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Mall Retail (Cambridge Centre, Conestoga, Fairview)
#16
(06-12-2015, 03:36 PM)The85 Wrote: Noticed that West 49 is having a liquidation sale at Conestoga Mall and will be closing by the end of June. Surprising as they relocated to the former Shoppers Drug Mart space only about 5 years ago after the former food court and Shoppers Drug Mart area was renovated.

Is it suffering as a business, or is the mall perhaps bringing in a new tenant?
I heard from a West 49 employee that the company is doing well and they opened 5 locations in the past year. but for some reason the Waterloo location wasn't doing well.
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#17
Maybe it's due to LRT construction.
Jk
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#18
(06-13-2015, 07:05 AM)rangersfan Wrote: Maybe it's due to LRT construction.
Jk

That and lack of parking.
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#19
Jay was right!
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#20
It's Target's fault lol!
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#21
Was heading to work today and could see, from King, what looked to be a non-telescoping boom crane affixed to the telescoping mammoet mobile cranes, on the opposite side of the mall. Anyone taking Davenport get a better look, or have a scoop?
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#22
I was at Conestoga for lunch yesterday, wondering the same. My guess is roof work or HVAC work. Probably need the odd setup to get the reach over the mall?
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#23
I don't think there is any plans for anything to open in the former Target space at Conestoga mall anytime soon, I noticed there is a mural covering the wall inside the mall. Kind of surprised that Loblaws doesn't take the opportunity to turn the space into a Real Canadian superstore but I guess they just renovated the Zehrs so there probably happy with what they got.
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#24
Personally wonder why they don't extend the hall down through the old target space and divide up the space into smaller units.  They could get at least 10 new retailers in there in addition to two sizeable retailers like Harry Rosen, Victoria's Secret, Zara, etc.   Fishing for a major anchor these days is a waste in my opinion. They also have the Oliver & Bonacini space sitting vacant for about two years now I think.
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#25
(02-08-2016, 08:53 AM)Watdot Wrote: Personally wonder why they don't extend the hall down through the old target space and divide up the space into smaller units.  They could get at least 10 new retailers in there in addition to two sizeable retailers like Harry Rosen, Victoria's Secret, Zara, etc.   Fishing for a major anchor these days is a waste in my opinion.  They also have the Oliver & Bonacini space sitting vacant for about two years now I think.

I'd rather see them tear that section down, reconfigure their internal road network, and and sell off the land to residential developers. Or, ask for a zoning variance and do it themselves. Ivanhoé Cambridge, although they are primarily a commercial developer has worked on residential projects elsewhere.
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#26
Considering that's the newest part of the mall, I don't think they're going to be tearing it down any time soon.

They're probably going to continue scouting for a retailer that can take the entire space for a while, before they break down, and spend the money to subdivide.
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#27
(02-08-2016, 03:38 PM)Markster Wrote: Considering that's the newest part of the mall, I don't think they're going to be tearing it down any time soon.

They're probably going to continue scouting for a retailer that can take the entire space for a while, before they break down, and spend the money to subdivide.

There may well be a long term lease payment owing from the short lived Target days. That money owing may limit what they can do in the short term if they are owed a significant amount. Using it for seasonal sales like Halloween ad Christmas would likely have been authorized by the Trustee. 

Not sure how they did their leasing but it could be an issue stopping any sub-divide. It will be hard to find a good economic leaseholder to take over this large footprint.

If there is money potentially collectible it will be ultimately be going to the courts for a decision as to disposition.
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#28
The lease for the Target space at Conestoga Mall (and many others) was bought back by the property owners.
http://www.therecord.com/news-story/5466...8-million/

Considering the creditors couldn't auction off other leases (http://www.therecord.com/news-story/5597...t-bidders/), Ivanhoe Cambridge should really divide up the space.  Not sure what their strategy is.  Perhaps they are trying to court Simons, Saks Fifth or Nordstrom.  Don't think there's many other anchors that are expanding these days. Subdividing is much different then tearing down. I think we can count on the Conestoga Mall footprint to remain commercial zoning for a very long time.
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#29
I don't think anyone was equating subdividing with tearing down.

I replied to dunkalunk, saying that it's new, therefore they won't be tearing it down to build condos.
Then, in a separate statement, I stated my belief that they're probably still looking for a large tenant, to avoid the extra costs of subdividing that would be borne by the mall.
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#30
A large tenant will be tricky to attract. Walmart already has a location by the Farmers Market; there's already Zehrs for grocery; many big-box locations (like home reno) don't go for mall spots. I'm not sure a Simons or Nordstrom would necessarily take a spot with Hudson's Bay as a neighbour in this small a market.
My Twitter: @KevinLMaps
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