Well in the past week we have had a few big updates, seeing the big asset dispersal meetings have started.
So we now know the actual fate of 80 of the 133 locations from a few announcements.
1) While technically old news, on March 2nd it was announced that Target would sell back leases to 11 stores. Technically this should be 10 stores and one vacant property as they never opened at Oakridge, as they were waiting for a planned mall expansion/renovation that has yet to occur. The 11 properties were identified by the
The Globe and Mail as (and sold back to):
Square One Shopping Centre, Mississauga, Ont. (Oxford/AIMCo)
Upper Canada Mall, Newmarket, Ont (Oxford/Canada Pension Plan Investment Board)
Place Laurier, Quebec City, Que (Ivanhoe Cambridge)
Oakridge Centre, Vancouver, B.C. (Ivanhoe Cambridge)
Metropolis at Metrotown, Burnaby, B.C. (Ivanhoe Cambridge)
Mic Mac Mall, Halifax (Dartmourth), N.S. (Ivanhoe Cambridge)
Les Galeries de la Capitale, Quebec City, Que (Oxford/CPPIB)
Hillcrest Mall, Richmond Hill, ON (Oxford/Montez)
Kingsway Mall, Edmonton, Alba. (Oxford)
Carrefour de l’Estrie, Sherbrooke, Que (Ivanhoe Cambridge/CPPIB)
Conestoga Mall, Waterloo, Ont (Ivanhoe Cambridge)
2) On May 6th, Canadian Tire announced they have entered into agreement to buy 12 locations. A report from
Global identified the locations as:
Bayers Lake Power Centre, Halifax, N.S.
Northwest Centre, Moncton, N.B.
Place Alexis Nihon, Montreal, Que
Place Versailles, Montreal, Que
Les Carrefours Rimouski, Rimouski, Que
Aurora Centre, Aurora, ON
Sudbury Super Mall, Sudbury, ON
Grant Park Shopping Centre, Winnipeg, MB
Driftwood Mall, Courtenay, B.C.
Tamarack Shopping Centre, Cranbrook, B.C.
Village Green Mall, Vernon, B.C.
Hillside Centre, Victoria, B.C.
Most Canadian Tires I've seen, tend not to carry much in the way of toys, but they have been known to, and they usually stock more around the holidays.
3) The news most have been waiting for broke on the 8th, again I'll refer to
Global that Walmart announced they will buy 13 locations:
Scottsdale Mall, Delta, B.C.
Coquitlam Centre, Coquitlam, B.C.
Surrey Place/Central City, Surrey, B.C.
Haney Place Mall, Maple Ridge, B.C.
Southdale Centre, Winnipeg, MB
Guelph, Guelph, ON
Bayshore Shopping Centre, Ottawa, ON
Billings Bridge Plaza, Ottawa, ON
Pen Centre, St. Catharines, ON
Candiac Power Centre, Candiac, Que
Terrarium Shopping Centre, Pointe Claire, Que
Galeries Chagnon, Levis, Que
Place Fleur De Lys, Quebec City, Que
The deal also includes a Distribution Centre in Cornwall, ON.
This comes as great news for me as Surrey Place was my Target, and I'll gladly take a Wallyworld in walking distance.
4) In a move that shows how bad it must be for Target, they have simply handed the keys for a whopping 55 stores back to the landlords of those locations leases after finding they have no interest from buyers for those affected leases.
Story here.Loblaws for now appears to be sitting on the sidelines and have sent some mixed messages. They appear to be sticking with their expansion and renovation plans announced earlier this year without looking at Target locations, but have also admitted they do have a team looking at the options available.
Ikea who is speculated to also be in the hunt, has yet to fully clarify on the potential for expansion they touched on in January.
More news could potentially drop this week, but who knows. If anyone near one of the Canadian Tire or Walmart acquisitions wasn't aware and is happy by these announcements, you're welcome.