Photography by Julia Estelle Allen
Brothers Kevin and Dennis Croteau had embraced billionaire investor and businessman Warren Buffett’s famous advice to be fearful when others are greedy, and be greedy when others are fearful. The owners of Hot Spring Spas of Music City in Tennessee used the market downturn to purchase land below market value and start the process of building a new store location.
“The month after we decided to go build, we didn’t sell a thing,” Kevin says. They had wanted to be bold and audacious, but “we were starting to think we were really stupid.”
Buffett’s adage didn’t steer them wrong, however: The new location opened in March 2012 and plans have begun for another. Another axiom the brothers say guided them? Location, location, location.
“Kevin did such a great job at looking into the future, seeing where our cities were going and where the growth was going to go,” Dennis says. One of the highways its new store is situated next to is expanding to five lanes.
“We’re going to go from about 25,000-plus cars a day to 45,000 to 50,000 cars a day,” Kevin says.
The desire for that perfect spot, and recommendations from architects and contractors, helped the Croteaus to decide to build new rather than refurbish an existing building. With the help of their architect and an interior decorator, they were able to build a store suited to selling hot tubs and incorporate some unique elements, like audiovisual equipment and a starlit ceiling feature.
Hot Spring Spas of Music City received the best showroom design award from Watkins in 2012, but perhaps the most meaningful accolades the brothers have received come from peers and customers.
Shortly before the store opened, Hot Spring Spas of Music City hosted a meeting of the Gemini Group. “We asked them, ‘Give me one thing you’d change and one thing you’d leave the same,’” Kevin says. “They all said we wouldn’t change a thing; we think you’ve got this about right.”
“The customers absolutely love it,” Dennis says. “As they watched our company grow over the last 11 years, they’ve been a part of the whole ride, and they’re just so proud for us.”