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NASDAQ: PLAY – A Guest Post from Llenrock Group Jun 30, 2015

This post from Eric Hawthorn is part of our Llenrock Group guest post series and originally appeared on the Llenrock Group blog.

Today we’re taking on a fun subject: entertainment and dining establishment Dave & Buster’s (NASDAQ: PLAY), which returned to the public stock market last fall in an IPO that raised $94MM (sure, it’s not the Hilton IPO’s more than $2B, but it’s certainly not a bad haul for a chain of approximately 70 arcades). The company used the IPO’s proceeds to pay down outstanding debt.

This company is worth paying attention to if you’re interested in “experiential,” large-footprint retail tenants. Yeah, D&B is kind of like Chuck E Cheese for grown-ups, an 80s or 90s-era video arcade but with greasy food and overpriced booze (thank goodness for at least one high-margin offering…), plus sports on strategically positioned TV screens. The establishment caters to corporate events, families, couples (young and not-so-young) on dates, dudes who want to eat wings and watch the game, birthday parties, and so on. In essence, this company with its 70-something locations across the U.S. has brought video games into the mainstream by pairing them with food and a fair-midway atmosphere, then raised all the prices and began serving alcohol to make the whole proposition bankable.

And Amazon.com cannot compete (unless we’re talking about Amazon’s streaming movies, which I suppose could de-motivate a potential D&B client from leaving their home). In fact, other than perhaps movie theaters and bowling alleys (and laser tag? mini golf?) there are few if any competitors.

To be sure, based on its audience and the experience it offers, D&B will never become the roadside fixture that McDonald’s and Burger King have become, so for real estate owners and brokers, a potential or current D&B tenancy isn’t a shoo-in for success. After all, this business–operating at the confluence of hospitality and entertainment, but with its feet firmly planted in retail–only thrives in markets that offer all the right conditions: a substantial population within X miles of the site, a local median income of $X, economic drivers in the vicinity, major transportation infrastructure (highways most of all), an available work force, etc.

But in a market that meets these criteria (and has a 100,000+ SF property to accommodate the massive, multi-million-dollar entertainment complex, not to mention sufficient parking), there is a great opportunity for a landlord and related real estate professionals.

And the company, as I mentioned earlier, recently returned to public trading, showing confidence toward its near-term prospects. Likewise, it has done it’s share of, to get buzz-wordy for a moment, “optimizing” at various locations to figure out the ideal property operations, construction decisions, and other considerations with which to boost efficiency and profitability.

National Retail Federation reports,

In building new stores, Dave & Buster’s found it could reduce restaurant size from 55,000 square feet to 40,000 square feet, which brought expenses down. Each comprehensive remodeling costs about $2.5 million and most have been carried out in stages. While that complicates scheduling, it precludes having to shut down entire restaurants during the remodeling.


The investments appear to be paying off. In reporting preliminary financial results for the year ended February 1, 2015, Dave & Buster’s said it expected total revenues to be $744 million for the year, a year-over-year increase of about 17 percent. Comparable store sales growth was expected to be 7 percent.

Additionally, the above-linked article explains, the company has this year embarked on an expansive rebranding effort to draw in customers they have yet to reach. This is essential, and will prove pivotal to the chain’s role as a driver of nearby retail. Like gaming giant Nintendo and their Wii game console, D&B must convince the public that their product/experience is not something for a select few–it’s for everyone.

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Integra Offices Map Denver, CO Denver, CO 575 Union Blvd.
Suite 209
Lakewood, CO 80228
Phone: 720-833-5930
Fax: 303-951-1924
Boston, MA Boston, MA
Boston, MA 02210
Phone: 212-575-2935
Fax: 646-424-1869
Seattle, WA Seattle, WA 600 University Street
Suite 310
Seattle, WA 98101
Phone: 206-436-1179
Fax: 206-623-5731
Portland, OR Portland, OR
Portland, OR 97205
Phone: 212-575-2935
Fax: 646-424-1869
Boise, ID Boise, ID 1031 E. Park Boulevard
Boise, ID 83712
Phone: 208-342-2500
Fax: 208-342-2220
Salt Lake City, UT Salt Lake City, UT 5107 South 900 East
Suite 200
Salt Lake City, UT 84117
Phone: 801-263-9700
Fax: 801-263-9709
Las Vegas, NV Las Vegas, NV
Las Vegas, NV 89147
Phone: 702-869-0442
Fax: 646-424-1869
Phoenix, AZ Phoenix, AZ 2999 N. 44th Street
Suite 512
Phoenix, AZ 85018
Phone: 602-266-5599
Fax: 602-266-1515
Sacramento, CA Sacramento, CA 590 Menlo Drive
Suite 1
Rocklin, CA 95765
Phone: 916-435-3883
Fax: 916-435-4774
San Francisco, CA San Francisco, CA 555 Meridian Avenue
Suite C
San Jose, CA 95126
Phone: 408-299-0444
Fax: 408-299-0449
Los Angeles, CA Los Angeles, CA 12100 Wilshire Blvd
Suite 800
Los Angeles, CA 90025
Phone: 213-984-4425
Fax: 916-435-4774
Orange County, CA Orange County, CA 4695 MacArthur Court
Suite 11
Newport Beach, CA 92660
Phone: 949-459-3717
Fax: 916-435-4774
San Diego, CA San Diego, CA 527 Encinitas Blvd.
Suite 204
Encinitas, CA 92024
Phone: 858-259-4900
Fax: 858-259-4910
Miami, FL Miami, FL 9155 S. Dadeland Boulevard
Suite 1208
Miami, FL 33156
Phone: 305-670-0001
Fax: 305-670-2276
Naples, FL Naples, FL 2770 Horseshoe Drive S
Suite 3
Naples, FL 34104
Phone: 239-643-6888
Fax: 239-643-6871
Tampa, FL Tampa, FL 550 North Reo Street
Suite 220
Tampa, FL 33609
Phone: 813-287-1000
Fax: 813-281-0681
Orlando, FL Orlando, FL 326 North Magnolia Avenue
Orlando, FL 32801-2431
Phone: 407-843-3377
Fax: 407-841-3823
Jacksonville, FL Jacksonville, FL
Jacksonville, FL 32217
Phone: 212-575-2935
Fax: 646-424-1869
Charleston, SC Charleston, SC 11-C Isabella Street
Charleston, SC 29403
Phone: 843-718-2125
Fax: 843-718-2058
Atlanta, GA Atlanta, GA 5085 Peachtree Road
Atlanta, GA 30341
Phone: 404-924-6247
Fax: 404-418-4357
Birmingham, AL Birmingham, AL 880 Montclair Road
Suite 275
Birmingham, AL 35213
Phone: 205-949-5995
Fax: 205-271-2389
Jackson, MS Jackson, MS 617 Renaissance Way
Suite 100
Ridgeland, MS 39157
Phone: 901-356-4934
Fax: 646-424-1869
Dallas, TX Dallas, TX 1100 Mira Vista Blvd.
Suite 300
Plano, TX 75093
Phone: 972-881-7191
Fax: 972-733-1403
Fort Worth, TX Fort Worth, TX 7080 Camp Bowie Boulevard
Fort Worth, TX 76116
Phone: 817-763-8000
Austin, TX Austin, TX 100 Congress Avenue
Suite 2000
Austin, TX 78701
Phone: 512-924-1345
Memphis, TN Memphis, TN
Memphis, TN 38120
Phone: 901-356-4934
Fax: 646-424-1869
Oklahoma City, OK Oklahoma City, OK 13913 Technology Drive
Suite A1
Oklahoma City, OK 73134
Phone: 405-422-0718
Kansas City, MO Kansas City, MO 104 West 9th Street
Suite 400B
Kansas City, MO 64105
Phone: 816-652-0222
Fax: 636-530-0046
Providence, RI Providence, RI 2 Charles Street
Suite B1
Providence, RI 02904
Phone: 401-273-7710
Fax: 401-273-7410
Syracuse, NY Syracuse, NY 812 State Fair Blvd.
Suite 1
Syracuse, NY 13209
Phone: 315-422-5577
Fax: 315-422-5295
Hartford, CT Hartford, CT 386 Main Street
Middletown, CT 06457
Phone: 860-291-8997
Fax: 401-273-7410
New York, NY New York, NY
New York, NY 10036
Phone: 212-575-2935
Fax: 646-424-1869
Northern New Jersey Northern New Jersey 25A Vreeland Road
Suite 100
Florham Park, NJ 07932
Phone: 973-422-9800
Fax: 973-422-9797
Coastal New Jersey Coastal New Jersey 1415 Hooper Ave.
Suite 306
Toms River, NJ 08753
Phone: 732-244-7000
Fax: 732-505-9498
Philadelphia, PA Philadelphia, PA 1515 Market Street
Suite 800
Philadelphia, PA 19102
Phone: 610-238-0238
Wilmington, DE Wilmington, DE IRR-Corporate
Wilmington, DE 19805
Phone: 212-575-2935
Fax: 646-424-1869
Baltimore, MD Baltimore, MD
Washington, DC 20003
Phone: 212-575-2935
Fax: 646-424-1869
Washington, DC Washington, DC
Washington, DC 20003
Phone: 212-575-2935
Fax: 646-424-1869
Pittsburgh, PA Pittsburgh, PA 3535 Boulevard of the Allies
Pittsburgh, PA 15213
Phone: 412-683-2211
Fax: 412-683-2220
Cleveland, OH Cleveland, OH 22730 Fairview Center Drive
Suite 210
Fairview Park, OH 44126
Phone: 330-659-3640
Fax: 330-659-3640
Columbus, OH Columbus, OH 6233 Riverside Drive
Suite 2N
Dublin, OH 43017
Phone: 614-764-8040
Fax: 614-764-8050
Saint Louis, MO Saint Louis, MO 215 Chesterfield Business Parkway
Suite B
Chesterfield, MO 63005
Phone: 636-898-6533
Fax: 636-530-0046
Chicago, IL Chicago, IL 1 N Franklin St
Suite 3010
Chicago, IL 60606
Phone: 312-565-0977
Fax: 312-565-3436
Minneapolis, MN Minneapolis, MN 7301 Ohms Lane
Suite 190
Minneapolis, MN 55439
Phone: 612-339-7700
Fax: 612-339-7937
Nashville, TN Nashville, TN 1894 General George Patton Drive
Suite 300
Franklin, TN 37067
Phone: 615-628-8275
Fax: 615-628-8286
Richmond, VA Richmond, VA 1805 Chantilly Street
Richmond, VA 23230
Phone: 804-346-2600
Fax: 804-747-9140
Greensboro, NC Greensboro, NC 5411-A Friendly Avenue
Greensboro, NC 27410
Phone: 336-676-6033
Fax: 336-676-6025
Raleigh, NC Raleigh, NC 8382 Six Forks Road
Suite 200
Raleigh, NC 27615
Phone: 919-847-1717
Fax: 919-847-1714
Charlotte, NC Charlotte, NC 214 W. Tremont Ave.
Suite 200
Charlotte, NC 28203
Phone: 704-376-0295
Fax: 704-342-3704
Columbia, SC Columbia, SC 1623 Lake Murray Blvd.
Columbia, SC 29212
Phone: 803-772-8282
Fax: 803-772-0087
Cincinnati/Dayton, OH Cincinnati/Dayton, OH 8241 Cornell Road
Suite 210
Cincinnati, OH 45249
Phone: 513-561-2305
Fax: 513-561-2881
Detroit, MI Detroit, MI 400 W. Maple Road
Suite 100
Birmingham, MI 48009
Phone: 248-540-0040
Fax: 248-540-8239
Indianapolis, IN Indianapolis, IN 4981 North Franklin Road
Indianapolis, IN 46226
Phone: 317-546-4720
Fax: 317-546-1407
Louisville, KY Louisville, KY 13000 Equity Place
Suite 105
Louisville, KY 40223-3976
Phone: 502-452-1543
Fax: 502-451-3657
Houston, TX Houston, TX 9225 Katy Freeway
Suite 206
Houston, TX 77024
Phone: 713-973-0212
Fax: 713-973-2028
San Antonio, TX San Antonio, TX 909 NE Loop 410
Suite 632
San Antonio, TX 78216
Phone: 210-446-4444
Caribbean | Puerto Rico Caribbean | Puerto Rico Vig Tower 1225 Ave Ponce De Leon
Suite MZ-4
San Juan, PR 00907-3907
Phone: 844-952-7304
New Orleans, LA New Orleans, LA
New Orleans, LA 70130
Phone: 212-575-2935
Fax: 646-424-1869
Little Rock, AR Little Rock, AR
Little Rock, AR 72223
Phone: 212-575-2935
Fax: 646-424-1869
Grand Rapids, MI Grand Rapids, MI 1009 44th Street, SW
Suite 107
Grand Rapids, MI 49509
Phone: 616-261-5000
Fax: 616-261-5045
Lubbock, TX Lubbock, TX 6309 Indiana Avenue
Suite A
Lubbock, TX 79413
Phone: 806-368-8063
Northwest Arkansas Northwest Arkansas
Fayetteville, AR 72701
Phone: 212-575-2935
Fax: 646-424-1869