editorial: review + improve padel-hall-investment-risks-en (C7)

- Fixed Even so: colon to em dash (punctuation)
- Tightened Risk 5 advice opener (Model this explicitly.)
- Removed double pronoun in F&B note (before committing)

Co-Authored-By: Claude Sonnet 4.6 <noreply@anthropic.com>

data/content/articles/padel-hall-investment-risks-en.md

@@ -50,7 +50,7 @@ Squash followed a strikingly similar pattern in the 1980s: grassroots boom, infr
 
 The counterargument has real merit: padel requires permanent, fixed courts. That infrastructure creates genuine stickiness that squash never had — players build habits, drive to a venue, become regulars. Padel is also demonstrably more accessible and social than squash, which supports long-term participation. German player numbers show no plateau effect yet.
 
-Even so: if utilization falls from 65% to 35% in year five because hype fades, your model breaks. That scenario is largely unhedgeable — but it can be modeled. What does your P&L look like at 40% utilization sustained for two years? Can your financing structure survive it? If you haven't answered that question, you're not done with your business plan.
+Even so — if utilization falls from 65% to 35% in year five because hype fades, your model breaks. That scenario is largely unhedgeable — but it can be modeled. What does your P&L look like at 40% utilization sustained for two years? Can your financing structure survive it? If you haven't answered that question, you're not done with your business plan.
 
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@@ -91,7 +91,7 @@ When a new competitor opens ten minutes away in year three, you feel it in utili
 
 Padel has no real moat. No patents, no network effects, no meaningful switching costs. What you have is location, the community you've built, and service quality — genuine advantages, but ones that require continuous investment to maintain.
 
-**The right move is to model this explicitly.** What does your P&L look like when a competitor opens in year three and takes 20% of your demand? What operational responses are available — pricing, loyalty programs, corporate contracts, additional programming? Having thought through the competitive response in advance means you won't be improvising when it happens.
+**Model this explicitly.** What does your P&L look like when a competitor opens in year three and takes 20% of your demand? What operational responses are available — pricing, loyalty programs, corporate contracts, additional programming? Thinking through the competitive response in advance means you won't be improvising when it happens.
 
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@@ -111,7 +111,7 @@ Good facility managers, coaches who combine technical skill with genuine hospita
 
 Courts need replacing. Artificial turf has a lifespan of five to eight years. Glass panels and framework require regular inspection and periodic replacement. If this isn't in your long-term financial model, you're looking at a significant unplanned capital call in year six or seven. Budget a per-court annual refurbishment reserve — and set it conservatively above zero.
 
-**A note on F&B:** Running a café or bar inside your facility is an entirely different business — different skills, thin margins, and separate regulatory requirements. If food and beverage is part of your concept, outsourcing to a dedicated operator deserves serious consideration before you commit to running it in-house.
+**A note on F&B:** Running a café or bar inside your facility is an entirely different business — different skills, thin margins, and separate regulatory requirements. If food and beverage is part of your concept, outsourcing to a dedicated operator deserves serious consideration before committing to running it in-house.
 
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