Finance

The Forks' Lease Policy Triggers Long-Standing Restaurant Exodus – What This Means for Winnipeg’s Dining Scene

2024-09-23

Author: Liam

Summary

A recent shift in The Forks' lease renewal policy has led to the closure of several long-standing restaurants, raising concerns among patrons and business owners.

Impact on Long-standing Eateries

Bindy’s Caribbean Delights, a cherished establishment since 1989, has recently closed, joining other iconic eateries like the Original Pancake House and Skinner's.

Zach Peters' Insights

Zach Peters acknowledges that the 2016 model change has prompted turnover, requiring restaurants to submit competitive proposals every three years.

Reason Behind the Change

The aim is to stay relevant in a fast-paced dining scene and provide fresh experiences to visitors.

New Lease Policies

The 2016 policy introduced a revenue-sharing model where eateries pay a percentage of sales rather than a flat rent.

Bureaucratic Challenges

Sean MacDonald raises concerns about the new policies disrupting community relationships and neglecting established businesses.

Peters' Optimism

Despite criticisms, Peters highlights that revenues from The Forks have increased and the number of high-performing tenants has risen.

Redevelopment Efforts

A $2.5 million redevelopment of the food hall aims to improve traffic and create a modern dining destination.

Conclusion

The future of Winnipeg's food culture at The Forks remains uncertain as changes continue to unfold.