PALM BEACH, FL -- 251 Palm Beach may have found the perfect niche. This is an island of well-travelled elite, living in a place where there is a shortage of chic, young hot spots.
"Palm Beach holds eleven percent of the nation's wealth. And it's full of trendy people who like to go to the best places and have the best things to cater to them--and there's nothing on the island like it," says 251 Palm Beach owner Gus Renny.
Still he's worried.
It is his cash after all and he needs a year of good business to make that money back. These days that can be a lot harder.
"What's the standard opening and closing of a bar?" asks Holmes.
"Two years. You usually have to re-identify yourself or get a new location," says Renny.
"And in this economy?" asks Holmes.
"A year, six months if you don't know what you're doing."
The future is uncertain, but right now the opening of this new lounge and restaurant means a paycheck for 75-people.
"Is this really the right time, especially on the island that is so seasonal?" asks bartender J.P. Bowles. "You're not really going to have a summer crowd, but we're confident it's the right time, even though it's not the right time."
This is a business which lives and dies faster than most--investors know that.
Still these days, there's even more anxiety. No one makes an investment like this without thinking it will work, but then again, no one ever really knows.
"How much of it is opening night jitters that you routinely get? How much is, 'I hope I made the right choice?'" asks Holmes.
"Fifty-fifty," says Renny.
