erpualeitasherync ers ste es In sear By !an Noble News Reporter THE North Shore’s retail squeeze has put a used book retailer out of commission. For now. Duncan Cumming owned Booklovers, a haphazardly organized Lonsdale Avenue book store that yielded slight- ly out-of-date magazines for less than a loonie. However, like other busi- nesses in the the area above Eighth Street on Lonsdale, Cumming was forced out of his location at the end of August by a Federal govern- ment office development. . Three months of searchin for affordable retail space +i the right amount of floor ‘space on the low-vacancy North Shore proved fruitless. y: Instead of reopening, Cumming moved the 250,000 remeining maga- zines and books to a ware- house on West 15th Street. Retail is so tight locally, he’s Jooking across Burrard Inlet for space. se “It is frustrating because @ 75% to 80% of our business is North Shore business,” said Cumming, flanked by boxes and books piled to the ware- house ceiling. Other merchants removed due to redevelopment on Lonsdale seem to have had better luck finding retail space elsewhere on the North Shore. “Many said their new retail sfocation is better than Lonsdale, mainly because parking at their new locations is more generous. They com- monly commented that they miss the atmosphere on Lonsdale, that their new space is:more expensive and their hunt for that space was exten- sive. That’s not surprising. ag Rhonda Wagman, of real estate company CB Commercial, said the retail vacancy rates in the spring of #1996 were 1.5% in sought- Rafter West Vancouver and % in North Vancouver. The Greater Vancouver average was 3.2%. fa © “It just boils down to sup- ply and demand and there is a lot of development Wednesday, January 22, 1897 -— North Shore News ~— 25 of retail space on the N. Shore BOOKLOVERS owner Duncan Cumming searched high and low for a new location, but a retail space search proved unsuccessful. opportunity,” she said. Wagman said a 6,000- square-foot — development under construction in Edgemont = Village ~— willl include five stores. “There was a lot of demand (for the space) and we were able to pick and choose who we wanted to go in there,” she said. Rents on the North Shore range from $15-a-square- foot to upwards of $35-a-square- foot in Bellevue Landing and Ambleside, Wagman said. Laurie Drayron of Westreal Realty, which spe- cialize in North Shore retail property, said some North Shore malls have space but the current trend is to be on the street. She said she knows of a dozen retailers who would like to be in Ambleside but PERSONAL INJURY | Free Initial Cunsulration Douglas W. Lahay CLARK, WILSON BARRISTERS & SOLICITORS * 900-885 West Georgia Street, Van. 687-5700 24 HOUR MESSAGE 643-3161 ICBC'’s policies are not law. I will get “you a fair settlement or trial award. Sure! The People Get Seat Belts... but what about US! fa) Please be a responsible pet owner and provide your dog with a protective kennel fastened to the centre of your vehicle. Better yet, leave yourdog . at home. A message from you local SP-CA. space doesn’t exist. She added there's’ nothing available in Centrai Lonsdale. She said Lower Lonsdale is stating, to “really happen.” Drayton said five develop- ments with retaii in’ the ground floor are now being built in that area, which she sees becoming a mini- Yaletown. Meanwhile, Cumming said that if he has to move off the North Shore he wants to be as close as possible to his cus- tomers. That’s why he’s look- ing at the Seabus terminal area to set up his book store. He figures ne could get space on the other side for 1 YEAR 15.98% 3 YEAR 12.15% half the cost of space on the North Shore and still be quite close to his North Shore cus- tomers. “If [ can’t find anything on the North Shore that I can afford, I will move to Vancouver,” he said. To be profitable, 2 used book store needs space for §15-a-square- foot, Cumming said. Cumming said he has enough reading material to stock six stores similar to the 1,600-square-ioot Booklovers location formerly on Lonsdale and cnough shelves for at least two stores. Asked if he made moncy he said: “I didn’t. That's why 5 YEAR 14.42% International Portfolio (Average annual compound return) Fidelity investments: For your free copy of the Investors Guide to the “Top RRSP Picks” please call: MIDLAND WALWYN KONA TRON Prue Ce CHRIS CARTER Financial Advisor 925-5565 “ALUE CHIP THINKING is a trademark of Midland Walwyn Capital Inc.. Member CIPE Important information regarding Fidelizy’s International Portfolio Fund as contained in the simplified prospectus. Please obtain one from your Financial Adviser ind read it carefully before investing. The indicated rates of return are the historical annual compounded tonal returns including changes in share of unit value and reinvestment of all dividends o1 distrihutions, The returns do not take into acceunt sales, cedemption distribution or option charges payable by any security holder which will reduce returns. Unit value and yields will fluctuate. Past performance is not necessarily indicative of future performance. I need cheap space.” “If 1 get the right place at the right price, it’s a modest living. It’s a lifestyle choice,” said Cumming. Cumming called himself an exception, saying many stores can afford the retail rates charged on the North Shore. Now! The 2 Port, Package Jour one-pose ‘portrait package oo Ng Na charge for additivaal subjects. 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