Varsity Theatre on Franklin has shown progress since re-ownership

Since 1927, the Sorrell building on Franklin Street has housed a movie theater — first the Carolina Theatre and later the Varsity Theatre, which has occupied the building since the 1950s.

Last year the Varsity was re-opened under husband-and-wife duo Paul and Susan Shareshian, who said they’ve learned a lot about the local theater business.

Paul Shareshian said the space has served more as a venue for events than as a movie showcase, something he and his wife did not expect when they opened the theater in November 2009.

The couple’s original business model included booking the theater for events, but their focus was on showing cult-classics and recent films.

“But the percentages are flipped than what I thought they would be,” Paul Shareshian said. “I book rentals all the time, and filter in the show times around the rentals.”

Jim Norton, executive director of the Chapel Hill Downtown Partnership, said the number of people the Varsity has attracted downtown since its re-opening has exceeded his expectations.

“We don’t care if they’re showing movies or throwing parties or playing music,” he said.

“The Varsity has been wildly successful regardless of what’s going on in the four walls.”

The past year has been full of surprises for the couple, Paul Shareshian said.

The Varsity shows films on their second runs for $4, an increase from an earlier rate of $3 a show.

The comparatively low price, combined with the convenient location of the Varsity, helps to attract student customers, Paul Shareshian said.

“It’s not just a dollar thing, it’s a convenience thing,” he said.

The couple has also learned that college students prefer recent releases to classics.

“It’s definitely a learning experience,” he said. “As far as the classic stuff, you can look up crowd-pleasers on IMDB, but you never know.”

They’ve also learned they must space out the classics they do show, he said.

“Last year we did a ’70s month, and we got a little response but not as much as I thought we would,” Paul Shareshian said.

“We showed four or five great classical movies that probably would’ve done well apart.

“More than anything, we’ve learned about the timing of things.”

But classic films are still a draw for some residents.

Helen and Damon Jones went to see “It’s A Wonderful Life” on Sunday afternoon.

They could watch the movie from their own home, they said, but they prefer the movie theater experience.

“It’s just a way to go out and socialize and be with other people,” Helen Jones said.

As the Shareshians move into their second year as theater owners, they plan to implement what they’ve learned in 2010.

Paul Shareshian said the theater will hold more events, like a Valentine’s Day showing of “Gone with the Wind” featuring a buffet during intermission and possibly live music events.

“It’s an evolution to try to make a better product,” he said.

But, he said, he’s still satisfied with his progress thus far.

“We’re definitely hitting the right notes.”

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