Rising costs is forcing Little Jumbo, the capital region’s cozy cocktail bar, to close its doors for good. It’s one of several companies to shut over the past couple weeks due to inflation and rising rent.After getting appraised for a 10 per cent rent increase, Gillespie was hit with, instead, an untenable rent hike from the landlord Homesphere Properties.
Little Jumbo is one of several South Island staples that have shut down in the last two weeks for similar reasons.“I don’t know why I’m getting choked up, but it’s a hard decision,” said David Screech, owner of Gregg’s Furniture.“We were looking at a 35 per cent rent increase,” said Vancouver Island Brewing’s Thom Riley.
“The cost of rent is definitely a factor in my decision,” Alison Trembath with Fortune Gallery told CHEK News.When asked if caps should be put on commercial rents, similar to what the government has for residential rental rates, the ministry for economic development essentially said it’s a private matter.
Tasha Henderson, a city councillor in New Westminster, has a motion up for consideration at an upcoming Union of BC Municipalities meeting that would enable local governments to regulate commercial rent increases like we see with residential renters.