Quote:
Originally Posted by stophs
Those are really low prices, but when I was in Vancouver a few weeks back I noticed the prices seemed more reasonable generally speaking. I don't have the numbers, but just walking around the city you notice Vancouver has way more retail spaces which is likely to mean their rental rates are much more reasonable. Rent is a major determinant of pricing for a lot of businesses.
With the Times that was next to Good Earth on 11th street shut down about a month. The reason I was told was rent was too high. I know the owners of the now defunct restaurant Xocolat, they weren't generating enough business to cover the rent (and other costs of course). I think they were paying around $5-$6,000/month for a spot with limited pedestrian flows.
I'm convinced we need more retail spaces in the inner city or we're going to keep spending $15 on appetizers in average restaurants.
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No necessarily lower rents, it could be that volumes are just that much higher. Restaurants can succeed in high rent environments, they definitely cannot succeed in low volume environments. Overhead and waste (food goes bad if you don't sell it right away) are just too high.
Agreed that we need more retail space, but more importantly, we need more flexibility in terms of how we allow spaces to be used. So many spaces in this city can only be used for a few select uses, which restricts the ability of owners to attract tenants.
As for "With the Times" no offence, but running a newsstand is a difficult business in the age of the internet. Regular bookstores are having a tough time making a go, let alone a place that only sells magazines, etc. Interested to see what goes in.