News   Jul 12, 2024
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News   Jul 12, 2024
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News   Jul 12, 2024
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Target

This is pretty big news. Time for the Bay to buy the locations back at pennies on the dollar.
More likely Lowe's will buy up any locations that are closely suitable. They've announced plans to open over 20 stores over the next three years, and big box real estate is hard to come by in the prime areas.
 
More likely Lowe's will buy up any locations that are closely suitable. They've announced plans to open over 20 stores over the next three years, and big box real estate is hard to come by in the prime areas.

The standalones/strip mall locations perhaps. There might be some milk spilt at the various regional malls currently putting in expansions for anchor retail.

AoD
 
I wonder about many of the third and fourth-tier malls, like Cloverdale, East York Town Centre, Shoppers World Danforth, heck even Shoppers World Brampton. I'm sure larger first and second-tier malls like Erin Mills, Square One, Bramalea City Centre, Upper Canada, etc. will do fine.

Wow. Thinking about all that money spent to develop new distribution system from scratch, buying those leases, renovating all those Zellers stores, even building original new locations like Stockyards and the planned York Street store. It's one of the biggest retail disasters in Canadian history.

I only shopped at Target a few times (not having a car and living downtown) but I liked it when I needed to do a big mixed shopping - prices were good, the stores clean and not zoos like Wal-Marts tend to be, quick check-out. So the cost to get a ZipCar to head to Stockyards or EYTC wasn't that great. Yes, the inventory problems were apparent, but for my needs, they weren't an issue.

I hate Wal-Mart, so I'm really upset to see that it is the only lower-end mass retailer left.

My thoughts exactly. I would've shopped at Target more if there'd been one closer to me, and I was really looking forward to the downtown location opening up.

It's a textbook example of how not to expand into another country, on par with Walmart's disastrous foray into Germany.
 
I wasn't expecting this news but I can't say I'm shocked. Target said that if they stay in Canada, they'd only anticipate profitability in 2021 which is simply not feasible. Target chose to cut their losses and move on. This is pretty big news.
 
Very curious to see now who will be the anchor at the downtown location at Harbor Plaza.

Me too! I wonder if Wal Mart will try getting into this space, since they have been looking at a downtown location for a while now, and this is likely the path of least resistance towards opening up in the core.

This just got sent to CTC employees from the CEO:

Many of you will now have seen Target's announcement that they are discontinuing operations in Canada.
We have always welcomed a competitive marketplace. We have a long history at Canadian Tire of raising our game for our customers in the face of strong competitors. It's never been our culture to take pleasure when others don't succeed - and it's obviously very difficult news for more than 17,000 Canadians who will now need to find work.
In the meantime, our strategy for growth and serving our customers remains unchanged. We're fortunate to be part of such a strong company and brand that Canadians trust. Let's continue to stay focused on the work ahead of us.
Michael

While Target may not have succeeded, it did create a massive shift in Canadian Retail. Our entire strategy over the past few years was reshaped to beat target, and that likely wouldn't have occurred without Target providing that urgent need.
 
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Me too! I wonder if Wal Mart will try getting into this space, since they have been looking at a downtown location for a while now, and this is likely the path of least resistance towards opening up in the core.

I hope not. I never wanna see a wal-mart downtown. It will 'cheapen' the area IMO. I doubt they will be allowed here.
 
Me too! I wonder if Wal Mart will try getting into this space, since they have been looking at a downtown location for a while now, and this is likely the path of least resistance towards opening up in the core.

Despite the proxmity to Gerrard Square, I think Wal-Mart would do very well in East York Town Centre (Thorncliffe), even with Costco opening across the street. The EYTC store was one of the busiest Targets out there, with a huge surrounding walk-in population that wouldn't be Costco customers. One of the densest neighbourhoods in Canada.
 
I hope not. I never wanna see a wal-mart downtown. It will 'cheapen' the area IMO. I doubt they will be allowed here.

There is nothing to "allow". The space is built, it's been approved for big box. The city can't say 'oh, because your name is Wal Mart, you are not allowed to lease this space'. They don't have to worry about community objection because there is nothing the community can object to at this point except for the name.
 
There is nothing to "allow". The space is built, it's been approved for big box. The city can't say 'oh, because your name is Wal Mart, you are not allowed to lease this space'. They don't have to worry about community objection because there is nothing the community can object to at this point except for the name.

The property company on the other hand might - having a Wal-Mart there isn't exactly the sign of catchet and could very well lower the "tone" of the neighbourhood, which could in turn affect the rate. Maybe it's something they'd avoid unless they absolutely have to.

AoD
 
The property company on the other hand might - having a Wal-Mart there isn't exactly the sign of catchet and could very well lower the "tone" of the neighbourhood, which could in turn affect the rate. Maybe it's something they'd avoid unless they absolutely have to.

AoD

Money talks, and Wal Mart has the money. Plus, the property management company (It's just the developer now) can put in restrictions on signage and work with Wal Mart to make it something different.
 
Money talks, and Wal Mart has the money. Plus, the property management company (It's just the developer now) can put in restrictions on signage and work with Wal Mart to make it something different.

Oh no doubt, but Walmart aren't the only game in town and I can't imagine the space is designed in a way whereby the only possible use is a big box, full blown department store. It's something the property manager will have to weigh the cost/benefit.

As to working with Walmart to tailor their outward image, it's bit of a lipstick on a pig kind of arrangement I'd think.

AoD
 
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I hope not. I never wanna see a wal-mart downtown. It will 'cheapen' the area IMO. I doubt they will be allowed here.

*chuckle* I brought this up in the SmartCentre thread. They're building a 90,000 sqft Walmart as the anchor store at Leslie & York Mills. The Bayview-York Mills community is not pleased with it. Link for thread: http://urbantoronto.ca/forum/showthread.php/9600-Best-Smart!Centre-in-Toronto

Despite the proxmity to Gerrard Square, I think Wal-Mart would do very well in East York Town Centre (Thorncliffe), even with Costco opening across the street. The EYTC store was one of the busiest Targets out there, with a huge surrounding walk-in population that wouldn't be Costco customers. One of the densest neighbourhoods in Canada.

I think Thorncliffe Park would be a good location for a Walmart as well, especially in close proximity to Costco, however it would be much too close to the Warden & Eglinton Walmart to be effective.

The property company on the other hand might - having a Wal-Mart there isn't exactly the sign of catchet and could very well lower the "tone" of the neighbourhood, which could in turn affect the rate. Maybe it's something they'd avoid unless they absolutely have to.

AoD

Money talks, and Wal Mart has the money. Plus, the property management company (It's just the developer now) can put in restrictions on signage and work with Wal Mart to make it something different.

Again, I bring up the new Walmart Supercentre being developed in the Leslie & York Mills SmartCentre. I do think this Walmart location is slightly different in that it is multi-level with the Walmart being at the lower level, somewhat out of sight but still easily accessible. Based on the concept sketches, it doesn't look like it is as institutional and "in your face" as a typical big box plaza, say, along the Golden Mile, but I do still think it's out of place in this neighborhood. Anyway, check the SmartCentre thread for more on that one!
 

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