‘Race for space’ squeezes retailers amid rising rents
Generations of customers shopped for imported spices, grains and nuts at East India Company Ltd. on Cawthra Road in Mississauga, Ont. The 50-year-old family-run business made it through the pandemic, but when the store’s lease was due for renewal in 2022, the new asking rent was double the previous rate of $8 a square foot.
From there, the situation only got worse, says Sapna Jain, East India Company’s chief executive officer.
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