Olympia Closed?

[spiritofdetroit]

It appears the Olympia Restaurant in Greektown has closed. Anyone have any details? Walking through tonight, much of the signage and equipment was gone, though the furniture remained. I know comps weren't accepted there, which I am sure hurt them big time.

Hopefully someone has some better news....

[R8RBOB]

The worst thing that could happen to Greektown was to add a casino among their restaurants. I remember around 2008, I was gambling in the casino when I decided it was time to go. As I was leaving, I decided to stop in one of my favorite places back in the 90's, the Golden Fleece. The place was empty except a couple of people sitting down.

It doesn't surprises me that this restaurant has closed. There will be more to come.

[Lorax]

This is just an indicator of a larger problem, which is the cost of doing business, especially in Detroit.

As is true here in Miami, rents are too high. Proportionally, Detroit is less expensive as a rule, but depending on the local costs of doing business, everyone has their hand out. City, county, state, feds, utilities, insurance, and especially rents.

Something has to give, and it will start with the value we give to goods and services.

Rents need to come down to start with. In Detroit they may need to fall below 1 dollar per square foot. I find here in Miami that landlords are holding out for top dollar, and would rather have an empty building than a paying tenant.

More individuals would be willing to open a business if costs dropped dramatically. Case in point: there is a storefront near me here in Miami, Biscayne Boulevard [[US1) frontage, about 1000 square feet, three parking spaces in back, renovated three years ago, and the greedy owner wants 7500.00 bucks per month.

It has been vacant since the renovation of the place three years ago. It needs to be about 700 dollars to be rented, as it backs on a really bad neighborhood. They always bank of the US1 frontage as the saving grace, just as Detroit landlords want more for Woodward Avenue. Last I looked, Woodward wasn't such a great bet.

[davewindsor]

It appears the Olympia Restaurant in Greektown has closed. Anyone have any details? Walking through tonight, much of the signage and equipment was gone, though the furniture remained. I know comps weren't accepted there, which I am sure hurt them big time.

Hopefully someone has some better news....

Probably the $9.99 International Buffet including drink right across the street at Greektown Casino that did them in. Unless they switched to a competing buffet format, who'd want to go there and spend $50 for dinner in this economy.

[EastsideAl]

Proof yet again that casinos kill businesses - at least businesses outside of the casino. When the merchants of Greektown were so gung ho to have a casino in their midst I was telling everyone that it was going to kill them off. Just look at Atlantic City, I said, where there is basically no city left outside of the casinos. Casinos are, in the end, mostly only good for casinos. But, no, they and everyone else had to have them [[despite the fact that we voted them down time after time) Now look, no more New Hellas, no more Olympia, and, as R8RBOB said, more to come [[or go...).

[R8RBOB]

Proof yet again that casinos kill businesses - at least businesses outside of the casino. When the merchants of Greektown were so gung ho to have a casino in their midst I was telling everyone that it was going to kill them off. Just look at Atlantic City, I said, where there is basically no city left outside of the casinos. Casinos are, in the end, mostly only good for casinos. But, no, they and everyone else had to have them [[despite the fact that we voted them down time after time) Now look, no more New Hellas, no more Olympia, and, as R8RBOB said, more to come [[or go...).

So true Eastside, so true. Look at Carl's Chop House. Crushed by Motor City. Really, who is going to leave the casino to eat at Carl's?

Detroit should have placed the casinos on the riverfront as planned. The area would have been devoid of any business since all the bars on the riverfront were closing up.