Reggie’s to Post its First Yearly Profit Ever if it Stays Closed
Student Bar Earns Quarterly Profit Before Closing for Renovations
Closed indefinitely for renovations, Reggie’s bar has gone months without a single customer—but it’s still set to post its first yearly profit ever.
“If Reggie’s doesn’t open between now and the end of the year, that would mean that this is the first [year] that Reggie’s is profitable ever in its history,” said CUSAcorp President Scott Carr at the company’s shareholder meeting last month.
Reggie’s is managed by CUSAcorp, the for-profit branch of the Concordia Student Union.
Over the span of the two fiscal quarters, of which the bar was only open for the entire duration of one, Reggie’s garnered a $3,744 profit on $78,522 in revenues, according to CUSAcorp documents.
That number may fluctuate by up to $2,000 but is expected to remain in the black if the student bar is not reopened.
According to the Reggie’s bar website created over the winter holidays by CUSAcorp staff to keep students up to date on the progress of renovations, CUSAcorp was originally founded to oversee the Reggie’s space in the aim of eventually turning a profit to offset the expenses of the CSU’s predecessor, the Concordia University Student Association.
That was in 1984, and the bar has yet to actually post an operational profit over the duration of an academic year, according to Carr.
CUSAcorp closed Reggie’s in October for renovations and the bar was originally expected to reopen last month. Before that, the bar was open only between Wednesday and Saturday to curb operational expenses incurred from slow business days.
However, CUSAcorp and the university’s Facilities Management department have yet to agree on the extent of the needed repairs and what falls under the university’s financial responsibility, and the bar’s reopening has been delayed indefinitely until construction can begin.
An independent assessment was scheduled for last week, CUSAcorp chairperson James Tyler Vaccaro told The Link on Jan. 13.
However, as of the beginning of February, Vaccaro says he is now expecting to receive the independent assessments starting Feb. 7.
According to Concordia spokesperson Chris Mota, Facilities Management and CUSAcorp representatives will be meeting Feb. 4 to collectively survey the space.
“We’re going to be doing a walkthrough of the space to take a look at the issues of concern on our end,” said Vaccaro, which he says includes faulty plumbing and insulation issues that have prompted one independent inspection for asbestos in the space on Friday morning.
Vaccaro added that while they don’t agree on the scope of issues plaguing the space, Facilities Management has been “open to addressing [CUSAcorp’s] concerns overall.”
Carr, also the CSU VP Finance, said both CUSAcorp and the CSU consider revamping the bar and making it a long-term success a higher priority than reopening for the sake of doing so.
“Although we are proud to say that Reggie’s posted a profit in [quarters one and two of fiscal 2013-2014] our focus this year remains rebuilding an amazing space to serve students in the years to come,” Carr said.
“Honestly, I get the question almost every single day: when will Reggie’s reopen? And I don’t think anyone wants it to reopen more than CUSAcorp’s board,” added Vaccaro.
“We realize it is a valuable space on campus and I know [it’s a space] much used by students throughout the year as well.
“Right now it’s really about figuring out all the problems that are in the space and coming to a common ground with the university […] and then moving forward on the project so we can come out with something that’s really beneficial to students,” he concluded.