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IQALUIT
Arctic Ventures, one of two main grocery stores in Iqaluit, was sold to Arctic Co-operatives Ltd. last week.

Arctic Ventures owner Kenn Harper sold his business last week to Arctic Co-operatives Ltd. after 27 years of operation in Iqaluit. - NNSL file photo

Arctic Co-op is buying the operation - the grocery and video stores, gift shop and the Source franchise in the main building, the shop located at the Iqaluit airport, and the furniture store, explained Kenn Harper, Arctic Ventures' current owner. Northern Property REIT will continue owning the buildings.

"It's going to be a big change for me but I am pleased the way it has turned out," he said. "I think it's a good decision for all the parties concerned. I think it will be in good hands, for sure."

Harper said he approached Brookfield Financial in Toronto in January and "they entertained a number of offers." He would not disclose a purchase price.

The new owner takes possession on Nov. 1.

For Arctic Co-op, it was important to have a presence in Iqaluit, the territorial capital, explained Rod Wilson, vice-president, member management services division at Arctic Co-operatives Ltd. With this recent transaction, Clyde River is the sole community without a co-op.

"Being in Iqaluit, we think is really, really important for the system," he said. "We believe it was a good deal for all parties. Certainly, the co-op system as a whole and Arctic Co-operatives is pleased."

He added they believe Iqaluit is a strong market and the more products are shipped, the bigger the buying power, resulting in possible freight rate savings ultimately passed on to members.

Wilson said the company will work very closely with anyone leading the development of a co-op but recognizes this may take time.

"We want this to become a co-operative," he said. "For it to become a co-operative, it has to be supported from the community. It has to be the community that says, 'We want to have an ownership stake.'"

The main store occupies 25,000 square feet of retail and warehouse space in a building five times bigger than the store Harper bought from Bryan Pearson in 1985. In that transaction, Harper bought the 5,000-square-foot store, two warehouses and a building housing an arcade and restaurant where the Igluvut building now stands.

Selling Arctic Ventures after 27 years is going to be a big change, said Harper.

"There's a time to buy things, there's a time to keep things and there's a time to sell things and I just figured this was the right time for me to sell it," he said.

And he added he's ready to move on with the next phase of his life as he's got lots of things he wants to do. He intends to divide his time between his homes in Iqaluit and Ottawa, he added.

"I'm a researcher and a writer and I've got lots of things I want to write. I've got lots of places I want to see," he said.

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