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TLDR; Bowlero buys up local lanes and either closes them or renovates them into a new Bowlero. Then they cheap out at every expense, raise prices, and push expensive drinks and food.
They're clearly pushing for a monopoly like all these top big companies are doing.
The article spends way too long telling you about "Big Mike" and trying to get you to sympathize with their characters instead of using real interviewees as an example.
TLDR; Bowlero buys up local lanes and either closes them or renovates them into a new Bowlero. Then they cheap out at every expense, raise prices, and push expensive drinks and food.
That's private equity for you.
This is literally the playbook for all companies that are run by private equity firms
They just bought up the largest waterpark in Illinois..... yep, a waterpark.
The last article I read on it said they had big ideas to increase profit at the waterpark and it was something the old owners never thought of, which is to start selling alcohol. I can't imagine how much a watered down margarita at a waterpark is going to cost.
Pretty sure the previous owners didn't sell alcohol to avoid drunk situations around drowning hazards and children.
You can't imagine how excited I am to take my kids to a water park for a bunch of drunken 30 year olds to hit on them or loudly brag about fucking Lois in HR in graphic detail or whatever else sober people keep to themselves when they are around kids.
More than a few lives
A couple of lives at least.
Is there anything private equity hasn't made objectively worse?
No, Private Equity makes things worse by definition. The incentives of a PE firm are misaligned with building a healthy business that builds consumer trust and treats employees well - if your company is acquired by PE you can expect worse working conditions, tighter deadlines or metrics, worse compensation... and having to deal with much angrier clients.
You know, the funny thing is that nominally, the point of PE is to take a struggling asset, get it back on its feet, and sell it for more than you bought it for. It's flipping for businesses. That honestly doesn't sound bad, it sounds like probably a good thing when you put it like that. IRL, though, it just ends up being vulture capital all the way down.
Yea, I'd saying that a company seeking outside investors or trying to bring on managers or consultants... these aren't inherently bad things - it's just that in practice it's fucking awful.
In our modern capitalist system the flow diagram is basically: team/founder starts a company, company does well and builds a customer base, team/founder cash out, PE/profit targets force under investment in company health, company gets worse, new team/founder outcompetes... though a huge problem at the moment is that having a billion dollar slush fund can really draw out being outcompeted i.e. Uber/literally anything in silicon valley.
Well yeah but also no. I feel like Sam from Wendover went over this quite well recently: https://youtu.be/XK8hpxR_r2Y
Another industry becoming enshitified. I really wish there was something we, the people, could do about this, because this really fucking sucks. Average people won't care though, because shiny.
I Dunno man I think this is really one where just not going to bowlero would do the trick. Maybe it's different because I'm in the midwest, but there are plenty of places way better and cheaper than bowlero and I think the local populous knows. Because the bowlero by me is only ever full if a company is doing an event there. Otherwise the general consensus is "wtf no I don't want to go to the loud dark bowling alley with 9 dollar drinks and microwave wings"
Sure, but the article was saying they're on an acquisition frenzy, scooping up any and every alley they can. Most smaller cities only have maybe one alley is the point, where Bowlero has an effective monopoly.
Well let's hope this ticketmaster shit the government is doing has knock on effects
I'm with ya. At the same time, we really need some systemic changes to stop Wall Street's penchant for fucking everything up.
But you will, because the rest will close eventually. It's a long game. The mom and pops won't survive forever.
Will what? I almost never go bowling anymore because it's gotten so expensive. Didn't even start with Bowlero, I don't think. They were just another company that came in and made the affordable places more expensive.
If it weren't for the bowling league IDK if the place would be all that busy.
The AppleBee level of service
Different story, different participants, same sadness
corpos are really ruining everything huh
And thus the further enshitification of things continues along....
It's too bad because bowling is fun even when you suck at it.
Bowling in general has gotten much more expensive because so many places love booking lanes per hour per person. And they are all very expensive. Makes the $4-$5 per game places of just a decade or so ago look dirt cheap in comparison.