High rents leads to the closure of Wonderbucks in Vancouver
In Vancouver larger businesses have the tendency to withstand high renting prices and even changes in the market but the same cannot be said for smaller businesses.
With the high prices of stores and building units in Vancouver, it does not come as a surprise that Wonderbucks which has been in existence for over 18 years is planning to close at the end of January because its rent is doubling.
The high cost of rent is raising concerns from people business owners. Wonderbucks which has been a Commercial Drive location for 18 years is well known for its independent store.
According to Bernie Moschenros, the owner of Wonderbucks, the closure is as a result of an increase in rent to $27,000 per month and as a small business entity, the amount is too much to bear.
Vancouver has become a very expensive city to reside in and small business owners they are struggling to stay above water.
Although Moschenros had pleaded with the owner of the building to occupy the unit until another three year, unfortunately this did not materialize.
He says he understands the situation of the owner and is grateful for the years he had occupied the building.
Presently, Moschenros is in search on a new location but with high housing prices and his reasonable budget, it is becoming a tedious and impossible task.
According to Moschenros, he had to go through the same process some years ago and was given enough time to make use of the Christmas season. He went on to state that he will throw a party for his loyal staff that had been with him throughout the time.
Nick Pogor, executive director of the Commercial Drive Business Society also stated that Wonderbucks was well known but the current retail trend in Vancouver is hindering smaller institutions.
In his perspective, Pogor explained that a tax incentive should be in place to bring down renting costs.
However, Moschenros was quite touched by the overflowing support he has received from his community upon hearing of his impending closure. Something to smile out in this otherwise sad story.