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Target

Simons is unproven in Ontario, and even as a proud Mississaugan I doubt Mississauga can support two Simons.
 
Coruscanti Cognoscente said:
Simons is unproven in Ontario, and even as a proud Mississaugan I doubt Mississauga can support two Simons.
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Yea, and I'm sure that after the Target incident, landlords are going to be extra cautious about who they are letting in. They have been burned twice over the past 3 years already. It would probably be in their best interest to break up the spaces than to hand them over to another retailer that has no history in this Province.
 
Coruscanti Cognoscente said:
Simons is unproven in Ontario, and even as a proud Mississaugan I doubt Mississauga can support two Simons.
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Where is the other Simons? For Mississauga to be unable to support two Simons, would it not have to mean that Simons is a destination store that most of Peel visit because they really want to shop there; and that adding a second location would only cannibalize shoppers from the first? Simons doesn't strike me as a destination store, like Costco for example. Isn't it more of a store of convenience which people shop at because it's close by, or it's adjacent to something they were otherwise visiting?
 
According to the article on Retail Insider a few weeks back, the Simons at West Edmonton Mall is doing gangbusters. Given how many of my friends make a point of going to the Simons at Ste. Catherines while in Montreal, it is somewhat of a destination store, although not in the Costco sense. Comparable to any department store I would think. But, no, I can't imagine Simons at Erin Mills Town Centre. The Square One store will be open sometime in 2016, IIRC, and Simons says it is looking for other GTA locations, but I doubt they'd be interested in another one in Mississauga.
 
Skeezix said:
According to the article on Retail Insider a few weeks back, the Simons at West Edmonton Mall is doing gangbusters. Given how many of my friends make a point of going to the Simons at Ste. Catherines while in Montreal, it is somewhat of a destination store, although not in the Costco sense. Comparable to any department store I would think. But, no, I can't imagine Simons at Erin Mills Town Centre. The Square One store will be open sometime in 2016, IIRC, and Simons says it is looking for other GTA locations, but I doubt they'd be interested in another one in Mississauga.
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I have nieces here who live to shop at Simon's in Montreal. My friend's daughters all wish there was one convenient to their downtown condos. I don't get the fascination but I am 300 years old. I think that, properly-located, it would do gangbusters here. But that location has to be relatively well-to-do and easy to reach via TTC. Simon's in Montreal is in the heart of the shopping district, in the former Simpson's (I think) and right on top of the Metro line.
 
Ex-Montreal Girl said:
I have nieces here who live to shop at Simon's in Montreal. My friend's daughters all wish there was one convenient to their downtown condos. I don't get the fascination but I am 300 years old. I think that, properly-located, it would do gangbusters here. But that location has to be relatively well-to-do and easy to reach via TTC. Simon's in Montreal is in the heart of the shopping district, in the former Simpson's (I think) and right on top of the Metro line.
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Yep, Simons has the former Simpson's store on Ste-Catharine. Too bad the Eaton Centre is courting high-end retailers like Nordstrom (and Saks across Queen Street); I think Simons would do great at Dundas and Yonge. Perhaps in the rumoured Atrium on Bay renovation planned for Target?
 
Ex-Montreal Girl said:
I have nieces here who live to shop at Simon's in Montreal. My friend's daughters all wish there was one convenient to their downtown condos. I don't get the fascination but I am 300 years old. I think that, properly-located, it would do gangbusters here. But that location has to be relatively well-to-do and easy to reach via TTC. Simon's in Montreal is in the heart of the shopping district, in the former Simpson's (I think) and right on top of the Metro line.
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Wow. You are the world's oldest living person by far.
 
Ex-Montreal Girl used to complain to the Mississauga peoples and the French fur traders in the early 1700s about how even back then the Danforth couldn't seem to support a decent psarotaverna.
 
Tuscani01 said:
Retailers should know by next week who is snapping up which properties. Canadian Tire has been looking into 16 locations. There are about 40 locations that are expected to remain vacant for years or be chopped up into smaller retail units as there has been a lack of interest overall. From the sounds of it, no major foreign retailers are bidding for any of the spaces.
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And the predictions were right, but more than 40 stores ended up receiving no bids. 55 are going back to the landlords:

“It may not be encouraging that they’re giving back” the 55 store leases, Edward Sonshine, chief executive officer of RioCan Real Estate Investment Trust, which is Target’s largest landlord, said in an interview. “Unfortunately, they’re coming in at a time when the retail environment is somewhat challenging.”

Target is also giving back 19 leases for its warehouse and office space, the documents say. Target got an initial “stalking horse” bid for one of its three owned distribution centres in Milton, Ont.

“This whole real estate sale process does not seem to have gone very well,” said Heather Ferris, partner at law firm Lawson Lundell LLP in Vancouver, which represents landlord Shape Properties Ltd.

Among retailers believed to be interested in some of the Target leases are discounter Wal-Mart Canada Corp., generalist Canadian Tire Corp., grocer Loblaw Cos. Ltd. and home-improvement specialist Lowe’s Canada. Even struggling Sears Canada Inc., which has been closing stores, bid on some of Target’s leases, sources said.
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http://www.theglobeandmail.com/repo...lords-will-auction-remainder/article24196091/
 
So, how does this work. In terms of the 55 leases, do the landlords in question know yet? Is there a master list publicly available? Anyone know about any of the Toronto locations?

As for the remaining leases to be auctioned off next week, am I correct to assume that those were leases in which at least one retailer expressed an interest? If they had 133 stores, that means at least one party has expressed an interest in the remaining 78 leases (presumably). That seems more than I would have guessed. How will the auction work?
 
Skeezix said:
So, how does this work. In terms of the 55 leases, do the landlords in question know yet? Is there a master list publicly available? Anyone know about any of the Toronto locations?

As for the remaining leases to be auctioned off next week, am I correct to assume that those were leases in which at least one retailer expressed an interest? If they had 133 stores, that means at least one party has expressed an interest in the remaining 78 leases (presumably). That seems more than I would have guessed. How will the auction work?
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Bids have already been put on the remaining locations (78 locations). There are a handful of retailers that have expressed interest. As I had mentioned earlier, Canadian Tire itself was interested in at least 16 locations, so I imagine other retailers are looking at a significant number of locations as well. Nothing will become public until the process is completed and the leases are signed. The 55 stores being returned to the landlord are being returned because no one was interested in them.
 
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