PWS Laundry, which has developed more than 3,000 laundromats and at one time operated in 17 states, is expanding again. The company seeks to open 30 to 50 new locations across the U.S. in the next 12 months, maximizing its expertise building state-of-the-art retail laundromats and selling them to independent operators.
In addition to developing laundromats, PWS is the nation’s largest distributor of laundry equipment and parts for laundromats, commercial laundries and multifamily landlords.
“Our company has been around for three generations,” said Brad Steinberg, Co-President of PWS, whose grandfather started the business with two partners in 1968. “My business partner, Brad Pollack, is a second-generation owner and we both see an incredible opportunity to accelerate the development of new laundromats.”
Steinberg said current market conditions favor the business type, including an increasing number of renters who are the primary customer of self-service laundromats; the availability of prime neighborhood retail real estate locations; increased flexibility on the part of landlords who often cover the cost of build-outs; and demand for the operating businesses by entrepreneurs.
PWS has built, owned and operated laundromats under recognizable brand names including Launderland, Lucy’s LaundryMart, Sudz and most recently SpinCycle Laundry Lounge. The laundromats the company develops today feature modern materials and fixtures, are extremely energy efficient and provide a truly enjoyable experience for patrons.
“I grew up in the business,” Steinberg said. “We would leave for a 7:00 pm Dodger game at 10:00 am, so we could stop at 20 laundromats on the way to the stadium.” After a career in investment banking, Steinberg came on board to help lead the family business 13 years ago. “As much as I loved banking, this was always my true calling,” he said.
“There are a lot of pieces to our business — laundromat development, real estate, equipment distributorship, parts, financing and brokerage. It’s a far-reaching enterprise in which there is never a boring day. We may not be a “sexy business,” but I can’t imagine a more enjoyable career.”
Steinberg adds: “Laundromats in many ways are an ideal tenant for a neighborhood shopping center or inline retail strip. They’re stable, consistent performers operationally; recession, virus and Amazon resistant; and they’re a magnet for local traffic. My message to brokers across the country: Bring us the best locations and landlords willing to assist in completing turnkey construction, and we’ll talk!”
