Taking risks is nothing new for entrepreneur Fred Aram, who saved Victoria’s iconic Capital Iron store from bankruptcy.
“I’ve taken risks quite a few times in my life and with risk, there is definitely a lot of reward,” the 51-year-old says. “There’s risk in any business venture, but with the business concept for Capital Iron, I’m very optimistic that it will be a success story.”
The new, renovated, revitalized and rebranded Capital Iron opened in May with an official grand opening planned for September. Fred’s vision for the 90-year-old Store Street business – which started operating in 1934 as an iron salvaging and scrapping company – was to not only save it, but to transform it.
“Capital Iron has been many things over the years and it was a viable option to keep changing it,” says Fred, who also owns WestCoast Appliance Gallery, which is celebrating its 40th anniversary this year. “Change is a necessity for survival and the prior format obviously wasn’t sustainable because it went out of business. So, it needed to change in order to be rejuvenated and successful.”
While the old Capital Iron, which was shuttered in December of 2022 along with its Langford location, sold thousands of different products – from clothing and camping supplies to hardware and hot tubs – the rejuvenated Capital Iron is a home store focusing on key product categories.
“My background in business has not been in smaller items and I wanted to stay in the business I know. So, instead of a general store trying to be everything to everybody, we have a more focused approach to the business,” Fred explains. “We’re focusing on indoor and outdoor furniture, indoor and outdoor appliances, outdoor kitchens, fireplaces, hot tubs, saunas and barbecues. At some point, most of these products have been a part of Capital Iron in the past.”
Capital Iron’s history is important to Fred, who purchased the company’s name and intellectual property.
“It’s so iconic and it was such a shame letting a name like Capital Iron and this historic element of the city disappear,” he says. “I was shocked that nobody else had thought about buying it because it’s a very well-known business name and location, and it just makes sense to take the name and revitalize it.”
Fred started working in the appliance industry, in both retail and wholesale, after immigrating to Canada from Iran by himself when he was 27 years old. It was another well-calculated risk that’s had very big rewards.
“Canada is the best country in the world and the fact that I am where I am, that just says it all,” he says. “There’s opportunity and there’s no order or limit for anybody who wants to progress in life. You can just do it. All you need is the will and desire to work hard and use your imagination and creativity and build something.”
Fred has done just that and after moving to Victoria from Vancouver in 2016 to purchase WestCoast Appliance Gallery with a partner who he’s since bought out, he hasn’t looked back.
“I’ve always had an entrepreneurial spirit and I’ve always wanted to be my own boss,” he says. “I’ve always wanted to create jobs for others and contribute to the economy.”
“Canada is the best country in the world ... All you need is the will and desire to work hard and use your imagination and creativity and build something.”
As any entrepreneur knows, it takes a lot of hard work to be successful, and Fred says his biggest business lesson has been patience.
“It takes a lot of patience and perseverance, and the best advice I’ve ever been given is to be patient and pursue opportunities.”
Patience also comes in handy while dealing with government bureaucracy – something Fred says has become much worse over the years. It’s the biggest challenge he’s faced in business and he believes all the red tape is a huge hindrance to economic growth.
“Whether it’s provincial or federal government, their policies are not really business-friendly and what they’re doing is unfriendly to the growth of the business,” he explains. “They don’t realistically see the impact new policies will have on business, the impact they have on the day-to-day operation of a business, and how it not only causes a lot of extra and unnecessary work, but also prevents growth.”
Capital Iron’s opening was delayed more than seven months due to financing hold-ups and while it’s still early days, Fred says, the overall response has been great.
“We’ve had a lot of visitors come see the new store and most are extremely happy to see the business continuing to exist,” he says. “There are some people who didn’t want to see anything change, but the old business model wasn’t sustainable. We also still cater to every budget, so in pretty much every category we carry we have items from the least expensive to the most expensive – from a $299 barbecue to a $22,000 stove and everything in between.”
While Fred’s first passion is business – he’s a self-proclaimed workaholic – his other passion is rescuing animals, and he’s saved hundreds over the years from the Middle East, Cyprus and Korea.
“I’m an animal lover and I rescue animals from overseas and find them homes,” he says with a smile. “I’ve always loved animals, but when I got my first dog, I just got drawn into it and all of my five dogs are rescues.”
As for what keeps him up at night running two separate businesses, Fred is quick to answer.
“Nothing!” he laughs. “If I don’t get a good night’s sleep, I can’t function the next day, so I try not to think about it, and I wake up in the morning and fight the battle one day at a time.”
This story appeared in the summer edition of Boulevard Victoria.
