Development pressure has driven Vancouver retail rents sky high and convinced some landlords to include demolition clauses so they can boot retailers out if a developer wants in.
“Many small business owners [in Vancouver] can no longer afford the regions they have long operated in due to a doubling and sometimes even tripling in their annual property taxes,” according to commercial real agency Cushman & Wakefield in its latest report on Metro Vancouver’s retail real estate.
“Some landlords don’t want to lower [retail] rents because it reduces the value of their building,” said Craig Patterson, editor of Retail Insider. “They would rather leave [storefronts] empty.”
After 21 years on thecorner of Whyte Avenue and 105 Street, Chapters will be shutting down inJanuary. This high profile location won’t be vacant for long though; Winners will be moving in right after its renovated.
Chapters / Winners space is roughly 24,000 square feet, consisting of 8,000 on the main floor and 14,000 square feet on the second floor.
In a memo to vendors, Calgary Co-op (CCL) has announced that it will begin buying food from Save-On-Foods beginning Spring 2020. (Grocery Business Magazine)
Five grocery store operators in Victoria, BC, have joined up to fight hunger, raising more than $35,000 for the community’s Food Rescue Project.
In June Country Grocer, Fairway Market, Red Barn Market, the Root Cellar and Thrifty Foods teamed up in the Island Food Caring campaign to support the Food Rescue Project, joining more than 50 other organizations. Together the grocers raised $18, 847, which was doubled to $37,693 thanks to matching funds from the Victoria Foundation. (Grocery Business Magazine)
Another Calgary business is closing its doors, as Alberta’s jobless rate rises. Beat It Music, located on 17 Avenue S.W. will shut down at the end of August.
"I’ve been battling the Calgary economy for a lot of years," said owner Bob Everett. "Now I gotta walk away from something that was a jewel amongst stores."
Everett said his costs are minimal because he doesn’t have any employees, but still can’t afford to stay open. “You can’t come walking home with a new set of drums when you didn’t buy groceries that week. I think there’s a lot of people out there that are hurting a lot more than they even want to admit,” said Everett.
A shop owner whose Inglewood store was recently broken into is sharing her story in hopes of helping other Calgary business owners.