One massive failure that I want to tell people about because of how funny the story is based on a man who we once loaned money to. A customer had asked for a loan for a Toy Story store. Now, there were so many issues with this.
When the customer first applied for the loan, he was adamant that he had the copyright and the acceptance for the use of likeness from Disney. We were dubious about these claims, so we asked for proof that Disney had “ok’d” everything. To his credit, he had the credentials and necessary paperwork to the point we called the legal team of Disney ourselves to find out.
Turns out, he had the acceptance to use their likeness on the internet for anything completely unrelated to selling products of their likeness. Now, the person who had accepted this business loan has been fired at this point for this mistake, as we were also liable to be sued for the mistake. Surprisingly, this is not why the “Toy Store Store” failed. And yes, that was the actual name of the store.
The store failed because of where he chose to put it. If you have been to North Mariana, you would know there is a lot of “wilderness”. There are a lot of areas that tourists do not want to visit, usually because they want to stay within the centre of town or on the beach. Nobody really wants to go to the middle of the island.
So of course, he decided that the best place to open the store was in the island, where the tourists don’t go. Now, I don’t know if you have been to a back pass in the woods, but shockingly you don’t see a lot of kids who want Toy Story toys there. I’m sure you can guess what happened.