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Restaurant Comings & Goings

AlbertC said:
Yeah, the Poop Cafe relies on a lot of families, teens, and groups for hang outs and parties. So with indoor social distance guidelines and outings like this just being a lesser of a priority, places like that are definitely going to suffer. This will be the case for board game cafes as well like the Snakes & Lattes chain.

While the other cafe and bakery places downtown will be affected by the lack of post secondary students around with classes going virtual. Poutini's on Queen West has already closed. They used to be popular late night spot, but not really possible to survive without the usual bar/club crowds.
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Escape rooms would also take a huge hit (many of them also sell food and beverages).
 
Let me guess - the majority of these restaurant closings are due to landlords continuing to demand rent while refusing to apply for the government subsidy?
 
Towered said:
Let me guess - the majority of these restaurant closings are due to landlords continuing to demand rent while refusing to apply for the government subsidy?
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It is highly unlikely there will be much replacement business looking to rent. I guess they are willing to put up with zero income in the meantime.

AoD
 
This has be one of the worst years in Toronto's history for restaurant closures. 2020 isn't even over yet.

Another amazing unique restaurant has left us because of Covid. Southern Accent had some of the best Cajun and Creole cuisine in the city.

toronto.ctvnews.ca

'Love of my life': Pandemic shutters Toronto restaurant serving Louisiana specialties for 37 years

As more dining establishments fold due to the economic hardship caused by COVID-19, two long-time Toronto restaurateurs say they too are closing down their business permanently due to the pandemic.
toronto.ctvnews.ca
 
gabe said:
This has be one of the worst years in Toronto's history for restaurant closures. 2020 isn't even over yet.

Another amazing unique restaurant has left us because of Covid. Southern Accent had some of the best Cajun and Creole cuisine in the city.

toronto.ctvnews.ca

'Love of my life': Pandemic shutters Toronto restaurant serving Louisiana specialties for 37 years

As more dining establishments fold due to the economic hardship caused by COVID-19, two long-time Toronto restaurateurs say they too are closing down their business permanently due to the pandemic.
toronto.ctvnews.ca
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Only went their once, almost 20 years ago when they were on Markham street. Had the blackened chicken, which left an impression. Had been meaning to return some day.

Thanks, greedy asshole landlords.

*EDIT* Also, what's someone who put their heart and soul into their restaurant business for 36 years supposed to do now? Start over at, or near, retirement age? It's ridiculous.
 
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Someone has to post some good news. Exciting especially for people from BC now living out east.

Whitespot opening in Vaughan and Mississauga 2021. 4 in total in Ontario - not sure where the other 2 are...can't wait for their legendary burgers....

www.retail-insider.com

Vancouver-Based ‘White Spot Triple O’s’ Expanding Eastward in Canada

The quick-serve restaurant concept is making moves into Alberta and Ontario over the next 12 months.
www.retail-insider.com www.retail-insider.com
 
gabe said:
This has be one of the worst years in Toronto's history for restaurant closures. 2020 isn't even over yet.

Another amazing unique restaurant has left us because of Covid. Southern Accent had some of the best Cajun and Creole cuisine in the city.

toronto.ctvnews.ca

'Love of my life': Pandemic shutters Toronto restaurant serving Louisiana specialties for 37 years

As more dining establishments fold due to the economic hardship caused by COVID-19, two long-time Toronto restaurateurs say they too are closing down their business permanently due to the pandemic.
toronto.ctvnews.ca
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Definitely a big loss to Toronto's culinary scene. I remember one day going by the area when Southern Accent first opened up at their new Ossington & College location. The owner had set up a stand in front and offered many samples to folks passing by, and making a genuine approach to get to know the locals in the area. You could tell she loved what she does for a living and the food they make.
 
Admiral Beez said:
As long as they can borrow against the market value of the building the landlords still win.
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I don't think their game plan is leverage. That's just financial engineering and not as beneficial to them as arbitraging the commercial/retail value into a mixed use commercial/retail and residential property.

This TREB report is a good reference (http://www.trreb.ca/files/market-stats/commercial-reports/cw20Q1.pdf):

  1. Page 2 - Commercial/retail real estate sells $260psf - discount this by whatever you want given Covid and businesses closing/ not paying rent.
  2. Toronto residential condo is say $1000psf - discount it say 50% - $500psf.
    • Note residential is typically more resilient than commercial/retail (think Maslow's heirarchy of needs - housing is required, either rental or purchased, whereas a restaurant could be substituted for cooking my own meal).
    • How many levels of residential can you add?
  3. Redevelop into mixed use (keeping commercial/retail at lower levels, and subject to approval for rezoning into mixed use add residential on top). Voila - you've added value to your property by building upwards (even if those commercial/retail units are vacant).
Obviously there's also a cost to build component to this I haven't factored in - I'm not familiar with their profit margins on residential condos, so it's not as simple as $1000psf x number of floors, but more like profit margin x # of floors, but you get the idea.

I am speculating obviously, but if the government makes rezoning difficult for existing commercial/retail outlets into mixed use, landlords may not be as aggressive pushing out their restaurant tenants. However, as a policy, I think the government is encouraging more housing, so....I doubt anything will get done.
 
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Rimsky44 said:
I don't think their game plan is leverage. That's just financial engineering and not as beneficial to them as arbitraging the commercial/retail value into a mixed use commercial/retail and residential property.

This TREB report is a good reference (http://www.trreb.ca/files/market-stats/commercial-reports/cw20Q1.pdf):

  1. Page 2 - Commercial/retail real estate sells $260psf - discount this by whatever you want given Covid and businesses closing/ not paying rent.
  2. Toronto residential condo is say $1000psf - discount it say 50% - $500psf.
    • Note residential is typically more resilient than commercial/retail (think Maslow's heirarchy of needs - housing is required, either rental or purchased, whereas a restaurant could be substituted for cooking my own meal).
    • How many levels of residential can you add?
  3. Redevelop into mixed use (keeping commercial/retail at lower levels, and subject to approval for rezoning into mixed use add residential on top). Voila - you've added value to your property by building upwards (even if those commercial/retail units are vacant).
Obviously there's also a cost to build component to this I haven't factored in - I'm not familiar with their profit margins on residential condos, so it's not as simple as $1000psf x number of floors, but more like profit margin x # of floors, but you get the idea.

I am speculating obviously, but if the government makes rezoning difficult for existing commercial/retail outlets into mixed use, landlords may not be as aggressive pushing out their restaurant tenants. However, as a policy, I think the government is encouraging more housing, so....I doubt anything will get done.
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When I look at lots with the chain restaurants, all sitting empty, such as at Warden and Eglinton my first thought is tear them down and build housing.
 
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