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Eldon Scott

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67
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2018-08-29
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2018-08-29
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  1. “A great model. It's essentially a more top-down model. I mean, there are some subtenants in there, but it's primarily More of a planned food concept with stations. It's interesting because we had our first all-food pop-up market at Madison Square outside of the first Italy. And I remember at that time people saying, Yeah, it's really great, but outside is an actual market from the perspective of individual vendors and entrepreneurs. You know, you're not necessarily going to meet the entrepreneur in Italy, but you're very well going to meet the entrepreneur or the chef at one of the food halls of one of the food markets.”

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

  2. “Well, it's different day parts. Some vendors are going to do better at lunch, some are going to do better after work. We want to have a few things that will work for breakfast. So we will put someone in with a lower sales volume just because it's feeling a niche that we need. So it's science and art. It's all mixed together.”

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

  3. “It's competitive because they're great locations and the chefs want to be in those locations. So what we do is we have a separate department that does leasing. And we're looking at sales data from our other markets, our pop-up markets. And if we see something that looks like it's doing really well, we let the public decide. We let them tell us. I should read social media and all that kind of stuff. All the senior people will go to that restaurant and we'll see what we like about the food, about the menu, about the environment, about the service, and we'll make sure that there's a whole list of things we'll look at to make sure it's the best vendor in that sector.”

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

  4. “Yeah, and we kind of partner with the chefs in the space to help give them the infrastructure that they need. Sometimes they'd like more infrastructure and more storage, et cetera, et cetera. But the ones that figure it out do really well. And luckily not too many don't, but I think that they kind of learn from each other. So they'll look down the aisle and they'll say, hey, why is that guy cranking it? Why is his line moving? And they'll start to learn. But having said that, there's a big skilled jump from being a good chef to really producing quality and volume.”

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

  5. “Couple of months. There's two open right now. Madison Square and Herald Square. They're food only markets. So, what we do is we bring people in and we try them out because you can have great food, you can be a great operator, you can be a super highly followed chef, but we're looking for people that are not just, don't just have a great following, they're also really good operators. You can also be a great chef and not volume. There's a big leap it takes to go from having a tasty item to being able to serve a thousand of those items. Pretty quickly”

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

  6. “We have a little bit of an advantage because we have our own farm league set up. So we have these pop up markets that we've been doing for years all around the city. So we're in Madison Square, we're in Bryant Park, Union Square.”

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

  7. “Because not all the things that are in the pipeline are even being discussed. I think there's going to be too much of it. There's going to probably be some overbuilding.”

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

  8. “It's funny I was talking to the guys at Cushman a couple weeks ago, and we actually think it's probably much higher than that.”

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

  9. “You go out, you find a good area, you drop down a bunch of old tires and old cinder blocks, but the real color or the fish that are coming. So it's not the architecture, it's not all the planning per se. It's just bringing together market forces. It's bringing together the best of other businesses and putting them together.”

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

  10. “It's a bottom up. Business model versus a top down business model. So instead of a large restaurant company that's got a senior management and they're planning out what the menus are going to be, we're really, we're truly market operators. So we go to the market and we try to find out what the coolest concepts are and we bring them into one facility. Markets are 2,000 years old and people have had that kind of experience where you can match consumers and vendors in a central place. And the central place is the market operator and that's what we are. So one analogy we give is it's a little bit like an artificial reef. So if you've ever been snorkeling”

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

  11. “Is that a fair assessment? The main difference really is that the food hall has, generally speaking, more local and chef-driven concepts.”

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

  12. “I don't think we're at the death of the food court. I think that the food hall is a variation. But I think there's still a lot of other concepts which are going to continue to thrive as well. There's going to be more food options, not less.”

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

  13. “We already had enough capital by that time to get going, so we just applied the knowledge experience we had. I was wanting to bring it to New York for a long time. I was living in London, traveling to a lot of European capitals, and there was such a great market culture in Europe that I knew there was something that would be great in the United States. So I wanted to bring it back.”

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

  14. “Started small, it went from there. Having said that, there were a couple of investors that Eric brought in early on with Camden Lock. I mean, Camden grew to become the 34th biggest visitor destination in London and was a real phenomena at the time. Because you have to remember in the seventies there were trading laws you couldn't open on Sundays. But you could open markets on Sundays. So it was one of the first, if not the first large private market to open in London at that time. And it just really drew and got a lot of the youth culture coming down.”

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

  15. “Well, like a lot of other young people in London, I was going up to Camden Lock on the weekends, which was a great. If you haven't been there, it's north side of London, and it's a fantastic, very busy spot. And I was talking to my professor from LSE one day, and I was like, I love this place came to London. He said, oh, you got to meet Eric Reynolds. He's a friend of mine. So I met Eric. And shortly thereafter, I left Savils and started working with him at Urban Space.”

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

  16. “My background is urban planning and real estate. So I worked in a coach administration in the Department of City Planning for a while. It's my first job. New Haven, New York City, Urban Planning, then Ellis, studied urban planning and economics, and then I worked for savils, which is a property company in London. I had some traditional real estate and planning background.”

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

  17. “I've always lived in residential types of communities through boarding school and then at Yale. And these great colleges have wonderful dining halls. And one of the hearts of universities are these dining halls. So I've always been interested in this idea of community and meeting other people around food and communal skating as well. So I think there's a little bit of inspiration from those experiences that I took with me in London.”

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