Gronk!
Senior Member
Half of the retail spaces are now empty. Remedy, Lan Noodle, 7-11 and Flirty Bird are still remaining, but I have a feeling that 2 of them will close before year end.
Raymond Block | ?m | 6s | Wexford Developments | DIALOG
- Thread starter Daveography
- Start date
strata
Active Member
You assuming Lan Noodle & Flirty Bird are the ones to go?
Every time I walk/drive by the Flirty Bird in the Limelight building on 124th, it is empty. Feel really bad, but I can't see them making it to 6 months of business there.
Every time I walk/drive by the Flirty Bird in the Limelight building on 124th, it is empty. Feel really bad, but I can't see them making it to 6 months of business there.
Edmcowboy11
Senior Member
That would be unfortunate. Poor business strategy or expensive lease rate? Or combination of both?
Munanyo
Active Member
Lan Noodle is delicious and seemed busy last time I went there for lunch so I hope they hang on.
thommyjo
Senior Member
I think they’re doing a lot of takeout there? Hopefully the spring/summer will pick up for them. I’ve been there 4 times since it opened, big fan honestly!
IanO
Superstar
High lease rates + unrealistic expectations of foot traffic on Whyte + COVID impacts + a lack of local density + more options in more places (burbs) and Edmonton's love of enclosed malls and power centres.
TAS
Senior Member
So we have a lack of local density + more options in more places (burbs) and Edmonton's love of enclosed malls and power centres = how does that result in high lease rates?
Do lease rates need to be as high as they are? What costs are the property owners bearing that dictate the high lease rates?
IanO
Superstar
It doesn't result in high lease rates, it results in lower footfall and out of sync expectations by landlords and tenants.
archited
Senior Member
Retail entrepreneurs (building owners) are going to have to restructure their returns over a longer time-frame -- at least in the short run -- or they are going to run into even stronger head-winds.
archited
Senior Member
There are literally dozens of ways to incentivize tenant packages and they need to start considering ways to look at rental rates differently.
Romanov
Active Member
Could it also be the type of tenants? Lots of the tenants have come and gone within these CRUs. The tenant roster resembled that of a strip centre on 50th street. Nobody is coming to whyte to eat at blaze Pizza or 5 guys.
I know this tenant roster was driven by expectations of the landlord but I am hoping some more local/independents find their way into the building. Remedy seems busy.
Oilers99
Active Member
securing financing doesn't necessarily work with independents
cmd uw
Active Member
I can tell you that it's a lot tougher....but doable. Having a strong relationship with your lender(s) is key.
At the end of the day the success of a tenant really comes down to the operator. Full stop. As it relates to rates, they are not out of line given the location, context and what other retailers are paying. Retail vacancies everywhere have yet to rebound and are slowly coming around, particularly in downtown/core areas.
Some of the office space on the second floor is getting converted into 13 new residential units, bringing the total up to 108.
Building Permit
Building Permit
Edmcowboy11
Senior Member
More and more residential is great for the Ave.