With downtown development in full swing, some businesses are having to make some changes.
Shanti Yoga Studio south of Jasper Avenue is one of those businesses. Owner Rene Johnson said the change of environment downtown isn’t having a good impact on her business.
“I noticed a decline almost immediately after the arena started. As soon as events started parking became almost impossible downtown. My rent increased and from Thanksgiving I decided I needed a different plan because downtown was not going to work anymore,” Johnson told Global News.
One retail and business expert thinks the environment will balance out eventually.
“Because we don’t quite have the density will dwellings downtown yet, there’s going to be a huge shift in how businesses perform downtown. There’s going to be some sub leases and it’s going to get really crazy over the next ten years,” University of Alberta School of Retailing executive director Emily Deveaux said.
Deveaux believes the shift will start with hospitality.
“Which starts to encourage people to go ‘Wow. How cool would it be to live down here?’. They start to make those shifts – that takes a few years to do that. Then, as we see an increase in bodies downtown during the day, during the night, that’s when everything else starts to shift around it.”