offshore money for luxury goods," he said.
"A lot of it is the exchange rate for U.S. dol-
lars for the cruise-ship traffic. Retail is not
going away."
SOMETHING EXTRA
From main-street boutiques to interna-
tional chains, the brick-and-mortar players
in today's vast retail ecosystem have one
thing in common: they need people to want
to buy their stuff. It used to be that just hav-
ing a wide selection of products available
in a physical space in a reasonably well-
trafficked cluster was enough. Not now.
"You have to offer something you can't get
at Amazon: good price, luxury or exclu-
sive," says Stefan Read, vice-president,
engagements, at Toronto-based Jackman
Reinvents, a management consulting com-
pany. The extras can also be the specialized
help and knowledge of staff, the conve-
nience or the uniqueness of the product.
But there has to be something more than
just things on shelves and racks.
The something extra is what big, suc-
cessful retailers plot strategically, figuring
out the place on the checkerboard that
isn't occupied yet. But the smallest of shop
owners can use the same techniques, and
do. Throughout B.C., all kinds of indepen-
dents attract dedicated followers by provid-
ing specialized service, curated goods, an
experience, the virtuous pleasure of shop-
ping locally. In every one of Vancouver's
commercial districts—even those with the
highest vacancy rates, like beleaguered
West 10th—there are shops defying conven-
tional wisdom.
On Cambie Street, Caroline Boquist's
Walrus is beloved by many for its eso-
APRIL 2020 JULY/AUGUST 2020 BCBUSINESS 39 BCBUSINESS.CA
OUT OF POCKET
Before the pandemic,
Vancouver's soaring
property taxes were
already making life
difficult for Walrus co-
owner Caroline Boquist