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Chapters On Robson To Close Location Due To High Rent

Chapters On Robson To Close Location Due To High Rent

Chapters on Robson is set to close doors on its flagship location on June 30, 2015, due to a big rent increase that makes continued profitability untenable.

The flagship location is situated on the corner of Robson and Howe and boasts roughly 50,000 sq/ft in retail space across three floors. The area is arguably one of the hottest spots along Robson so it comes as no surprise that the building owners are increasing the rent.

Robson is currently the second priciest retail strip in Canada following Bloor Street in Toronto. Rent is as high as $300 per square foot.

In a statement, Indigo’s CEO, Heather Reisman states:

With a very significant rent increase recently at our Chapters on Robson store the new terms are simply untenable for us to stay in that location. An increase of this magnitude would quite simply make this vibrant, profitable store unprofitable.

Indigo will continue to serve the community at the Chapters Granville location, to which Indigo will also temporarily transition the American Girl Specialty Boutique.

The good news: Chapters downtown closure will be temporary. The company is already looking for new space around the area and states that it will relaunch in downtown later in 2015.

According to several sources, Sports Chek will take Chapters place on Robson.

Within the past week, Target, Mexx, and Sony have announced closures of their Canadian stores due to a competitive, and tough Canadian retail market.

 

 

Photo credit: JamesZ_Flickr

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