BC Coffee Shop Closing: Rent Doubled – Local News
- A popular Hide + Seek Coffee location in Victoria, British columbia, is set to close its doors due to a meaningful rent increase imposed by its new landlords.
- According to Hide + Seek, the new landlords contacted them six months before scheduled lease negotiations to inform them of an almost doubling of the rent.
- "It's crazy to build something over 10 years and find out over a one-minute phone call that the plug has been pulled," Hide + Seek posted on instagram.
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Hide + Seek Coffee to Close Victoria Location Due to Rent Increase
Table of Contents
what Happened
A popular Hide + Seek Coffee location in Victoria, British columbia, is set to close its doors due to a meaningful rent increase imposed by its new landlords. The family-run business announced the closure on social media this week, expressing shock and disappointment.
According to Hide + Seek, the new landlords contacted them six months before scheduled lease negotiations to inform them of an almost doubling of the rent. The landlords reportedly offered no room for negotiation.
“It’s crazy to build something over 10 years and find out over a one-minute phone call that the plug has been pulled,” Hide + Seek posted on instagram.
about Hide + Seek Coffee
Hide + Seek Coffee was founded in 2015 by husband-and-wife team Jessie and Jamie Owens. The business has become a beloved fixture in Victoria, known for its selection of coffees, drinks, and homemade treats.
The company currently operates two locations: 2207 Oak Bay Ave. and 1839 Fairfield Rd. The Fairfield road location will remain open.
The Impact of Rising Rents on Small Businesses
This closure highlights the growing challenges faced by small businesses in Victoria and across Canada due to rising commercial rents. The dramatic increase imposed by the landlords of the Oak Bay location is a stark example of the pressures that can force long-standing businesses to shut down.
Why are commercial rents increasing?
- Increased Property Values: Rising property values in desirable areas like Oak Bay drive up rental costs.
- Limited Commercial Space: A scarcity of available commercial space creates competition and allows landlords to demand higher rents.
- economic Growth: While positive economic growth can also contribute to increased demand for commercial space.
- Inflation: general inflationary pressures impact all costs, including property maintenance and taxes, which landlords pass on to tenants.
Who is affected by this closure?
- hide + Seek Owners & Employees: The closure impacts the livelihood of Jessie and Jamie Owens, and also their employees.
- Local Community: Residents of Oak Bay and visitors to Victoria will lose a popular coffee shop.
- Other Small Businesses: This situation serves as a warning to other small businesses facing similar rent pressures.
Timeline
| Date | Event |
|---|---|
| 2015 | Hide + Seek Coffee founded by Jessie and Jamie Owens. |
| Present | Hide + seek operates two locations in Victoria, BC. |
| September 2024 | Hide + Seek receives notice of significant rent increase from new
Worth a look |