A round of Anchorage bars are now for sale
Anchorage has seen a wave of bars for sale.
Among the high profile names: Buckaroo Club, Mad Myrna's, LED Lounge and Fantasies on 5th -- nearly all listed by real estate agent Matthew Fink.
"And there's more coming and there's going to be more closing," Fink said. "I mean some of them aren't even trying to sell. They're just closing."
Fink frequently lists bars but says he's never had so much inventory.
"It's a good time to buy a bar," he said. "It's not a good time to sell a bar."
The Anchorage Economic Development Corporation (AEDC) has been watching the trend as well.
Bill Popp, AEDC's president and CEO says its been several years since the industry felt such a substantial decline.
"We are down about 600 jobs in that sector and that tells us that restaurants and drinking establishments are dealing with some tough times," said Popp. "We are having some reverberations from the recession."
Popp says there's a lot of competition in Anchorage when it comes to eating and drinking.
And for those looking to buy ...
"It's getting down to the value of the license and the equipment," Fink said.
He also said prices are low.
"The hard part is you have to get in there and work it yourself and find that niche that you can get people out to something different," Fink added.
He hopes new owners will help a few bars make comeback in 2018 -- along with the economy.
AEDC believes the Food and Beverage sector will start to turn around when the lawmakers in Juneau come together on a fiscal strategy, allowing businesses to feel more confident in their futures.
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