Welcome Guest! In order to take advantage of all the great features that Waterloo Region Connected has to offer, including participating in the lively discussions below, you're going to have to register. The good news is that it'll take less than a minute and you can get started enjoying Waterloo Region's best online community right away. Click here to get started.

Thread Rating:
  • 2 Vote(s) - 3 Average
  • 1
  • 2
  • 3
  • 4
  • 5
General Retail News
#31
Ya, me too. Didn't know if there was anything more recent. The failures though? Weren't they on David St, and I seem to recall their sign (now replaced) over at a woodlot on Bleams west of Homer Watson...
Reply
#32
(01-18-2015, 05:25 PM)Smore Wrote: What was the last project Revel/Madison completed?  Anyone?

Something tells me that they're having serious financial/management issues. I do hope that I'm wrong though.
Reply
#33
(01-19-2015, 03:24 PM)gomesjustin Wrote:
(01-18-2015, 05:25 PM)Smore Wrote: What was the last project Revel/Madison completed?  Anyone?

Silver Thread Lofts in Waterloo? That's the last one I can remember. 

Cedar Brownstones?

They've had some small infill/reno type projects on the go too I think.
Reply
#34
Artisan Zone in the old Kabel's building on King St W has closed due to a "failure of lease renegotiations".  They are apparently planning to relocate, although I don't know where.

Fine Feathers (womens clothing and accessories) on Ontario St N. has also recently closed.

I remain concerned that the rent ambitions of Downtown landlords and property developers are making it difficult for retail to have much of a chance in the core.
Reply
#35
(04-09-2015, 12:40 PM)panamaniac Wrote: Artisan Zone in the old Kabel's building on King St W has closed due to a "failure of lease renegotiations".  They are apparently planning to relocate, although I don't know where.

Fine Feathers (womens clothing and accessories) on Ontario St N. has also recently closed.

I remain concerned that the rent ambitions of Downtown landlords and property developers are making it difficult for retail to have much of a chance in the core.

I said it before and I will say it again. Do not sign a lease for your startup business that does not include automatic renewal provisions at pre-established prices. Big chains demand 20 years at CPI or thereabouts with an option for another 5-20 at slightly better terms to the landlord.
Reply
#36
Indeed. I was shocked that Artisan Zone would be on such a short lease after all the sweat equity they put into renovating the space. More artists than business people, I guess.
Reply
#37
(04-09-2015, 12:51 PM)BuildingScout Wrote: I said it before and I will say it again. Do not sign a lease for your startup business that does not include automatic renewal provisions at pre-established prices. Big chains demand 20 years at CPI or thereabouts with an option for another 5-20 at slightly better terms to the landlord.
Savvy retailers argue that they need long(er) term leases in order to amortize all the leasehold improvements they intend to make.

(Restaurants in particular usually require expensive leaseholds. Think kitchen. That makes Imbibe's situation even more curious. What were they thinking? But I'm digressing.)
Reply
#38
(04-09-2015, 02:05 PM)ookpik Wrote:
(04-09-2015, 12:51 PM)BuildingScout Wrote: I said it before and I will say it again. Do not sign a lease for your startup business that does not include automatic renewal provisions at pre-established prices. Big chains demand 20 years at CPI or thereabouts with an option for another 5-20 at slightly better terms to the landlord.
Savvy retailers argue that they need long(er) term leases in order to amortize all the leasehold improvements they intend to make.

(Restaurants in particular usually require expensive leaseholds. Think kitchen. That makes Imbibe's situation even more curious. What were they thinking? But I'm digressing.)

What do you mean "what were they thinking?", they got the kitchen partly/mostly/all from the café that preceeded them.
Reply
#39
(04-09-2015, 02:20 PM)Viewfromthe42 Wrote: What do you mean "what were they thinking?", they got the kitchen partly/mostly/all from the café that preceeded them.
Fair enough. But now that they're moving they need to spend $$$ on a new kitchen--or find a place with a suitable kitchen.
Reply
#40
(04-09-2015, 02:34 PM)ookpik Wrote:
(04-09-2015, 02:20 PM)Viewfromthe42 Wrote: What do you mean "what were they thinking?", they got the kitchen partly/mostly/all from the café that preceeded them.
Fair enough. But now that they're moving they need to spend $$$ on a new kitchen--or find a place with a suitable kitchen.

The former "The Ren @ 41" site perhaps?

p.s. I think The Museum will come to regret this and might even fold since they can ill afford the loss of revenue (they have no prospective tenant yet).
Reply
#41
That would be one possibility. The former Hive or Entertaining Elements might be others. There's also the former Ceasaria down the street.
Reply
#42
(04-09-2015, 08:13 PM)BuildingScout Wrote:
(04-09-2015, 02:34 PM)ookpik Wrote: Fair enough. But now that they're moving they need to spend $$$ on a new kitchen--or find a place with a suitable kitchen.

The former "The Ren @ 41" site perhaps?

p.s. I think The Museum will come to regret this and might even fold since they can ill afford the loss of revenue (they have no prospective tenant yet).

That would be a good spot IMO. Maybe the former Casablanca space, although I feel like it may be off the market.

It would certainly hurt them but the revenue from such a small space SHOULD not be a very significant part of their total revenue.
Reply
#43
(04-09-2015, 08:29 PM)Lens Wrote: That would be a good spot IMO. Maybe the former Casablanca space, although I feel like it may be off the market.

It would certainly hurt them but the revenue from such a small space SHOULD not be a very significant part of their total revenue.


Two years ago they were struggling to get the last $10K to balance their books. My guess is that Imbibe paid more than $10k a year in rent.
Reply
#44
(04-09-2015, 09:06 PM)BuildingScout Wrote:
(04-09-2015, 08:29 PM)Lens Wrote: That would be a good spot IMO. Maybe the former Casablanca space, although I feel like it may be off the market.

It would certainly hurt them but the revenue from such a small space SHOULD not be a very significant part of their total revenue.


Two years ago they were struggling to get the last $10K to balance their books. My guess is that Imbibe paid more than $10k a year in rent.

Two years ago and last year as well.
Reply
#45
I know that Uptown Waterloo retailers have been hit with rents that have climbed because of the increased property values due to the LRT. Imbibe aside, are the other closures listed above falling victim to similar speculation? Or alternately, is the hope that the added density from projects like 100 Victoria, City Centre et al, will justify the higher rents?
Reply


Forum Jump:


Users browsing this thread: 3 Guest(s)

About Waterloo Region Connected

Launched in August 2014, Waterloo Region Connected is an online community that brings together all the things that make Waterloo Region great. Waterloo Region Connected provides a news reporting service, opportunities for event promotion and other user-driven content complemented by a lively discussion forum covering topics like urban development, transportation projects, heritage issues, businesses and other issues of interest to those in Kitchener, Waterloo, Cambridge and the four Townships - North Dumfries, Wellesley, Wilmot, and Woolwich.

              User Links