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Victoria retail thread: retailer news, comings and goings


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#7021 Victoria Watcher

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Posted 30 August 2021 - 03:35 PM

Lyle's:  The shop will open Tuesdays through Saturdays the rest of the month from noon to 5 p.m., with a maximum of 20 customers allowed in the store at a time.

 

Staff expect lineups and will not be answering the phone. According to the post, gift certificates can be used like cash for 50 per cent off while trade credits will be charged full price.

 

 

 

https://www.vicnews....r-four-decades/

 

 

 

i trust vicnews called them for at least a quote.  but they did not answer the phone.

 

the entire news story is based on the Facebook post.


Edited by Victoria Watcher, 30 August 2021 - 03:37 PM.


#7022 pontcanna

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Posted 31 August 2021 - 06:29 AM

Lyle’s Place, destination music shop for nearly 40 years, is closing

Andrew Duffy / Times Colonist

AUGUST 31, 2021

tc-340475-web-vka-lyles-1202183013418380
Rod Lyle and his wife, Janice, at their record store Lyle's Place, which will be selling off all of its inventory and closing after a near 40-year run at its Yates Street location.

For nearly 40 years, Lyle’s Place in the 700-block of Yates Street has been an institution for music lovers of all stripes.

While it’s been a destination new-and-used record shop on that block since it opened in 1982, Lyle’s has also been a second home for many, a school for those looking to broaden their musical horizons, a marketplace and meeting place for musicians and for years it was the place to get tickets for shows of all sizes in the city.

It has also been the centre of Janice and Rod Lyle’s world since they opened the door in 1982, four years after starting a book shop in James Bay.

Rod Lyle, who suffered a major stroke four years ago, said a confluence of factors ranging from his own health, family priorities, increased rent due to rising taxes and the effects of COVID have forced his hand.

“It’s just time,” he said Monday, while preparing the inventory for a clearance sale that will start this week. “We’ve had a great run. It’s becoming too much for the two of us.”

Morehttps://www.timescol...sing-1.24354692
 
 


#7023 todd

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Posted 01 September 2021 - 12:01 PM

Lot less reasons to go downtown these days other than to look at architecture and go to restaurants

#7024 Mike K.

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Posted 01 September 2021 - 12:05 PM

Rod Lyle, who suffered a major stroke four years ago, said a confluence of factors ranging from his own health, family priorities, increased rent due to rising taxes and the effects of COVID have forced his hand.

 


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#7025 todd

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Posted 01 September 2021 - 12:39 PM

Ya seen one crowded, polluted, stinking town. Tea, girls, warm, sweet. Some are set up in the Somerset Maugham suite. Get Thai'd! You're talking to a tourist whose every move's among the purest. I get my kicks above the waistline, sunshine.
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#7026 Mike K.

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Posted 11 September 2021 - 07:17 PM

Helmcken Market will be closing down on October 15th after 48 years in business. The land is for sale for $4.5M.

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#7027 spanky123

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Posted 12 September 2021 - 10:49 AM

Helmcken Market will be closing down on October 15th after 48 years in business. The land is for sale for $4.5M.

 

I though that the property has been sold?



#7028 Mike K.

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Posted 12 September 2021 - 10:57 AM

Oh it’s possible.

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#7029 Mike K.

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Posted 15 September 2021 - 07:39 PM

The Cookie Guy is closing this weekend. The bakery operated out of a Blanshard Street location 2016-2019 before moving to Uptown.

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#7030 Belleprincess

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Posted 15 September 2021 - 10:21 PM

The Cookie Guy is closing this weekend. The bakery operated out of a Blanshard Street location 2016-2019 before moving to Uptown.


Sad to hear! I would often send their cookies as gifts. Cool concept. The owner is a realtor now. Booming real estate market vs the nightmare of an kind of food service operation during a pandemic.. tough choice. I’m speculating but could be part of the decision to close
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#7031 Redd42

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Posted 16 September 2021 - 03:42 AM

Sad to hear! I would often send their cookies as gifts. Cool concept. The owner is a realtor now. Booming real estate market vs the nightmare of an kind of food service operation during a pandemic.. tough choice. I’m speculating but could be part of the decision to close

 

So sold their sole to the devil. I get that we need professionals to help us plebs through the property buying process. But the payment for that service should be a flat fee, not a percentage of the sale value of the property.


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#7032 LJ

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Posted 16 September 2021 - 07:57 PM

So sold their sole to the devil. I get that we need professionals to help us plebs through the property buying process. But the payment for that service should be a flat fee, not a percentage of the sale value of the property.

They were a fish market as well?


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Life's a journey......so roll down the window and enjoy the breeze.

#7033 Nparker

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Posted 16 September 2021 - 08:18 PM

"Sole to the Devil" would make an awesome name for a fishmonger.



#7034 Redd42

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Posted 16 September 2021 - 09:10 PM

Very delayed typo  correction. Soul not Sole. Glad my error provided some amusement. Still stand by my original sentiment. Real estate agents in our current market when the average Victoria house is over a Million dollars should not be paid a percentage. But because they are previous cookie makers suddenly become real estate agents.



#7035 Mike K.

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Posted 17 September 2021 - 06:55 AM

The average real-estate agent in this region earns just over $50,000 gross, from which they have to deduct monthly expenses to remain licensed and in good standing with their brokerage, and of course, income tax (or if they’re in a PREC, corporate tax, then income tax).

There are approximately 1,500 agents in this region, and 80% of deals go to 20% of those agents.

On a million dollar deal the commission is roughly $25,000-$30,000 depending on the agent, and rates are negotiable. From that sale, half or more goes to the agent who brings the buyer, and they pay fees to their brokerage on the deal. The listing agent also has other fees related to listing and the promotion.

Meanwhile, of the 900-odd sales per month now, about 350 are houses averaged at $1.1-$1.2 million, 350 are condos averaged at $550k, 100 are townhomes averaged at about $700k, and the rest are trailers (ultra low priced) land ($200-$1M typically), and commercial properties (wide gamut of pricing but a different industry altogether).

On a $550k condo, you can see the split between the agents is closer to $7,000, from which they pay their fees. If you can sell or buy ten homes a year you’re doing exceptionally well (relatively speaking), but most agents are selling just a handful, to where their gross wage is on par with a mid level government employee, but they still have to deduct fees. If they clear $40,000 post fee, but pre-tax, it’s an average year for an agent. Now imagine how much driving they’ve had to do, how many weekends they dedicated to showings with their clients, how many deals collapsed, and how much it cost them just to earn that commission.

Most agents filter through the system and walk away wondering what happened. It’s a difficult business, even in good times, and savvy buyers or sellers can smell a newbie from a mile away, so most newcomers rely on family and friends for their first few years in the industry (and most will only last that long).
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#7036 Victoria Watcher

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Posted 17 September 2021 - 07:11 AM

The average real-estate agent in this region earns just over $50,000 gross, from which they have to deduct monthly expenses to remain licensed and in good standing with their brokerage, and of course, income tax (or if they’re in a PREC, corporate tax, then income tax).

 

And how many hours do they work per week, on average?


Edited by Victoria Watcher, 17 September 2021 - 07:11 AM.


#7037 Barrrister

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Posted 17 September 2021 - 07:14 AM

Has anybody been in The Bay Centre recently. How do the stores there stay in business. The Bay looked almost abandoned. 



#7038 Mike K.

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Posted 17 September 2021 - 07:16 AM

If you include driving, 60 hours per week is just about right, but some will work more. The guys I deal with, being in the industry, are working at 8PM to ensure a deal goes through. They will spend Saturday with a client as well, if that’s what’s required. On the residential side Saturdays and Sundays are when clients have time to house shop, so having a free weekend is a luxury.

Being a successful agent is only easy because the good ones make it look easy, but let me tell you, it’s a hustle, and especially if you’re dealing with commercial properties (the level of complexity is ten-fold, and you don’t get paid until the deal closes 3-6 months from the moment the offer is made).

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#7039 Victoria Watcher

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Posted 17 September 2021 - 07:41 AM

60 hours per week to earn $50,000?

 

Walmart cashier pays more.

 

I think your 60-hour-per-weekers are making much more than your $50,000 average.


Edited by Victoria Watcher, 17 September 2021 - 07:43 AM.


#7040 Mike K.

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Posted 17 September 2021 - 07:54 AM

It depends. If you’re a young agent trying to reach your first dozen sales you will have to hustle, both to drum up business, learn the business, then convert your effort to an income.

The 20% of agents drumming up the 80% of deals every month rely on many years of connections and industry experience. The crafty ones also work with guys like me  :)


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