Vancouver fashion retailer Boys’ Co. opened its fifth location in the Park Royal Shopping Centre two weeks ago despite what owner David Goldman described as “challenging market conditions.”
“It’s been very challenging the last number of months. But, I am encouraged for December and even more encouraged for 2011,” Goldman told Business in Vancouver Monday.
Goldman, who also operates one J. Lindeberg-branded store, last opened a permanent Boys’ Co. store in 2008 at Metropolis at Metrotown.
In 2007 and 2008, he opened a temporary Boys’ Co. store during the holiday season.
His interest in Park Royal was partly fueled by the upscale mall’s interest in his clothing company.
“They wanted us as much as we wanted to be there,” Goldman said.
Another incentive was the lease deal Goldman was able to negotiate. It includes what he called a “low” rent-per-square-foot component.
He would not reveal exact figures, but said if sales pass a certain threshold, then the way rent is calculated will change.
The mall would then collect a rent based on a percentage of sales that would be higher than the base rent.