Kool Stuff Toys in Hamilton’s east end is closing its doors for good after 25 years.
The owner of Kool Stuff Toys, Jeff Smith, says he didn’t want to shut down, but he had to make the tough decision after the rent doubled with only a few weeks’ notice.
Customers CHCH News spoke with said it wasn’t just the unbeatable prices that brought them to Smith’s store, it was also because he was more of a friend rather than a business owner.
READ MORE: Busy travel weekend as Canadians and Americans celebrate holidays
Smith opened the store in 1998, and he sold action figures, comics, and other toys. He saw customers grow up and bring their kids as well, but after 25 years he’s closing the shop for good.
“It was three weeks ago today I received an email saying that the $1,186.50 I’ve been paying a month and I’ve been here for 17 years is going to be $2,500 dollars as of July the first,” Smith said.
Justin Joy the owner of Global Spices next door had been renting the unit since 2007. Now he’s relocating to Main Street East because of a big rent bump.
CHCH News reached out to Rise Property Solutions but they refused to respond. In Ontario, there is no limit on how much a tenant’s commercial rent can increase when their lease is up.
Smith says he’s afraid that the same thing might happen again if he relocated to a different unit so instead he’s eventually going to launch his business online.
For 13 years Smith had also been raising money for the McMaster Children’s hospital and he says he is almost at his goal. He says he will continue to collect funds until he gets to $40,000.
READ MORE: Hamilton, Halton, Niagara regions among worst for air quality in Ontario
