Entrepreneurship & Small Business

Leasing space in eaton centre/yorkdale/square one mall

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Deal Addict
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Apr 19, 2002
2035 posts
321 upvotes
Calgary
I wouldn't try to get into a lease without one unless you're very familiar with the leasing business. They know the in's and out's of the leasing biz since they usually represent the landlords. The leasing consultants help out the tenants with negotiations, lease documents, etc.

I haven't used this guy, but he seems quite knowledgeable.

http://www.theleasecoach.com/

This guy is very thorough, but he's based out of the States. Apparently he has done some work for people in Canada though.

http://www.georgevaill.com
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Play Hay Day!
Deal Fanatic
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Aug 19, 2001
5086 posts
28 upvotes
Vancouver
The trouble with a lease consultant is that large landlords have their boilerplate contracts, and you can take it or leave it. Their portfolios are so large, and the management company is so impersonal, that they don't care if a particular site sits empty for months or a year.

I made an offer to lease a pad in a strip-mall that had been vacant 8 months. We offered $22/sf, the landlord wanted $24/sf and wouldn't budge. The pad's been empty since then, 2 years total.

Another example: a local mall opened up a year ago in a troubled area (international village in gastown). The place is a ghost town, 60% empty, the only thing doing well is the mcdonald's. Nonetheless they'd rather let it sit empty and lose all sorts of money rather than accept less than their premium price of $34-$40/sf + typical high high high CAM. (local leases are more like $20-28/sf).

I'm not suggesting against getting help... but i've talked to "tenant consultants" before and the amount of aid they offer is disapointing.
Newbie
Feb 2, 2012
2 posts
SCARBOROUGH
g8o4lyf wrote:
Jul 29th, 2007 1:38 pm
oh yea ? I didnt know they had lease consultants too lol.

hi , im really interested to rent a kiosk in vaugon mills , so please can any one provide me about the rent of kiosk there i will really appreciate this , thx
Deal Addict
Oct 29, 2010
3938 posts
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I don't know figures but i think they will want something in the range of 5k + percentage of what you make.
Newbie
Jan 15, 2012
32 posts
52 upvotes
York
About a year-ish ago price per square foot at Yorkdale was just a sliver over $425 per sq ft. The cart program is leased differently and prior to moving into a bricks and mortar space you have to survive as a cart for at least two years and have solid profits and returns. In order to get a cart you need to have a well defined business plan. They wont even entertain your cart concept without one.

The only way to bypass the cart program is if you are medical and / or salon beauty. They also heavily audit cart sales and performance. If your not doing well, they can yank you. Hope that helps.

Also..I believe that Yorkdale is now managed by 20 Vic Management.
Banned
Dec 24, 2011
179 posts
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TORONTO
it was mentioned that the mall takes a percentage of the sales over break even, how do they know you won't cheat them, seems pretty easy to lie about how much you sell
retteas
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Jan 8, 2010
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my friend's parents leases a place at sq1

told me it costs almost 10g's a month for rent (cant disclose what store though)
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Aug 19, 2001
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Vancouver
retteas wrote:
Feb 11th, 2012 6:58 pm
it was mentioned that the mall takes a percentage of the sales over break even, how do they know you won't cheat them, seems pretty easy to lie about how much you sell
Planning on hacking your POS system to report inaccurate sales?

If you underreport sales enough to make a big difference in your rent, the mall might get suspicious and audit you.

Most small business owners can't find a way to hack their POS system. And most aren't dishonest enough to commit deliberate fraud like that. And if they were many are paranoid of being caught.
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Sep 2, 2008
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grant wrote:
Feb 11th, 2012 8:54 pm
Planning on hacking your POS system to report inaccurate sales?

If you underreport sales enough to make a big difference in your rent, the mall might get suspicious and audit you.

Most small business owners can't find a way to hack their POS system. And most aren't dishonest enough to commit deliberate fraud like that. And if they were many are paranoid of being caught.

I never knew that mall stores paid portions of profits to landlands.

But now you can cheat the landlord and the CRA at the same time. Killing two birds and what not!

Anyways I think almost all stores in a mall like Eatons center are run by fairly large to huge companies. I mean really, what store in Eatons center can really be called a small business?

Anyways, this thread is from 2007. I wonder what happened to OP's lounge.
Sr. Member
May 16, 2015
672 posts
119 upvotes
York, ON
g8o4lyf wrote:
Jul 22nd, 2007 3:56 am
I'm trying to find out more information on leasing store space in Eaton centre, yorkdale mall or square one either one. I'm looking at opening a lounge of some type in the near future but after browsing the respective sites I couldnt find any information on how much it actually costs to lease a place. All sites just say blah blah blah without actually saying anything worthwhile. Does anyone have any idea on how to get information regarding this or know anyone who has a store in the malls to get an estimate on how much it costs ? I need to set a benchmark for the rent so I could calculate how my business would run. Will be looking forward to replies. Thank you.
Are u rich now?
Sr. Member
May 12, 2014
806 posts
302 upvotes
Montreal
bigmac22 wrote:
Jan 2nd, 2016 9:15 pm
Are u rich now?
OP's last post was in 2012. Too bad, it was an interesting thread.
Member
May 27, 2007
424 posts
34 upvotes
grant wrote:
Feb 11th, 2012 8:54 pm
Planning on hacking your POS system to report inaccurate sales?

If you underreport sales enough to make a big difference in your rent, the mall might get suspicious and audit you.

Most small business owners can't find a way to hack their POS system. And most aren't dishonest enough to commit deliberate fraud like that. And if they were many are paranoid of being caught.
I can assure you that hacking POS system is easier and more common than you think. I have some first hand experience with it, and some industries are rife with POS hacking.
Deal Guru
Nov 7, 2012
10894 posts
121 upvotes
Toronto
lapopal wrote:
Jul 27th, 2007 4:59 pm
for any reasonable space in a tier one mall like SQ1 depending on floor space expect to pay 30k per month. You may also not even be approved to be in the mall depending on the lease arrangments with other tenants..FYI do not hesitate to call them up, they are mostly friendly and will be more than glad to give you info. (Cadillac fairview might have other malls that need tenants and would not be rude to you incase you were interested in a B or C type mall)
That means stores spent a thousand bucks a day on rent. No wonder clothing costs so much here. I dont see why people just throw money away on this. And this thread is exactly a decade old! I can't imagine how expensive it is now.
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