Marquee owners Jason Strauss and Noah Tepperberg took a break from running their nightclub empire to spend some time with some Harvard Business School students. Besides cozying up to the next generation of Wall Street bottle buyers, Strauss and Tepperberg were there to present a HBS case study that was written on Marquee. This is the second class to tackle the case study, which details Noah and Jason's rise in the nightlife industry, the economics of running a nightclub, Strategic Group's impact on their bottom line, and perhaps most interesting, how reliant Marquee has become on promoters to drive customers to the club on a nightly basis.
All good case studies end with the business at a crossroads and the owners and/or investors pondering their next move. This one is no different, with Tepperberg saying:
We can ride it out. We can continue as we are, operate the business every day, go to work every day, try to keep doing the nearly impossible by staying in business longer than most nightclubs, and fix any problems that come our way. We could also take our team and move on to a new place, a new challenge - there are many pros and many cons to doing that. Or we could just put the club up for sale, and take an offer with a good price.At the time the study was written, they decided to keep the place open and fill it with a B and C crowd, while directing their A list scene to Avenue. But with Lavo under construction and a 27th Street that becomes a bigger wasteland day after day, could the answer have changed? Could Strauss and Tepperberg be willing to part with the project that helped launch them into the upper echelon of the business? Thankfully the geniuses at HBS are there to help guide them.
· Marquee Coverage [~ENY~]
· Avenue Coverage [~ENY~]
· Marquee: The Harvard Case Study [DBTH]