By John Paul Valdez
The month of April is seeing an economic boom here in the valley not seen in years. The Dinah Shore weekend was a smashing success, and resulted in hotels and restaurants booked beyond capacity. In the coming weekends we have the White party which is also expected to fill local coffers to the brim. And not one, but two Coachella Festival weekends are selling out and look to be the busiest ever along with Stagecoach.
Everyone knows that “the economy” runs in cycles. We are still recovering from the deepest recession our country has ever known, but some seasonal and other structural elements are stepping in to show us that the local economy, and that of the country at large, is moving in an upward swing. Once April comes and goes here locally, you will see all the talk about town of the numerous developments going in Palm Springs and beyond which are such welcome news.
The new $120 million dollar hotel mall complex and the $80 million dollar development across from it at Alejo are just entering the building phase and will bring a new higher economic cycle of growth for years. In the next two or three years we will be seeing as much growth as we saw movements in the opposite direction for the preceding five or so years since the crash in 2007/8. We can count on this for that same time period into the future or so the best guess would seem to indicate. That does not mean forever though.
Warnings go out to those whose avarice knows no limits. Buying up too many houses or opening up too many businesses without proper management, or price gouging is never a formula for success. Those are formulas for failure. People often see only the short term, and we need to look at our investments as long term strategies that have chief among their goals the stability that does indeed account for those who are more successful among us in the long run. A real estate “bubble” has already been predicted.
Some newspaper accounts have rooms averaging 650 dollars a night for Coachella, and yet, I am not seeing that as the value of an average stay. If we open nothing but tourist traps, we will hardly enhance the experience of the visitor in a tourist own, but rather harm the very thing that brings them here. Care must be taken to always remain true to business goals that would hold true anywhere at any time. Anyone who thinks they are “getting away with” anything in the business community is merely harming the valley’s wonderful reputation. I hope we can remember what makes us all special as residents in this still hidden diamond in the valley.
I have seen a few restaurants get sloppy with food or service in an effort to pack them in and turn tables. A true restaurateur is interested in providing a dining experience that represents value added, not value taken away. If you are charging $40-$60 dollars for dinner, are you sure that dinner stacks up to a $40-$60 dollar dinner in another city? That’s what your clients will be thinking. The long term success depends on our relationships with each client at each turn, even if we don’t ever see that particular person again.
The world is changing at a rapid rate with new smart phone applications taking our experiences global within seconds of their occurrence. Make sure it’s a good experience. Everyone wants to know. Write to: JohnPaulValdez@gmail.com
