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Cora | Victoria | 850 Douglas Street


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#1 Mike K.

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Posted 26 October 2012 - 07:42 AM

Cora, a breakfast chain to open across from the Falls, is currently undergoing renos to the tune of $250,000 according to the following article published by the Centre for Small Business Financing.

Victoria, BC breakfast franchise gets cracking with $250,000 government backed loan

Nick Ritter from Grand Prairie, Alberta is a big fan of the Cora specialized breakfast restaurants, so much so that he decided to open his very own franchise in his parent’s hometown of Victoria, BC. Looking to continue the company’s mission to create “innovative and unique breakfast and lunch experiences” – combining fruit, cheese, cereal, omelettes, crepes and French toast - he’ll soon become part of the Cora family, which now includes over 130 franchised restaurants across the country.

“Because I like the franchise. Whenever I’m in the east side of the country I try to eat at one of them, and I think that that specific model of restaurant would do extremely well in a place like Victoria. There’s no franchise like that, there’s single-person owned restaurants there that are kind of similar, but not really. I spent a month in Victoria last summer trying to do as much research as I possibly could. I think I visited every breakfast restaurant in the whole city, just figuring out where people were eating, how far they were traveling to eat – all the important research, due diligence.”

With the built-in support system of a franchise, Ritter was drawn to the benefits outlined on the company website, including “an innovative business model that serves original, high-quality products with a proven track record of success in regional markets across Canada; a concept with a proven transferable operating system; a business where proven franchisees may be offered multiple expansion opportunities, and a privately owned enterprise operated by a team whose core values are integrity, enthusiasm and professionalism.”

After approaching his bank, who were “willing to lend me the money, but it wasn’t enough,” he contacted the Centre for Small Business Financing, who made him aware of customized term financing from the Business Development Bank of Canada (BDC), particularly a $250,000 small business loan “for improvement of fixed assets.”

As a Crown corporation which supports the Government of Canada initiatives to improve access to capital and information for small and medium-sized businesses, “the BDC plays a leadership role in delivering timely and relevant financial and management services, with a particular focus on the emerging and exporting sectors of the economy. BDC offers a variety of specialized and flexible financial services for commercially viable businesses, including venture capital financing.”

As noted on the BDC website, “the federal and provincial governments provide loan-guarantee services for the purchase of operating equipment and fixed assets, making it much easier for small businesses to obtain loans from financial institutions” – in Ritter’s case, Royal Bank of Canada. Under programs such as the Canada Small Business Financing Program, “the government agrees to pay up to 85% of the value of the loan, back to the financial institution if you the borrower default on that loan.”

Eligible applicants must be in the start-up or early growth phase (are in their first 12 months of sales), possess experience or expertise in their chosen field, have assembled a competent management team, can show that their business has realistic sales potential, can provide personal and credit references, have invested financial resources in the business.

As Ritter explains, “Cora’s and I got together and there was a lot of back and forth, and we traded the business plan together. They were a great help in estimating revenue and profits for the first three years, which is what the bank required for the loan that I found in your book. Because they have obviously access to more data and more accurate estimates than I would, so they were a big help in that.”

“We had to use a specific contractor through the Cora community. They have a contractor that has done good work for them in the past at a decent price, and we work exclusively through them now. It was another restaurant four or five years ago, and they completely gutted it, and it’s been sitting vacant for four years, so there’s a lot of cleaning that needs to be done first, and then of course the restaurant-type equipment needs to go in – the fridge, the freezers, the burners.”

With Cora Breakfast and Lunch Victoria set to launch before the end of the year, Ritter reiterates the corporate website’s claims that “the adventure is just beginning”, looking most forward to “owning my own business, living in a beautiful place, and being part of a community.”


Here's the chain's website: http://www.chezcora.com/home

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#2 gumgum

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Posted 26 October 2012 - 08:07 AM

Good food but very overpriced. They've met their match in this market as far as quality breakfast establishments. I don't think they'll do as well here.

#3 SamCB

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Posted 26 October 2012 - 08:15 AM

The brand is well loved all across the country. Can't see it doing any worse here just because there are some local competitors.

#4 jessief

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Posted 26 October 2012 - 08:40 AM

I'm not sure how this will do in this location. I've only been to this restaurant once in Calgary but it seems pretty family oriented. Not sure if downtown is the right fit but I'm looking forward to all the fruit!

#5 phx

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Posted 26 October 2012 - 09:53 PM

Good food but very overpriced.


How much is "very" overpriced?

#6 Holden West

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Posted 26 October 2012 - 10:50 PM

Didn't the Times Colonist report a while back that the Smitty's in this location was closing despite solid sales (and mediocre food, IMO) because head office was charging the local operator outrageous franchise fees?

If that's the case, this place might do well, especially with the summer tourist crowd.
"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."
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#7 drt

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Posted 27 October 2012 - 12:43 AM

We had one back in St. John's and I wasn't a huge fan. Their omelettes aren't all that great, yet make up the bulk of their menu!

#8 Mike K.

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Posted 27 October 2012 - 07:11 AM

As long as there aren't crazy lineups like we see with decent breakfast places in Victoria this place could attract a loyal weekend following.

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#9 Holden West

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Posted 27 October 2012 - 07:57 AM

^In other words,it should be busy unless it gets too busy.
"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

#10 VicHockeyFan

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Posted 27 October 2012 - 09:35 AM

^ Yes, that is a strange statement.
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#11 Mike K.

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Posted 27 October 2012 - 09:48 AM

What I meant is considering the penchant for breakfast eateries in Victoria, even if this place doesn't serve exceptional food (as per drt's comment) like many of Victoria's busy breakfast eateries do, they'll likely fare alright, but I wouldn't expect them to have a lineup of waiting patrons stretching half way down the block that is common with some local eateries.

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#12 drt

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Posted 27 October 2012 - 10:04 AM

It was always super busy in St. John's, especially on the weekends, but we had fewer decent breakfast joints downtown.

#13 Barra

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Posted 27 October 2012 - 10:13 AM

French toast on top of pancakes is a bit too much of a good thing...... I agree that tourists will like it.
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#14 sdwright.vic

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Posted 27 October 2012 - 10:53 AM

We had one back in St. John's and I wasn't a huge fan. Their omelettes aren't all that great, yet make up the bulk of their menu!


I'm sorry, but how do you mess up an omelette. The only way I can think is if they flat top them instead of a pan?
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#15 aastra

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Posted 27 October 2012 - 11:14 AM

Can't see it doing any worse here just because there are some local competitors.


Some local competitors? But... didn't we establish in the "local culture" thread that Victoria is packed with breakfast places like no other city in Canada?

#16 Mike K.

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Posted 27 October 2012 - 11:48 AM

We established Victorians like breakfast.

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#17 aastra

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Posted 27 October 2012 - 01:21 PM

What did we establish about dinner?

#18 Holden West

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Posted 27 October 2012 - 01:26 PM

Under 30 you line up for breakfast. Over 30 you line up for Pag's and Ferris's. Over 50 you line up at JJ Morgan.
"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

#19 Mike K.

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Posted 29 December 2012 - 09:55 AM

Apparently Cora will be opening soon.

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#20 sdwright.vic

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Posted 29 December 2012 - 12:06 PM

Apparently Cora will be opening soon.


Soon? As in the "soon" sign that's been in the window sice last May?
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