about the creativity and the idea of who the vendor is. And we have many more great vendors than we did back then in the 70s.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “I think there was an earlier phase of market repurposing that started in the seventies. The Rouse Company was a leader in that Camden Locke started at that time. I went to a markets conference a couple years ago at Pike's Place, and actually Pike's Place was renovated and repurposed in the mid 70s 12.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “The Rouse Company, you know, what the festival marketplace, which really came around the time of the Bicentennial. I was a kid at the time. I grew up in Boston, so I'd take the training. I got a Fanniel Hall. I'd read the Boston Globe Real Estate section. I got excited about the idea of markets and the idea of reusing buildings probably at that time.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Esoterically, Christopher Alexander. It was an interesting architect and planner who wrote a book called A Pattern Language. And he really thought about Urban spaces as a series of vignettes or patterns that get put together into a language. And what's interesting about it is that a lot of his thinking was picked up by software engineers in Silicon Valley in the 70s and 80s. So there's an interesting tie-in between what's happening with our perception of urban spaces and what's happening with the idea of frames in Instagram or Facebook and how things are organized.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “I think that for us, what we really look for is to create a sense of community. And we do that by bringing real live entrepreneurs together and real consumers. And that community and authenticity is inherent in bringing those communities together in a great space”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “Well, the control, the main control decisions are very localized. So it's that entrepreneurs decided they're going to sell green sandals, whatever they decide to sell. We're not deciding that. So I think that a consumer senses that they're not being sold something from on high. This is the result of many individuals making many decisions.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Well, you know, you're going to a market or a place like this to feel like you're experiencing something that's part of the city or part of that community. So even if you don't know all the details of each of these stories, you get a sense that there are real people here with real life stories that have brought this product to you.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “Because you get a plate, you can take a shot on your table, you've got colors, you've got different food. And if there's a story behind that. And it's not just a national chain sandwich. That's something that can be inherent in that Instagram or in that Facebook. So people love to, I think food is one of the most highly Instagram items.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “Yeah, I don't think there's any business that's not touched by social media. And I think that the food hall has certainly grown up. The new version of the food hall has grown up with social media. So, a lot of consumers now are looking online, where's our food haul, where's their most interesting chicken sandwich, and they're finding it online.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “And suddenly you had people who might otherwise have been trying to develop software or get a job in finance were saying, hey, I can make a really interesting brand. I can make a food business. And that's actually only continued to get stronger because as you've seen things like Shake Shack Go Public, you've had more private equity firms jump into the space and more opportunity for young people to create a brand and roll that out.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “Can say one of the interesting things is the quality of the vendors, both chefs and craftsmen has just skyrocketed. So back when I first started doing this in New York in the 90s and early 2000s, look, there were a lot of great vendors and people making food. Sometime around 2008, when the internet and social media was really kicking in and other potential career paths were looking a little less successful, we suddenly started to see a lot more interesting chefs. The food truck thing was blowing up. People were self-publishing. They were tweeting where they were on a certain corner.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “You learn that's why it was like an apprenticeship. You learn almost like a craftsperson learns their trade and you start to understand what the internal rules are of that business. And that's what we learned about.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “It was hands-on, and what you gain is experience. And I think what experience is is seeing patterns. And what you see, if you do something over and over again, is you see, well, if you line up the stalls this way, the sales are going to be better if you line them up that way. So we learned our own little rules about retail facing retail, how many stalls can you sustain for a market? How much traffic do you need? And really, it was just a body of experience that I gained by doing markets now for 35 years.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “No, the early 90s. Okay. No, I guess it was the late 80s. I'm trying to remember. Yeah, it was like 80s, 889. No, it was a thriving business. It was if you've ever been to London, you went to Camden Lock, especially back then. It was even more energetic back then. So it was an exciting place to be. And I really got a kind of traditional apprenticeship in a business. So, you know, I was out there collecting 20-pound notes from vendors, moving stalls around, doing the business from the ground up.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “I was young enough so I didn't realize what career I was giving up. I just thought it was exciting and I wanted to do it. And my background was really more urban planning architecture with some real estate. So to me, it was a no-brainer to get involved with Camden Lock, which was a very exciting place to be.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “It does, but you still have, I'd say, more chef-driven concepts even within those contexts, kind of growing up. out of those street markets.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “All directions is kind of crazy. I think that it's something that's bubbling up globally. I was speaking with the head of the street food congress just last week. And we think we have a lot of food halls going on here. Well, in Asia and in Singapore, it's... It's much beyond what we have here. And this is something that is global.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “Eric serves on our board and has an interest in our company, so we talk a lot about trends that are happening in London, trends that are happening in New York in comparing notes.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “Because it's something that people need every day. It's a way to bring people together in a communal experience. And it's a way to connect really creative young businesses with consumers in a way that's more exciting than things that they've had in the past.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “We have, for example, Candon Locke, which was an urban space project, is a year-round marketplace I think it's hard to set those things up because to get the density in an urban center to do that at a real estate value that makes sense. I haven't seen it very often. So that's one of the reasons why we haven't done it.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  32. “It really is. And it's actually become a great food area as well. So I think that making public spaces better is very clearly adds to value in what's happening around those spaces. So I think programming is part of that.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  33. “Yeah, yeah. And that's a little bit of where the lighter quicker cheaper comes from is that we're setting up the rough space, but we're looking to the vendor to really brand themselves within the parameters of what we give them. So that's, you know, people ask us how you can do these things in about four or five days. That's how long it takes us to put these up And it's because it's many hands to make small”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  34. “So, you know, we came out, and turns out people came out of the woodwork. They wanted to be in the parks. They wanted to be outside. They wanted to be with other people. And that's when we first really started to sink in People are looking for human experience like an authentic experience in our sales rep.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  35. “In 2008, when things were a little rough, I was hiding under my desk along with everyone else, and we had a holiday market at Union Square to put on.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  36. “The economy only makes a difference if consumers are buying our product, so we're not as impacted by interest rates or other fluctuations. We're interested in our people buying our product.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  37. “I think since 2008, at least people have been talking about locals and new luxury, food is the new fashion, and everyone, the buzzword is authenticity. We've been dealing with authenticity since the 1970s when we started this because we were always working with local small businesses. For many years, we weren't considered a major tenant by landlords because they were looking for nationals with credit. Now everyone's looking for authenticity, so the tide has changed.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  38. “Is that something that you do? Sure. We would not normally just put a bunch of retailers on a street like that because we're more interested in the community aspect of what a food hall is. I think that's one of Compelling things about food hall”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  39. “Oh, you know, anything from other restaurateurs that are doing multiple use concepts or landlords who are putting things in their buildings. So it's really coming from multiple directions.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  40. “Certainly can go further how much I don't have the answer to. There's going to be a lot of it coming because we're not the only ones going into Chicago going to other cities.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  41. “Have turnover every year sometimes not because of the product. Sometimes people move on, they get larger. The body shop, which became a major international change, sure. Had a stall at Kendall Lock in London in the 1970s. She started with a table selling potions. She actually came from the Midlands, but that was her first London outlet. Which is a pretty big retailer now started with stalls in some of the markets. So some of them grow out of it.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  42. “Yeah, I mean, that's what we offer over going to a national store. And the way our buying gets done, obviously we're curating, we're meeting, we're looking at product, but at the end of the day, we're looking at their sales and their behavior and how the consumer likes their product, and that's how we release or change for the next year. So we're really listening to the marketplace. It's a market.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  43. “Yeah, I think that's just reflective of the entrepreneurial community and getting access to great real estate so they can sell. So it's an outcome of what's out there in the marketplace.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  44. “Something like that. I mean, we've had a guy forever who came from Colorado once a year. He makes candles, loads up his van, comes to New York. So New York's known as a place at the hall it is where you can sell products.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  45. “It's about the quality of the product and the curation of the product. So a lot of what we do as the operator is curation. And storytell Because we're trying to find vendors that are entrepreneurs from New York or sometimes beyond New York and have a real story and a real craft or something to bring to the consumer.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  46. “Full renovation This was the waiting room, and then we moved it shortly thereafter to an outdoor situation at Union Square. So that was a little bit larger”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  47. “Well, you know, there weren't a lot of great users of public spaces back in the 90s. You know, there weren't as many good concepts. There's a lot more great concepts. There's a lot more great street food today. There wasn't back then So people were looking for things like this.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  48. “Well, I mean, I came back from London and I was used to going to these Chris Kindles markets, which are throughout Europe. And we didn't really have a strong tradition of those in the States. This was, gosh, I don't know, in late 90s. So I first approached Grand Central Terminal and they just renovated the main waiting room. This is going back a lot of years. And they said, well, it may not work, but give it a shot. So we did.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  49. “Everyone has to set. It's a little bit both. We're really a real estate company from the perspective that we Acquire property and we sublease property, but we also act like an FMB brand.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source

  50. “I mean, obviously, there's some crossover, but it's a different market. We're not doing full service. If you want to have a great business lunch with five people and you want to have a reservation and wait or service, you're probably not going to go to a food hall. But if you're okay with a little more bustling environment for a business lunch, which sometimes people are, then that's where you might want to go.”

    2018-08-29 · Masters in Business · Eldon Scott of UrbanSpace on Modernizing the Communal Food Hall · IDENTIFIED FROM THE TRANSCRIPT · source