Major New Retail Coin Store Coming to SF
jonruns
Posts: 1,197 ✭✭✭✭✭
I read a lot of doom and gloom from collectors here on how the hobby is dying...and therefore I think that it's important to celebrate the growth in the business...
This story was already broken by @SethChandler in his SF show report....
Did I miss the official announcement? I did not realize the size and scope of Witter's new store...and @Perfection as a new partner!!! Wow!!!
From the blog:
Witter Coin is pleased to announce that we will be moving to a new location this summer, remaining in San Francisco!
We have been at our current downtown location since 1982. The constraints of the current space coupled with our tremendous growth have created the need to have a larger showroom and additional office space.
Witter Coin has signed a long lease for its new location on Lombard Street in San Francisco. The location, a former IHOP, is in one of the best areas in all of San Francisco. Approximately sixty-five percent of all the traffic coming and going over the Golden Gate Bridge pass the new Witter Coin!
The property is 5000 sq. ft, nearly nine times the size of our current location. Renovations will begin soon and take about six months. Our goal is to create one of the finest coin stores of all time!
Since taking over Witter Coin in 2016, Seth Chandler has capitalized on the 58-year history of the firm and has taken the company to an entirely new level, both locally and nationally. Seth has been a passionate collector for over 42 years, including working at Edgewood Coin, his hometown coin shop from the ages of 14 to 18. For more on Seth, click here. https://www.wittercoin.com/about-us-witter-coins/
When the new location became available, Seth knew it was once in a lifetime opportunity to have Witter Coin become one of the finest and largest coin stores in the country.
Up against a minimum of ten offers including seven national chains, Seth flew out to meet the owner and explained his vision. This vision, along with Seth’s business acumen, and most importantly, his passion for coins, swayed the owner to choose Witter Coin over all other potential tenants.
As part of the “new” Witter Coin, we have added a new partner. The accomplished collector “Mr. Perfection”, as he his known on the PCGS Registry Set Forums is now an integral part of the team. Over the years he has built some of the finest collections of all time. Mr. Perfection’s extensive business background and knowledge of coins will contribute greatly to the success of the new Witter Coin.
Comments
Congrats. Witter coin always has quality coins!
Great news. Best of luck to them! They deserve it.
Former IHOP? Hey, keep the flattop, I'd love a short stack with my bullion.
I'm sure the change will be an awesome one, but I'll miss the current location as it is literally right across the street from where I work.
I end up dropping by the shop several times a week just to see any new purchases they have which may meet the needs of my growing set. It'll take a bit more planning to go to the new store but looking forward to how the new digs look.
The good news for me is that while I live in NY...my daughter is planning on moving to SF when she graduates college in May...and she is running the SF Marathon in July....so I may be able to catch Witter's Grand Opening at the new store!!!!
I have always thought that SF should be a better market for coins...all the tech geeks, Silicon Valley cash and the Gold Rush story...the S-mint in old gold has long been "under-appreciated"...I'm envisioning Seth's new store as a vintage Stacks 57th Street...wishing them the best!!
Is this the right timing for a high expense retail location for selling numismatic coins? Only time will tell.
You know what I think? Get ready for the next run up in rare coins!
They're putting their money where their future is !
No time like the present...Tesla has done a great business from its high traffic retail stores...IMHO CGM should be renting high traffic pop up retail stores in Manhattan, LA etc to display their Ship of Gold display from SSCA2...
Expansion is almost always a positive thing.
Yes, very cool.
That's good news.
Very nice. I hope they spare no expense on security. This is the opportunity to go state-of-the-art.
Great transactions with oih82w8, JasonGaming, Moose1913.
I’m liking these dealer/high powered collector matchups. Legend, DLRC, Witter. Perhaps this is the new model.
I do not go to SF very often due to various factors, but I will have to stop by when the doors open at the new location.
Hate to think what the rent is on that prime property - looks like they are aiming to be the best coin shop in the country!
Looking forward to visiting when it's open.
Owner/Founder GreatCollections
GreatCollections Coin Auctions - Certified Coin Auctions Every Week - Rare Coins & Coin Values
VERY cool news.
I can remember going to Joe Hall's shop on 16th South of Market where you carried a gun and stepped over bums.
Good fortune, Seth.
seth is a great guy and passionate about coins. Good luck!
A few years ago when @Crypto was doing a west coast tour he and I sat down for dinner with Seth at the Tadich Grill. We had a nice time talking coins and the business in general. Seth shared his vision with us, and he seems to be executing on that vision successfully, now continuing with this new retail location.
Reminds me of Apple back in 2001. The dot-com bubble had just burst and there was a lot of doom and gloom, to say the least, in the Silicon Valley. Most tech companies were massively laying off employees. Start ups were going out of business. Gateway and other retailers were closing all of their retail stores and looking for any way to cut back. Steve Jobs saw it as an opportunity. He believed in his products but he needed a way to get them into people's hands, to help make that connection and help them understand the experience was better. He also knew the iPod was coming, and the rest is history. It may be more difficult for Seth to differentiate his product (coins) from everyone else, but he's finding other ways to set his shop and business apart. And the quality of his coins are top notch.
I'll miss the little shop in the Hobart building, but I think Seth's doing a good thing here and has a great shot to be very successful. Think about the potential here in this area. A combination of rich history and great wealth. I wonder how many new collectors this storefront will spark? Looking forward to visiting when it opens.
I dunno if the genuises are doing this at the right time. If they build it for non coin people they might have a chance.
Who ever said Whitter is the new model for high powered match ups, PLEASE.........He will never be a me or David Akers because you can't build the sets we did. The coins do not exists anymore.
BUT they probably can buy nice from the area.
Depending on the rent, the tourist traffic alone should keep them very busy. Folks on holiday tend to buy stuff w/o thinking.
Given the cost of rental space, margins might be surprisingly generous.
I used to have an idea to open a schlock joint on Fisherman's Wharf and stock proof sets and modern stuff for tourists and overseas visitors.
Every foreign visitor ANYWHERE wants to take some coins home.
Excellent. I've yet to make it up to the original shop but the new one sounds like it'll be a peach.
A bold move in the current coin market for a B & M coin store. I bought my 1884 Morgan DMPL MS64 CAC from Witter Coin after looking about a year. I wish them the best.
Congratulations and Success !
Great news for the hobby. wishing them the best.
www.paradimecoins.com - Specializing in Top Pop Type PCGS CAC coins. Subscribe To Our NEWPs Mailing List
Congratulations on the new store and good luck!
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
Good luck to Seth and team. Bold move. I like it
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Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
I'll have to swing by when I travel south.
Good luck!!!
"Inspiration exists, but it has to find you working" Pablo Picasso
What’s the monthly rent on 5000 square feet commercial building in San Francisco?
Holy moly that’s slot of Franklin half’s to sell just to pay the rent.
Of course 1 big dawg could pay the rent! I bet in the big city of San Fran lots of big money and big dawgs there! That brings up another question you don’t have to Declare taxes on any sales over 10K do you? I am into the under the table cash sales. That would just kill the whole deal having to fill out the long form for a coin over 10k. Or is it 5 K nowadays?
Well I would be doing it in my own mind. I am small potatoes when I buy a coin. $50.00 is my limit.
If anybody asks you don’t know me.
That is one heck of a coin shop. Good luck! I wonder how many millions it will take to fill all of the space with inventory.
You never know. San Francisco is a fairly affluent area so you never know what will walk through the door.
Good to hear, congratulations and good luck !!!
Well Lombard is the main drag, so exposure is good and better than the financial district, IMO. How close to the Palace of Fine Arts? Best of luck. Peace Roy
BST: endeavor1967, synchr, kliao, Outhaul, Donttellthewife, U1Chicago, ajaan, mCarney1173, SurfinHi, MWallace, Sandman70gt, mustanggt, Pittstate03, Lazybones, Walkerguy21D, coinandcurrency242 , thebigeng, Collectorcoins, JimTyler, USMarine6, Elkevvo, Coll3ctor, Yorkshireman, CUKevin, ranshdow, CoinHunter4, bennybravo, Centsearcher, braddick, Windycity, ZoidMeister, mirabela, JJM, RichURich, Bullsitter, jmski52, LukeMarshall, coinsarefun, MichaelDixon, NickPatton, ProfLiz, Twobitcollector,Jesbroken oih82w8, DCW
2299 Lombard St.
https://goo.gl/maps/V2o1YybxjkS2
This is true when I went to Verona and stood in front of the Romeo and Juliet balcony there was a coin shop in that little courtyard right behind me. I didn't buy an Italian coin but a $5 Lib for 95 euro when the exchange rate was 1 dollar equal one euro.
It will be fun to see how this bold move works out. It seems to me that most B&M coin shops are dumps, in seedy parts of town. I just feel dirty when I walk into some of them. Others are very nice but often hidden away in non retail areas. This will be a much different atmosphere and who knows, it just might create a whole new group of collectors in the area and beyond. Best of luck to Seth and staff.
Joseph J. Singleton - First Superintendent of the U.S. Branch Mint in Dahlonega Georgia
Findley Ridge Collection
About Findley Ridge
Syrup of Saints would feel at home.
I'd bet more for that location, parking etc.
Owner/Founder GreatCollections
GreatCollections Coin Auctions - Certified Coin Auctions Every Week - Rare Coins & Coin Values
With renovation and leasehold improvements including security this is a million dollar plus investment...no guts...no glory!!!
I'll bet they don't plan to specialize in microscopic die varieties of Lincoln Memorial and Shield cents.
Wow. I appreciate all of the kind words of support.
This is a huge project and it is fulfilling a lifelong dream.
To answer a few questions and to add clarity to observations made……
San Francisco is fun town, lots of history ----- the only city with three mints. There are great coins just waiting to be discovered. If you follow us on Instagram, you will see many of the collections that come into the shop. Its stunning! Sure, everyone talks about the big money and Silicon Valley – which is nice, and we do get them, but that alone is not our business model. The reality is the majority of our current clients that visit the shop come from outside of San Francisco. The San Francisco Bay Area has 6,000,000 people. We are a destination – which is a contributing factor to wanting a better retail store. Our clients are from all walks of life, as there are coin collectors of all kinds.
We will do exciting things, like kids day on a Saturday and invite the parents, and everyone can learn about coins. You’d be surprised how many kids come into the shop - and many are VERY sharp. The shop will have a museum focusing on the Gold Rush and SF’s three mints. The business will be diversified, more than just rare coins. The showroom will take up about half of the square footage. Need plenty of space for the behind the scenes work – sorting, imaging, listings, shipping etc.
There is a lot more to add, but I think folks understand what we are trying to do. None of this could happen without ….Perfection, Luis and Sean.
Just fire away questions or suggestions…they are appreciated.
Yes, San Francisco real estate aint cheap, especially at a location with 11 parking spots and 83,000 cars drive by daily. As you can imagine a tremendous amount of thought is going into this. I am planning for the long term. I want to design it once and do it right the first time. The economics can sometimes be daunting, but based on the way the business has been performing the last three years and what I think the potential is, this just makes sense. I could be wrong. But I am going for it…..and will give everything I’ve got to make it happen.
Seth
Seth,
Congrats!!! Just make certain you have the best security system available.
Best of luck with this project. I will be looking to come to your new store when I'm in S.F. When can we expect the grand opening?
If your business is such that it has a growing nationwide or global presence, then a B&M shop in a location that draws a substantial number of visitors from around the globe makes sense. Lombard Street is a heavily traveled corridor one must take if you want to go to and across the Golden Gate Bridge. The Marina District/Cow Hollow is a very desirable neighborhood in SF.
Your current location in the Hobart Building is convenient to BART and Market Street foot traffic. However, the space available for customers is small. Many B&M shops in the SF Bay Area are in out of the way locations occupying older, smaller spaces. Always interesting to visit if you are an avid collector who likes to snoop in out of the way shops. Probably not so interesting to visit if you are not an avid collector.
My son and I went to Carson City last summer to visit. While there we stopped by Northern Nevada Coin. That shop is located in an older building in downtown Carson City. However when one walks into the shop the feel for a customer is great. Lots of room to move around. Display cases laid out very well. Plenty of great lighting. Very clean. Another B&M shop in Redding, Cal. is similar to Northern Nevada Coin. The feel of those two shops is very positive. I suspect that your new location will be similar if not better.
SF, the Peninsula and the greater Bay Area does have Mint History (three mints), the allure of the Gold Rush, economic strength and is known as a "destination location". All of these factors and more allow for an opportunity to make a coin/currency and related business work.
I hope the move to the new location is a resounding success. I look forward to stopping by your new digs.
Seth,
You said that the business will be more than just rare coins--what else will you have? Best of luck!