Victoria retail thread: retailer news, comings and goings
#8721
Posted 09 October 2024 - 07:34 PM
I think the message in that post is the operator is not happy that local business are struggling while corporate stores are opening. But Government Street already had two local coffee shops, Murchies and the one on Broughton.
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#8722
Posted 11 October 2024 - 12:55 PM
I didn’t realize 2% left the Hudson District and doesn’t have a downtown location any more; but their website says they have a kiosk at the RBCM.
I think the message in that post is the operator is not happy that local business are struggling while corporate stores are opening. But Government Street already had two local coffee shops, Murchies and the one on Broughton.
They left like 5 years ago, maybe 6... Shatter box took over almost straight away and now another shop in there.
regarding A&W, I don't think Council approves who leases what for the most part. It's not controlled like that..
Edited by Ismo07, 11 October 2024 - 01:55 PM.
#8723
Posted 11 October 2024 - 01:06 PM
I think Hope Key is the only business on the east side of Douglas between Johnson and Yates with frontage onto Douglas that is open.
The rest of the businesses have shut down.
Across the street it’s not much better. I think 50% of the frontage is vacant.
East side is 3 out of 6 businesses are closed with 7-11 closure. Windows are already covered and no lease signs. Would that mean they might already have someone going in? When did the salon there close? The person napping there when you walked by is not there today.
West side is 7 out of 10 open. The 3 closed, while trying to get lease are in the building that was to be developed but maybe that's shelved for now. Could the lease lengths be an issue there?
#8724
Posted 11 October 2024 - 01:25 PM
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#8725
Posted 11 October 2024 - 01:55 PM
Hope Key, and what other retailer has an entrance onto that block?
Some Hookah thing... Scotia Bank takes up a large portion of that block...
#8726
Posted 11 October 2024 - 02:04 PM
What hookah place? What’s its name?
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#8727
Posted 11 October 2024 - 02:04 PM
The motion will see the City pursue a pilot project that lowers the property tax burden on businesses operating out of buildings in Harris Green assessed by BC Assessment as though they are a higher use within a larger structure, as permitted on the property via zoning, rather than the use or building type currently situated on the property. This creates a higher tax hit that is then covered by the business, despite the permitted higher-valued usage and structure not existing.
Dell’s motion is part of the City’s efforts to help local businesses thrive after work-from-home has remained in effect across many government offices, and as street disorder continues to pose foot traffic challenges in the downtown core while operational costs for businesses remain a challenge.
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Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#8728
Posted 11 October 2024 - 02:07 PM
#8729
Posted 11 October 2024 - 02:41 PM
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#8730
Posted 11 October 2024 - 02:49 PM
The budget won’t drop by $50k, will it?
HAHAHA
#8731
Posted 11 October 2024 - 03:13 PM
The budget won’t drop by $50k, will it?
Of course not.
Mixed feelings on this. The ultimate beneficiaries will be the landlords as they pay property taxes not tenants. If the tenant is on a gross lease then all of the benefit goes to the landlord. If the tenant has a NNN lease then the tenant will see a reduction in their operating cost payment but arguably the landlord may then have more flexibility in increasing the base rent.
Savings for one group of businesses will then be subsidized by other businesses according to PR I saw.
Edited by spanky123, 11 October 2024 - 03:14 PM.
#8732
Posted 11 October 2024 - 03:20 PM
I would explain how the city would lower its spending but I have to go out back to feed my unicorn.
#8733
Posted 11 October 2024 - 03:26 PM
This is coming up your home, too. If the SFDs around you redevelop into six-plexes, or 24-plexes, what do you think will happen to your assessment?
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#8734
Posted 11 October 2024 - 04:10 PM
Downtown Victoria has witnessed the closure of several small businesses and other commercial tenants in recent months, including Baggins Shoes, Little Jumbo, Tombo, Prism Imaging, the Victoria Events Centre, and others.
In interviews with local media, the outgoing businesses have cited three main factors for closing up shop:
1) Post-pandemic economic conditions, including high inflation, high interest rates, skyrocketing commercial rents, and the ongoing shift to online shopping;
2) The shift to remote and hybrid work, especially amongst provincial employees, which has deprived downtown Victoria of thousands of small business customers;
3) Street disorder and the perception of unsafety in the downtown core.
While the City continues to provide unprecedented levels of social, economic, and health supports, the core responsibilities rest with senior levels of government and the City of Victoria will need help from the incoming government to address these fast-changing and deep-seated economic and social challenges.
In many ways, downtown Victoria is thriving. It has one of the lowest storefront vacancy rates of any downtown in the country, at about 10%, and tourism and other industries remain vibrant. That said, and as with many downtowns across this province and country, it is experiencing the strains of the post-pandemic economy and requires greater investment and supports from all levels of government.
The City is doing its part by investing in downtown revitalization, including Our DWTN, heritage revitalization and façade-restoration programs, Royal Athletic Park renovations, the Government Street refresh, the Major Community Initiatives and Events Grant, Centennial Square upgrades, the City Hall bike valet, and other investments, but there is much more to be done, and the support of the provincial government is crucial.
Councillor Caradonna and Mayor Alto will propose to Council an advocacy motion with the following requests to the incoming provincial government:
1. Greater supports for small businesses and other commercial tenants experiencing high commercial rents and the impacts of current economic conditions;
2. For the Province to consider impacts to downtown Victoria when making decisions about remote and hybrid work arrangements;
3. For a renewed focus on addressing street disorder and its underlaying causes, such as insufficient regionwide supportive housing, affordable housing, and health and social services, including for mental health and addictions, all of which sit with the provincial government.
“Our downtown economy has been battered by the post-pandemic economy. The City is deeply committed to supporting small businesses and non-profit commercial tenants, who are the heart of our downtown,” Caradonna said. “Our job is to invest in downtown, contribute to a safe and vibrant community, and promote our City. Beyond that, the deeper social and economic issues that we face must be addressed by the provincial government.” Caradonna continued: “I echo Jeff Bray from the DVBA that the Province must do more to take into consideration the impact that remote and hybrid work has had on downtown. It has deprived downtown businesses of thousands of weekly customers.”
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Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#8735
Posted 11 October 2024 - 04:18 PM
“Regardless of the outcome of the election, we want to start working on day one with the new government on addressing critical issues in our downtown. We need a provincial government that will support small businesses, address skyrocketing commercial rents and business costs, and get on top of street disorder. The City is doing what it can, but many of these deeper social and economic issues are beyond our capacity to fix. We have been investing heavily in downtown and now we need the Province to do its part. We want a vibrant and thriving downtown business community. Small businesses are the cornerstone of who we are.”
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#8736
Posted 13 October 2024 - 12:39 PM
Here is the Cowichan Trading Co. space for lease:
$61/square feet
1328 Government St
Victoria, British Columbia V8W1Y8
https://www.realtor....ctoria-downtown
Edited by Victoria Watcher, 13 October 2024 - 12:39 PM.
#8737
Posted 13 October 2024 - 12:42 PM
$1,900/Monthly
108 561 Johnson St
Victoria, British Columbia V8W1M2
622 square feet of character retail space. The subject property boasts a fantastic location within the Paperbox Arcade, featuring ample glazing and high ceilings, along with strong signage opportunities for the premises. Located on LoJo just steps from Government Street, the Paperbox Arcade offers a unique retailing opportunity in one of Greater Victoria’s most desirable shopping destinations. Nearby neighbours include the retailers at Market Square, Mountain Equipment Co-op, Lad’s Clothing, Zingaro Floral, John Fluevog Shoes, Starbucks and others.
https://www.realtor....ctoria-downtown
Edited by Victoria Watcher, 13 October 2024 - 12:42 PM.
#8738
Posted 13 October 2024 - 12:52 PM
Always dreamed of living in that building. Those apartments up top used to be very cool.
#8739
Posted 13 October 2024 - 12:53 PM
#8740
Posted 15 October 2024 - 07:26 AM
How would the Provincial government tackle "sky rocketing lease rates"?
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