The merchant cash advance program offered by Synergy Merchant Services is one that can be put to many uses. As we have often described, the money we offer services small to medium-sized business owners across Canada for such initiatives as renovating, advertising, buying new equipment or expanding.
For business owners who are looking to expand by opening new locations or perhaps even relocating, we have some good news. Setting your business up in a classy retail strip is not only a possibility, but a very likely one considering the country that you are living in. Yesterday, Stefania Moretti of QMI Agency reported that “lease rates along Canada’s most chic retail strips are among the lowest in the world.”
She writes that, for example, Toronto’s recently renovated Bloor Street was 37th on Colliers International’s annual top 50 list for having an average lease rate of $291.66 US per square foot. As well, Montreal’s Rue Ste-Catherine averages $204.16 per square foot while Vancouver’s Robson Street average a lease of just $194.44 per square foot.
Meanwhile, informs Moretti, the rest of the world has been met with constantly increasing lease rates in an attempt to rebound from the recession. For example, New York City’s Fifth Avenue, had its prices jump from $900 US to $2,150 US per square foot! It is now considered the world’s most expensive retail corridor.
Also among the top five most expensive places to set up retail spaces in the world are Russell Street in Hong Kong, Old Bond Street in London, Bahnhofstrasse in Zurich and Via Monte Napoleone in Milan. Therefore, it should come as no surprise that foreign retailers are flocking to Canada for its relatively cheap prices to set up shop.
Colliers International believes that Canada’s ability to strongly bounce back from the recession has helped for the nation to be a choice destination for retailers. Said Colliers vice president, Drew Keddy: “Canada is positioned in a unique place in terms of market attractiveness to retailers. Our economy has bounced back faster than other markets around the world and our currency continues to strengthen.”
It is our hope, here at Synergy, that international retailers will certainly not be the only ones to get in on the action. Staunch supporters of Canadian businesses, Synergy looks forward to partnering with entrepreneurs across the county to help them take advantage of the nation’s competitive lease rates for retail spaces.
Our merchant cash advance program has been helping small to medium-sized business owners across Canada renovate and expand for years, and we look forward to continuing to do so well into the future. Let us get you your free quote today, in hopes that you can get yourself into a state of expansion shortly thereafter!