New business keep opening on Bank Street in downtown Ottawa, despite its ongoing economic challenges. Michael Wallack says he's often asked why his family's longstanding business stays on Bank Street in downtown Ottawa, given the area's economic challenges.
Bank Street's population north of Highway 417 is expected to grow in the coming years as projects like Urban Capital and Taggart's 127-unit condo development, between Florence and James, pump new housing into the area. This encampment recently appeared on Bank Street near the construction fence of a new condo development, though the tents were down by Sunday. Some of the vacancies on Bank Street — like on the block between Nepean and Lisgar Streets where Wallack's has been located since the early 1970s — aren't necessarily due to rental challenges but rather ongoing redevelopment efforts by property owners, Wallack said.
Another compelling reason to stay: data the store collected during the pandemic showed many of Wallack's online orders came from downtown customers. Instead of moving into the Foster's building, Quick Cranks is opening a second location on Cooper Street near Bank, in part to take advantage of nearby parking.