Liberty Wine Merchants closed its 700-square-foot Robson Street store in early August and plans to open a store twice as big on Commercial Drive near First Avenue, as soon as the city approves the move, general manager Robert Simpson told Business in Vancouver.
Landlord Austerville Properties Ltd. prompted the move when it terminated Liberty’s lease as part of Austerville’s renovation of the Pacific Palisades Hotel, which Austerville recently bought from Anthem Properties.
Simpson is looking on the bright side, though. Robson Street lease rates are in the $150-per-square-foot range whereas Commercial Drive leases usually command about $35 per square foot.
Liberty’s six retail stores range from 790 to 1,400 square feet in size.
“It’s been a tumultuous six months or so,” Simpson said.
“I don’t think the [Vancouver] Canucks’ run in the playoffs did anybody any favours. Fine dining got killed. The 150,000 people sitting on the street on June 15 weren’t drinking fine bottles of chianti.”
Glen Korstrom
Twitter: GlenKorstrom