The Green Room: An evaluation of the feasibility of a sophisticated wine bar in Cardiff, specifically targeting theatre audiences.
Cardiff Metropolitan University
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Cardiff is home to many prestigious venues such as The New Theatre, The Sherman Theatre St David's Hall, the Cardiff International Arena, Wales Millennium Centre, and the Millennium Stadium. However after talking to friends and family it has become clear there is a niche in the market for a licensed premises that offers a sophisticated and upmarket atmosphere for the visitors to such entertainment centres. When the new Licensing Act 2003 was passed and put into place in November 2005, it was believed that this would enable people to be able to go to see a show at a theatre and have the option to go for a quiet relaxing drink somewhere afterwards. However Cardiff does not offer a venue for this purpose and consequently opportunities are being missed. Therefore my proposal is to open an upmarket wine bar, close to The New Theatre, which will specifically target a more mature and sophisticated clientele who are likely to be going or have been to the theatre. The wine bar will be called 'The Green Room'. This enterprise project is an evaluation into the feasibility of setting up such a wine bar in the centre of Cardiff and looks into all the different areas that will need to be addressed in order to do so such as financial considerations, legal requirements, locating a premises and general operations. A few problems occurred during the process of the project; the researcher found it difficult to gain relevant information from other businesses within the industry and had to over come that through different means. The financial forecasts proved difficult to collate because of this as some figures had to be estimated. Recommendations for the future are detailed within this project to minimise problems if the researcher was to conduct such research again. The results from the feasibility study show that there is a niche in the market for such a venue as 'The Green Room' and it would be a success if it were to go ahead. The financial forecasts show that financially 'The Green Room' would be successful in generating a profit within its first year of trading.
BA (Hons) Event Management
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