Reggie’s Makes Profit
Student Campus Bar Made a Profit of $1,594
After three months of operation Concordia’s university bar, Reggie’s, has made a profit.
The only other time they ran a profit was in 2014, when they were not operational.
The bar came out on top in the month of February, according to Lori Dimaria, the Concordia Student Union’s Internal Affairs Coordinator.
Operating and sales costs totaled $130,249. Revenue totaled $131,843, which meant a profit of $1,594 for the bar.
According to Lori Dimaria, CSU’s Internal Affairs and Clubs Coordinator, sales were higher than expected—enough to offset an unforeseen drop in profit margin. “Sales were 43 per cent higher,” she said, “while margins were lower by 1.8 per cent.
The profit was based on normal operations which did not include start up costs or consulting fees, said Dimaria.
Dimaria says that the lower prices of food and drinks may have caused an increase in sales, but it was mostly due to marketing, and the variety of events that took place at Reggies.
This summer, CUSAcorp, the for-profit subsidiary of the CSU that has been managing Reggie’s, will dissolve, and the bar will reopen as a solidarity co-operative in the fall.
As the collaboration between the CSU and Centre for Gender Advocacy continues in an effort to create a Safer Space Policy at Reggie’s, it has been revealed that the Centre’s board of directors voted in favour of becoming the third support member of the co-op.