Landlords are transforming prime retail space once occupied by banks and convenience stores into car washes.
There are about 100,000 such car washes currently in operation, and many of these operators have growth plans, according to Costar Group. More people are spending discretionary income at car washes now because of a booming economy, and the service is one of those in which e-commerce plays little part, if any.
"There’s no virtual car washing — yet," said Carl Howard, COO of Autobell Car Wash, a private company in Charlotte, N.C., as Costar Group reports. "Some parties see car washes as a hedge against Amazon."
Property-listing service LoopNet says it now lists about 500 car-wash businesses for sale on its website. But as much as 70 percent of the car-wash property transactions in some markets involve ground-up development, says Mark Gerhart, a Denver-based real estate broker who focuses on car-wash property sales. Most modern car washes, he says, occupy roughly 6,000 square feet.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
