3 Vets to close its doors due to rapidly-rising property valuesApril 26, 2017 1:16 pm
A Vancouver institution of all things outdoors is closing its doors permanently in November.
3 Vets co-owner Jerry Wolfman told the Courier Wednesday that the 70-year-old, family-run business has fallen prey to a few factors: burgeoning property tax bills, the proliferation of big-box retailers and the online marketplace.
“It’s incredibly difficult to be competitive and make a profit when overhead is so high,” Wolfman said. “Our profit margins diminished and our cost of running the operation increased.”
Located at Yukon Street and West Sixth Avenue, the property has been sold to a developer. The deal was finalized in early April. The purchase price wasn’t disclosed, and Wolfman doesn’t know what the developer intends for the site.
Categorized in: Western Investor