An iconic, family-run grocery store that has served Vancouver's Downtown Eastside for over six decades is now on the market, sparking concerns about the future of affordable food in the neighbourhood.
A Legacy of Community Service
The Sunrise Market at 300 Powell Street has been operating since the early 1960s under the stewardship of the Joe family. Their entrepreneurial roots in the area stretch back even further, to the mid-1950s, when family patriarch Leslie Joe began making tofu in a one-room factory at 378 Powell St. for shops in Japantown and Chinatown. Today, the family also runs Canada's largest tofu-producing business.
Sally Joe, who manages the market with her sisters Winnie and Jenny, confirmed the potential sale, noting that retirement is a consideration. The business listing on the Multiple Listing Service has been active since mid-November.
Business for Sale, Property Held
Real estate agent David Wu of Sotheby’s International Realty Canada holds the listing for the business asset, priced at $4.5 million. He clarified that the property itself, assessed at $3.973 million, is not currently for sale. However, Wu indicated the owners plan to increase marketing efforts for the business in the new year.
Wu highlighted that recent zoning changes approved by Vancouver City Council on December 17 could significantly impact the property's value. The new plan permits towers of up to 32 storeys in the area, provided 20% of units are rented at rates no higher than the shelter component of income assistance.
"Given that the revitalization of the Downtown Eastside plan has passed, I think the property value would be much more substantial than that assessed value now," Wu stated. He anticipates interest from buyers who may want the property for redevelopment, potentially making offers for both the business and the real estate.
Community Concerns Over an "Iconic" Institution
The potential sale has raised alarms among community advocates who see Sunrise Market as a vital resource. Kathy Shimizu, community engagement manager for the Powell Street Festival, called the market "definitely an iconic place."
"The Joe family has done an incredible service to the community for generations, providing the cheapest groceries in the region and in an area with the highest density of seniors and people with disabilities who rely on it every day," Shimizu said. She emphasized that food insecurity remains a huge issue in the neighbourhood, making the market's future a pressing concern for its most vulnerable residents.
As the new year begins, the fate of this decades-old community pillar hangs in the balance, symbolizing the broader tensions between urban development and preserving essential local services.
