Target departure should create leasing opportunities

The departure of Target from Bower Place shopping centre last week should create new leasing opportunities, says the mall’s manager. John Rooke said he couldn’t speculate on what exactly will happen to the space vacated by the department store chain, noting that it remains subject to a long-term lease.

The departure of Target from Bower Place shopping centre last week should create new leasing opportunities, says the mall’s manager.

John Rooke said he couldn’t speculate on what exactly will happen to the space vacated by the department store chain, noting that it remains subject to a long-term lease.

“They’re still administering it, they’re still paying rent and ultimately they are looking for a backfill for the space as well.”

The picture should become clearer as Target Canada moves through bankruptcy proceedings under the Companies’ Creditors Arrangement Act, he said.

The mall’s owner faces a potential loss of lease revenue, confirmed Rooke, but with a vacancy rate of just 0.5 per cent, Bower Place is an appealing place for prospective tenants.

“We really do view it as an opportunity here and hopefully can bring something that maybe doesn’t exist in Red Deer, or on a larger scale.”

Rooke doesn’t think the loss of Target will significantly reduce consumer traffic at the mall, pointing to other anchors like Hudson’s Bay, Sears and Toys “R” Us, and its strong mix of other popular shops.

“It’s that variety and assortment that really is driving traffic to the mall, and continues to do so.”

Some mall merchants worried about a decline in shopper volumes when Zellers left the same space at the end of 2012, said Rooke.

But the impact was minimal, and he anticipates the same thing now.

“As much as Target was a draw, it didn’t add exponentially to our traffic like we all thought it would.”

Despite concerns about the economic health of Alberta, retail sales at Bower Place have remained brisk, said Rooke.

“The sales don’t seem to be going in any negative direction at this point in time.

“I don’t have the full March picture yet‚ but January and February we were up significantly year over year.”

hrichards@bprda.wpengine.com

Just Posted

Eckville man facing about 80 child sexual exploitation charges in court

More than half a million photos and videos found on electronic devices

Innisfail Eagles win Senior AAA provincial semifinal, earn final spot in Allan Cup

For the first time in their 71-year history, the Innisfail Eagles will… Continue reading

AP FACT CHECK: Trump hails an exoneration not offered

WASHINGTON — President Donald Trump is misrepresenting the conclusions of special counsel… Continue reading

Long-awaited video service expected from Apple on Monday

Apple is expected to announce Monday that it’s launching a video service… Continue reading

Trudeau delivers campaign-style speech while introducing candidate Taggart

VANCOUVER — Justin Trudeau delivered a feisty, campaign-style speech in Vancouver-Kingsway Sunday… Continue reading

Svechnikov scores in overtime, Carolina beats Montreal 2-1

RALEIGH, N.C. — The Carolina Hurricanes struggled to beat Montreal goaltender Carey… Continue reading

Canadian men’s soccer squad off to Gold Cup with 4-1 win over French Guiana

VANCOUER, B.C. — Canada’s men’s soccer team is looking to the future… Continue reading

Inquest into fatal Radiohead stage collapse set to get underway in Toronto

TORONTO — An inquest is set to get underway today into the… Continue reading

The Latest: Streisand apologizes for Jackson comments

NEW YORK — The Latest on Barbra Streisand’s comments about the sexual… Continue reading

Pricey Titanic wreck tours hope to bring new life to a century-old story

ST. JOHN’S, N.L. — Adventure tourists with money in the bank have… Continue reading

France investigates after older protester is injured in Nice

NICE, France — French authorities are investigating the case of an older… Continue reading

DOJ: Trump campaign did not co-ordinate with Russia in 2016

WASHINGTON — The Justice Department said Sunday that special counsel Robert Mueller’s… Continue reading

New report details impact of proposed NS spaceport in event of explosion or fire

HALIFAX — The head of a company proposing to open Canada’s only… Continue reading

Most Read