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Food services comings and goings in Victoria

Started by G-Man , Apr 14 2009 02:55 PM

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8809 replies to this topic

#261 Matt R.

Randy Diamond

Member
8,014 posts

Posted 28 May 2011 - 10:27 PM

Sura, down on Douglas, is a very similar restaurant. Smaller, simpler, cheaper, and is always busy when I go. Fantastic food and service is plain and efficient.

Having been to Posh a few times, I don't think it's the menu that was killing them.

Matt.

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#262 Holden West

Va va voom!

Member
9,058 posts

Posted 28 May 2011 - 11:34 PM

I think they need higher foot traffic

Posh always seemed to have a good crowd--thing is, the place is so huge it seemed half-empty at the best of times. I think a location half the size (and half the rent) would be perfect.

"Beaver, ahoy!""The bridge is like a magnet, attracting both pedestrians and over 30,000 vehicles daily who enjoy the views of Victoria's harbour. The skyline may change, but "Big Blue" as some call it, will always be there."
-City of Victoria website, 2009

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#263 G-Man

Senior Case Officer

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13,805 posts

Posted 29 May 2011 - 06:43 AM

Well it seemed odd to try hotpot in the same location where it had already failed once a few years ago.

Visit my blog at: https://www.sidewalkingvictoria.com

It has a whole new look!

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#264 Holden West

Va va voom!

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Posted 29 May 2011 - 07:12 AM

The Med Grill was paying $9,000 a month rent according to their bailiff's notice. VV restaurant people: how does that rent compare to other spaces?

"Beaver, ahoy!""The bridge is like a magnet, attracting both pedestrians and over 30,000 vehicles daily who enjoy the views of Victoria's harbour. The skyline may change, but "Big Blue" as some call it, will always be there."
-City of Victoria website, 2009

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#265 Van

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87 posts

Posted 29 May 2011 - 08:43 AM

I know Salute's rent was over $10,000 a month. At least according to a former employee.

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#266 Kapten Kapsell

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3,539 posts

Posted 29 May 2011 - 08:45 AM

I think that the rent for the former Smitty's was somewhere in the neighbourhood of 17k per month?

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#267 Phil McAvity

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1,238 posts

Posted 29 May 2011 - 10:54 AM

So the Med Grill and Smitty's have both gone tits up?

Both downtown locations?

In chains by Keynes

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#268 Nparker

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40,672 posts

Posted 29 May 2011 - 11:22 AM

So the Med Grill and Smitty's have both gone tits up? Both downtown locations?

You don't get downtown much do you?

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#269 Phil McAvity

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1,238 posts

Posted 29 May 2011 - 11:39 AM

^Not often enough obviously. The irony is that I live almost downtown.

In chains by Keynes

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#270 VicHockeyFan

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Posted 29 May 2011 - 02:45 PM

The Med Grill was paying $9,000 a month rent according to their bailiff's notice. VV restaurant people: how does that rent compare to other spaces?

A dumpy bar/nightclub I know pays about $14,200 rent.

"I don’t need a middle person in my pizza slice transaction" - zoomer, April 17, 2018

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#271 Phil McAvity

Member
1,238 posts

Posted 29 May 2011 - 02:59 PM

^wow, I can't believe Soprano's pays that much.

In chains by Keynes

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#272 D.L.

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7,786 posts

Posted 29 May 2011 - 07:03 PM

Hey, Sopranno's is a classy place! VHF must be talking about someplace else.

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#273 Matt R.

Randy Diamond

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Posted 29 May 2011 - 09:06 PM

9 g's isn't bad for the size of the space, but the devil is in the details.

Matt.

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#274 Mike K.

Administrator
83,469 posts

Posted 30 May 2011 - 09:36 AM

Zambri's old space is $8,500/month.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.

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#275 VicHockeyFan

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Posted 07 June 2011 - 05:20 AM

Opening late summer 2011:

This is the recently-renovated space at Langley and Broughton.

"I don’t need a middle person in my pizza slice transaction" - zoomer, April 17, 2018

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#276 Holden West

Va va voom!

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9,058 posts

Posted 07 June 2011 - 06:13 AM

Opening late summer 2011:

This is the recently-renovated space at Langley and Broughton.

Wow, look at those legs. Have you heard about today's GoyaDeal?

So nine grand is the going rate for a large-ish space, even on the fringe of town. It seems impossible to run a business yet Yule Heibel quotes a Colliers rep in the current issue of FOCUS who says basically that if your business is struggling, a modest rent reduction isn't the cure.

"Beaver, ahoy!""The bridge is like a magnet, attracting both pedestrians and over 30,000 vehicles daily who enjoy the views of Victoria's harbour. The skyline may change, but "Big Blue" as some call it, will always be there."
-City of Victoria website, 2009

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#277 VicHockeyFan

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Posted 07 June 2011 - 06:20 AM

^Wow, look at those legs. Have you heard about today's GoyaDeal?

Ya, I knew I should have photoshopped those legs out. :rolleyes:

I used to be a distance-runner, not a weightlifter.

"I don’t need a middle person in my pizza slice transaction" - zoomer, April 17, 2018

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#278 D.L.

Member
7,786 posts

Posted 07 June 2011 - 11:01 AM

Still no sign of BK or FB moving in...

Though FB isn't supposed to open till at least Aug anyways - http://www.timescolo...9332/story.html

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#279 Mike K.

Administrator
83,469 posts

Posted 07 June 2011 - 11:15 AM

So nine grand is the going rate for a large-ish space, even on the fringe of town. It seems impossible to run a business yet Yule Heibel quotes a Colliers rep in the current issue of FOCUS who says basically that if your business is struggling, a modest rent reduction isn't the cure.

Of course a modest rent reduction won't do anything. Even if you discount a $9,000 monthly lease to $8,500 it won't make a different.

Cut the $9,000 in half and you're getting somewhere.

One major problems is that if a business enters a space with a relatively affordable lease and builds up its business enough to become a local success story, the landlord is highly likely to significantly increase the lease rate when a new lease is signed. This is common in most urban centres but particularly trying for Victoria businesses because of the relatively small pool of potential customers year round and the high likelihood of others emulating your successful offerings (think Pig and the onslaught of pulled port sandwiches that has sprung up over night across the CRD -- it's like Victoria had no concept of pulled pork before Pig opened and now you can get one of those sandwiches at virtually every pub and restaurant in town, not to mention competing bbq places).

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.

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#280 VicHockeyFan

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52,121 posts

Posted 07 June 2011 - 12:57 PM

The problem is the dead times.

That's why I have a restaurant concept called "On the Clock" where prices are adjusted every hour. It's a complex algorithm that decides the menu price for each item, changing up or down each hour depending on demand for that item, and general sales volume history for that hour. A big computer screen shows the current prices, but better get your order in before the top of the hour. The price is changing! "You're on the clock!"

"I don’t need a middle person in my pizza slice transaction" - zoomer, April 17, 2018