Business Ins And Outs

April 6, 2016

OUT

Local restaurant Garrett’s Restaurant and Railroad Tavern closed its doors at 3003 M St. NW for the last time Monday, May 30. A popular hangout since 1979, the restaurant’s closure is likely tied to rising rent and bigger businesses emerging in the Georgetown area. Well-known not only for its menu and dining options but also its weekly game nights and holiday events, Garrett’s will be missed by neighborhood locals as well their loyal employees.

IN

Nectar Skin Bar, located at 1633 Wisconsin Avenue NW, hopes to be a unique addition to the local beauty scene with a fresh, upscale boutique. Nectar specializes in unique beauty treatment products and services such as LashDip, Softsense wax from Italy and Intraceuticals Oxygen Infusion Facials. The boutique also offers traditional services ranging from manicures and pedicures to airbrush tanning and makeup and eyebrow applications. Prices for each service or product range from $30- $50. To make an appointment call (202) 333-4332.

A new gallery has opened its doors in Georgetown. Heiner Contemporary, located at 1675 Wisconsin Avenue NW, features emerging and mid-career contemporary artists that work within a range of media. The current solo exhibition of New York artist, Elizabeth Huey features new paintings, installation and video. “Elizabeth Huey: Polychromatic Projection” will be on display until July 2, 2011. Make sure to stop by the gallery for artist’s talk on Saturday, June 18th at 5pm.

Current Wisconsin Avenue resident, O Salon, is moving to 3212 O Street due to the rising rent at their current location. With additional square footage and a rear patio courtyard, the owners hope to attract more customers, and perhaps a new stylist. The salon plans to move over the weekend of June 12 and reopen their doors at the new location on Wednesday, June 15.

Home furnishings retailer, West Elm, is returning to D.C. with a temporary seven-month lease to occupy 3333 M St. NW in Georgetown. After closing their largest location at 1020 G St. NW in March 2010, the San Francisco-based company decided to try another concept in the area, and ended up as a “pop-up store.” This trend caught on during the economic downturn as a way for retailers to avoid the risk of a long-term lease, while still testing the location and generating buzz for their brand or store. The new West Elm will have 6,500 sq. ft., a fraction of their previous store, but it’ll still have the same merchandise. [gallery ids="99985,106147" nav="thumbs"]

Business Ins and Outs


Out & In: Ubiq to Occupy Bistro Français Space

Sacré bleu! Thanks, Michael Jordan and sneakerheads. A Ubiq sneaker store will be taking over the space which has held Bistro Français. The premium footwear joint sells fancy sneakers for hundreds of dollars. Look for the line outside.

As for owner Gerard Cabrol and his Bistro Français, they will depart after more than 40 years. One of D.C.’s top chefs, beloved in the neighborhood, Cabrol has been featured in The Georgetowner over the decades, most recently in an October 2015 profile.

In: ‘Church’ Coming to Georgetown Park

Taking a space on Georgetown Park’s canal level, Church will be a coffee shop in the morning, an eatery by day and a cocktail bar with food service by night. It’s set to open in late summer to early fall. Building on the sense of community that churches create, rather than the religions they serve, the Church concept from D.C.-based development group Tin Shop — which also operates Iron Horse, Jackpot, Penn Social and Rocket Bar — will feature communal tables and an ever-changing menu.

“It just seems like Georgetown could really use a hangout space that has a coffee program that wasn’t Starbucks and holds more than 15 people,” said Peter Bayne, a Tin Shop cofounder. In collaboration with Union Kitchen, the local “food incubator” will test menus from the start-ups they work with, changing them out every six months to a year at the 7,000-square-foot Church.

In: Bangkok Joe’s

Mama Rouge is set to turn back into Bangkok Joe’s, dubbed D.C.’s first dumpling bar, April 7. The waterfront Thai spot at 3000 K St. NW changed menus and name in mid-2014 to begin offering Southeast Asian and French food. Owner Mel Oursinsini and chef-owner Aulie Bunyarataphan will now return to more traditional Thai flavors and ingredients.

In: Korean Eatery Zannchi Opens
Zannchi, a new Korean restaurant, opened in Georgetown March 29. Located on Wisconsin Avenue between Volta Place and Q Street, the eatery specializes in Korean dishes like bibimbap, a rice bowl topped with vegetables and often meat or eggs, and tapas-style Korean banchan.

The restaurant was started by two Georgetown MBA students, Eunjung Kim and Brian Yu, both of whom will graduate in May. Kim’s family owns a chain of restaurants in South Korea.

1789, Tombs to Close for Renovations

1789 Restaurant and the Tombs will be closed for about eight weeks this summer, mainly for repair of the roof. The work will most likely begin in early July and finish by the end of August. Additional renovations will take place over the course of the year.
Following a permit process, F. Scott’s, now a restaurant specifically for receptions and private parties, will merge with 1789 to add additional dining and bar space. This will alleviate the loss of some seating as the restaurant adds first-floor restrooms. That project will take place later in the year. (Dates are still tentative as the projects move forward.) The three restaurants are part of Clyde’s Restaurant Group.

CORRECTION: The photo that accompanied a story in the March 23 issue about the new Mykita eyewear shop in Georgetown showed a frame that was not a Mykita frame. The Georgetowner regrets the error. The shop, at 3001 M St. NW, is the first Mykita location in D.C. and only the second in the United States.

The Watergate, After Peacock Room and the Avery

March 28, 2016

Two hotels and a restaurant are slated to either open or reopen in the neighborhood.

The Avery Georgetown Hotel will open on P Street this spring, while the Watergate Hotel and After Peacock Room restaurant are expected to reopen soon. Though, when contacted, neither the Watergate nor After Peacock Room provided dates for their openings. This is the third time the After Peacock Room restaurant has opened. The Avery will be accept reservations on their website, with reduced rates, by late April for May travelers.

Rosewood Hotels to Buy Capella in Georgetown

March 24, 2016

The Capella Hotel in Georgetown, a 49-room hotel that opened in 2013, will be purchased by Rosewood Hotels & Resorts, a Dallas-based luxury chain, reported the Washington Business Journal. The price was undisclosed. The property, at 1050 31st St. NW, was once the headquarters of the Trial Lawyers Association and is assessed at just over $30 million. The current owners are Castleton Hotel Partners I LLC.

Rosewood owns the Carlyle in Manhattan and the Mansion on Turtle Creek in Dallas and other properties in Mexico, the Caribbean, Europe, the Middle East and Asia, where the company plans to open several hotels over the next few years.

Parker’s Exxon Bought by Hamood Abutaa


Hamood Abutaa has expanded his D.C. business empire, having acquired Parker’s Exxon garage at 4812 MacArthur Boulevard. Abutaa now has eight locations in the D.C. area.

Abutta referred to Lynn Cook, the former owner of the gas station, “a mentor of mine” and says he’s happy to continue to serve the neighborhood and run the garage as it is. He has plans to make only “minor improvements” to the running of the station.

Mykita Opticians Welcome to Georgetown


Upscale opticians and eyewear store Mykita has opened up its second D.C. branch, here in Georgetown. The new store is on the corner of 30th and M Street, at the previous location of a frozen yogurt vendor. The Georgetown branch boasts the “largest selection of Mykita frames in the Washington DC area.” The Germany-based company produces their handmade frames in Berlin. Mykita’s other locations in the metro area are at Tysons Galleria and the corner of 14th and T Street.

Business Ins and Outs

March 16, 2016

IN: Glover Park Hardware Store

Glover Park Hardware owners Gina Schaefer and Marc Friedman reopened a new 7,500-square-foot location at 2233 Wisconsin Ave. NW on Feb. 25, taking the place of the neighborhood hardware store that closed in January of 2015. The store is in the lower front level, next to the bar, Breadsoda. After losing its lease after 10 years, the business left its old location at 2251 Wisconsin Ave. NW. The store’s general manager is Noe Delgado, who has worked there since 2010.

IN: Rite Aid in Glover Park

The 24-hour Rite Aid Pharmacy in Glover Park at 2255 Wisconsin Ave. NW has opened. The Rite Aid drugstore chain is set to be acquired by Walgreens Boots Alliance, an American holding company that consists of Retail Pharmacy USA (Walgreens), Duane Reade, Retail Pharmacy International (Boots UK) and Alliance Healthcare. It will become part of the largest retail pharmacy in the United States and Europe. The new Glover Park location is across the street from a CVS Pharmacy.

IN: Hinckley Pottery in Blues Alley

Hinckley Pottery has moved into 3132 Blues Alley NW, next to the Blues Alley jazz club. A message on the website of the 40-year-old pottery studio, which was in Adams Morgan for decades, but was first opened by Jill Hinckley in Georgetown, says: “Our doors will open in late March or early April. Until then, we will get our wheels, kilns, shelves, pots and tools ready to welcome you to this wonderful, larger space. Our second floor studio will make it possible for us to expand beyond our ongoing wheel classes to provide space for potters who prefer to work independently. We also will offer two hand-building classes later this spring.”

IN: 2501 M St. to Open With Condos — and Nobu

The former office building at 25th and M streets NW is being reconstructed into condos — now being marketed as The 2501, Residences on M Street (“mixed-use luxury condos in Georgetown”) — with its ground floor going to the famed Nobu, one of the most acclaimed Japanese restaurants in the country. With private dining rooms and patios in the back overlooking Rock Creek Park, Nobu should be ready by the end of 2016; the condos, next year. It seems that Japanese chef Nobu Matsuhisa was convinced that the West End corner is the sweet spot between Georgetown and downtown.

While it’s not exactly in Georgetown, it is next door to Francis Park and the Embassy of Qatar, and two blocks east of Georgetown — and fewer than three blocks from The Georgetowner’s office and the Four Seasons Hotel.

“PRP Real Estate Investment Management purchased 2501 M Street NW in 2014 and moved forward with converting the Class B office building into residences,” according to Urban Turf. “Specifically, the lower six floors of the nine-story building are being converted into five levels of high-end condominiums and ground-floor retail space. The top three floors, which were already condos, will not be changed. CORE is handling the design of 2501 M, and the Mayhood Company is managing sales and marketing.”

Expanded: T.J. Maxx

Clothing discounter T.J. Maxx celebrated a grand re-opening on March 3 with a ribbon-cutting ceremony and store specials. The store will be open from 8 a.m. to 9:30 p.m. At 3222 M St. NW since 2012, the store expanded into space previously shared with Home Goods, also part of the T.J. Maxx company.

Business ins and Outs

February 24, 2016

IN: Bar à Vin, at Chez Billy Sud
First, in 2012, there was Chez Billy in Petworth. Then, in 2014, there was Chez Billy Sud in Georgetown. Now, on Feb. 29, there will be Bar à Vin at 1035 31st St. NW, a long-vacant space adjacent to Chez Billy Sud. All three, and more, are the creations of Eric Hilton (of electronic music collective Thievery Corporation) and his younger brother Ian. The new space, expected to feature a large, carefully curated, mostly French wine list, will be open from 4 p.m. to 2 a.m., accommodating those waiting for a table at Chez Billy Sud and others. The smaller of two rooms has a working fireplace.

IN: Dean & Deluca’s Patio, Now With Alcohol, Music
The Dean & DeLuca food market at 3276 M St. NW will soon sell beer and wine to be consumed at its outside plaza, with limited music allowed. (The store has always sold beer and wine, but alcohol could not be consumed on the premises.) The cafe, the Citizens Association of Georgetown and the Advisory Neighborhood Commission 2E have entered into a voluntary agreement, with expected approval by the D.C. Alcohol Beverage Control Board.

IN: Bedrock Gets Gtown Park Place
Restaurant entrepreneur Geoff Dawson has signed a lease for space at Georgetown Park on the canal level with a Wisconsin Avenue entrance. Dawson’s many Bedrock Management Company ventures include Bedrock Billiards, Ripple and Penn Social.

IN: 3 Eateries Share Space on Grace Street
Georgetown’s mini food eruption continues. Grace Street Coffee Roasters, South Block Juice Co. and SundeVich will soon be checking into a shared space at 3210 Grace St. NW, near Dog Tag Bakery and across from Chaia Tacos. The coffee shop will be joined by the Arlington micro juicery’s sixth store. The global-sandwich maker from Shaw will also set up in Georgetown. Wow, it’s a wholly trinity of Millennial tastes, just half a block from Wisconsin and M.

All D.C. Boathouses Now Under Single Management
Under a new 10-year agreement with the National Park Service, NCR Guest Services will take over operation of all three of D.C.’s public boathouses along the Potomac River. Visitors will now be able to rent boats and bikes from any boathouse and drop them off at any other boathouse. Other features of the new management include instructional programs for rowing, canoeing, kayaking and stand-up paddleboarding; storage and rental of non-motorized watercraft; programs for the disabled; canoe and kayak development programs for youths; and junior fishing programs.

OUT: Yes to Drugs, No to Liquor for Glover Park Rite Aid
At its Feb. 11 meeting, Advisory Neighborhood Commission 3B voted 5-0 to oppose a request made in January by the soon-to-open Glover Park Rite Aid to lift the neighborhood’s existing ban on new Class A licenses, which permit retail sales of beer, wine and spirits. The Glover Park Citizens’ Association previously voted to oppose the request. Rite Aid — which under existing law cannot get a beer-and-wine-only license (Class B) because a nearby business, Whole Foods, already has one — is expected to contest the decision. A public hearing will be held March 30. The new Rite Aid occupies the former Glover Park Hardware location at 2251 Wisconsin Ave. NW.

A Bunker for Scary Times


Suppose there was a financial instrument — with a track record stretching back 1,400 years — that was so solid that it: survived the Great Depression intact; earned untaxed interest at a competitive rate; could provide cash at will, regardless of one’s current financial situation; and could be used by individuals, as well as by major corporations and banks, as a safe harbor during economic turmoil?

The instrument I’m talking about is participating whole life insurance, the kind of insurance our parents and grandparents owned before the stock market began to boom in the 1980s and 1990s. After mutual whole life saw our elders through thick and thin, it went through several decades of being muscled aside by the allure of the stock market. It’s making a big comeback.
I’m astonished at how few people and investment professionals I meet understand how these policies work, or don’t offer them to clients because they aren’t sexy or new.

Today, these contracts are the favored investment vehicle of the wealthy. But too often, when sold by the financial industry, they are sold in the wrong form. Term insurance is still the most economical life insurance option for most people. For clients looking for a better place to accumulate cash than a bank account or the Wall Street casino, however, mutual whole life insurance, done correctly, is the closest thing to owning your own bank.

The concept is rather simple.

You own the bank. Unlike most products, which are created and sold to benefit stockholders, these contracts are owned by the policyholders, the sole constituency they serve.

Ironclad guarantees. The cash value and death benefit are tightly regulated and insured by the states. And many policies today provide benefits for chronic long-term care.

Even banks and corporations buy them. Major corporations and banks buy these policies and utilize them as a safe place to accumulate their cash. They invest with other people’s money but protect their own money. Instead of doing what banks say, do what banks do.

In the end, mutual insurance is only one part of a financial plan, the bunker you can retreat to when the rest of the world is falling apart and you can’t sleep.

These policies got our grandparents through the Great Depression, and if structured correctly they can get you through those scary times in your life.

John E. Girouard, author of “Take Back Your Money” and “The Ten Truths of Wealth Creation,” is a registered principal of Cambridge Investment Research and an Investment Advisor Representative of Capital Investment Advisors in Bethesda, Maryland.

The Big Short and the Long Haul

February 18, 2016

If you are anything like the hordes of people rushing to see this year’s Oscar-nominated movies, then you have seen, or at least heard of, “The Big Short.” But unlike other blockbusters, this movie is more than mere entertainment; it is a timely lesson for many investors, who are once again watching the stock market take a tumble.

As I have written many times, investors are only human — which means they are funny creatures that tend to have short memories and act impulsively. Academics call it the “cycle of emotion” or, even better, the “14 stages of trading psychology”: Optimism, Excitement, Thrill, Euphoria, Anxiety, Denial, Fear, Desperation, Panic, Capitulation, Despondency, Depression, Hope and Relief.

Unless you are extremely indifferent or have never put money into a stock, bond or bank account, you’ve most likely found yourself going through these stages.

But what “The Big Short” teaches us in bright Hollywood colors is that from 1937 to 2007 Wall Street only operated with Optimism, Excitement and Thrill.

What is investing, anyways? It is what the founders of capitalism understood perfectly: how to use someone else’s money to make money for everyone else. In fact, one definition of capitalism is “increasing cooperation amongst strangers.”

The turning point came in 1981, with the first conversion of a Wall Street partnership (Salomon Brothers) into a public company. In a partnership, the partners typically take controlled risks with their money. But when these firms went public the game changed. They were no longer making decisions with their money, it was someone else’s — and the more risks they took, the more money they made. If they bet wrong, they lost someone else’s money, not the partners’.

But if you watched the movie (or have watched the markets in the past couple weeks), you should understand what I hope the average investor will finally realize: there is a difference between saving and investing. One may seem boring and slow, but should be the bedrock of any financial plan. The other is gambling; someone else is placing the bets for you and taking a portion of your winnings if you hit the jackpot.

Once you have enough financial security, then you can jump on the roller coaster of investing. Just make sure you can stay on until you reach the end of the ride and can disembark safely.

As a Certified Financial Planner and fiduciary, I look at all financial products based on their purpose and how they can help my clients build wealth and financial security for their families. But in my industry it is all about Wall Street versus insurance companies.

Perhaps asset allocation needs to expand beyond Wall Street products and the average investor’s only other asset, his or her home. Rather than let your emotions get the best of you, perhaps it’s time we all learned how to manage our cash the way the banks do. After all, they don’t take risks with their money, only ours.

John E. Girouard, author of “Take Back Your Money” and “The Ten Truths of Wealth Creation,” is a registered principal of Cambridge Investment Research and an Investment Advisor Representative of Capital Investment Advisors in Bethesda, Maryland.