As Pool & Spa News previously reported, hot tub retailers are thriving. And many people are taking it more seriously. Like Ole Schow, owner of Ole’s Pool & Spa, a service firm located in Port Orchard, Wa.
According to a report in the Kitsap Peninsula Business Journal, Schow recently purchased a foreclosed building in order to expand his company. Although he altready had been selling spas, retail was and still is not the primary source of revenue. But when a property that would allow him to repair and sell spas in two separate areas under one roof became available, he couldn't pass up the opportunity.
Although he began selling hot tubs in 2011, Schow says his business model helped him to weather the recession storm. Today, sales account for 25 percent of his business. In fact, that's why he decided to seek a larger place to showcase his inventory.
In a way, it seems the recession that once devastated the hot tub industry is helping it to make a comeback.
Schow purchased the 8,400- square-foot building for $630,000, which is well below the property’s 2015 assessed value of $905,980, and about one-third of its initial sale price of $1.79 million in 2004.
Experts agree Schow's move was wise and say the time is right for a stable business to invest in property.
“For any business that’s comfortable and sees a future, today is one of the best times to buy that I’ve ever seen,” Coldwell Banker agent Jim Freeman told the news outlet. Read More