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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

(Advocate file photo).
RDC wins two national awards for environmental initiatives

Clean50 and LEED awards were received for innovative, green projects

St. Joseph High School, Notre Dame High School, Lindsay Thurber Comprehensive High School, and St. Thomas Aquinas School are all dealing with COVID-19 outbreaks of 10 or more cases. (File photo by Advocate staff)
COVID-19 impacting Red Deer schools

Education minister says 99.6 per cent of students and staff remain in school in Alberta

Sylvan Lake product Carter Graf is having a strong second season at North Carolina State University representing the Wolfpack in NCAA Div. 1 men’s golf. (Photo courtesy of NC State Athletics)
Sylvan Lake’s Carter Graf finding success in second season at NC State

Carter Graf and the North Carolina State Wolfpack have been scorching hot… Continue reading

DynaLife is hiring more staff to bring waiting times for blood tests down in Red Deer. (AP Photo/Jacqueline Larma, File)
DynaLIFE is hiring more staff in Red Deer to reduce wait times

Wait times for appointment will be further reduced

sign
Alberta Biobord Corp. recently hosted a virtual open house from Stettler

The company plans to develop a fuel pellet and medium density fibre board (MDF) plant near the community

A vial of the Medicago vaccine sits on a surface. CARe Clinic, located in Red Deer, has been selected to participate in the third phase of vaccine study. (Photo courtesy www.medicago.com)
Red Deer clinical research centre participating in plant-based COVID-19 vaccine trial

A Red Deer research centre has been selected to participate in the… Continue reading

A Quebec Superior Court justice is set to issue a ruling Tuesday on the constitutionality of the province’s secularism law, known as Bill 21. People hold up signs during a demonstration against Bill 21 in Montreal, Sunday, Oct. 6, 2019. THE CANADIAN PRESS/Graham Hughes
Quebec court upholds most of province’s secularism law, exempts English school boards

MONTREAL — Quebec’s secularism law is largely legal, a Superior Court judge… Continue reading

Minister of Public Safety and Solicitor General Mike Farnworth speaks during a press conference at the legislature in Victoria, Monday, Oct. 28, 2019. The British Columbia government is providing a few more details about travel restrictions aimed at limiting movement around the province to slow the spread of COVID-19. THE CANADIAN PRESS/Chad Hipolito
Periodic roadblocks but no individual stops planned for B.C.’s COVID-19 travel rules

VICTORIA — The British Columbia government is looking at using periodic roadblocks… Continue reading

Prime Minister Justin Trudeau is joined virtually by Minister of Finance Chrystia Freeland as they talk online to a group of front-line pharmacists from across the country to discuss the ongoing vaccination efforts in the fight against COVID‑19, from the Prime Ministers office on Parliament Hill in Ottawa on Tuesday, April 20, 2021. THE CANADIAN PRESS/Sean Kilpatrick
Provinces balk at Liberals’ child-care budget pledge as funding negotiations loom

OTTAWA — Multiple provincial governments are questioning the Liberals’ promise of a… Continue reading

Pharmacist Barbara Violo arranges empty vials of the Oxford-AstraZeneca COVID-19 vaccine that she has provided to customers at the Junction Chemist, an independent pharmacy in Toronto, Monday, April 19, 2021. Younger Canadians in several provinces are now able to get the AstraZeneca vaccine. THE CANADIAN PRESS/Nathan Denette
Trudeau, Freeland seeking AstraZeneca shots as they become age-eligible with others

OTTAWA — Prime Minister Justin Trudeau and Deputy Prime Minister Chrystia Freeland… Continue reading

The Rogers Logo is photographed on a Toronto office on Monday, September 30, 2019. THE CANADIAN PRESS/ Tijana Martin
Rogers says wireless service fully restored but questions remain after massive outage

A massive countrywide wireless outage that left millions of Rogers Communications Inc.… Continue reading

sign
Alberta Biobord Corp. recently hosted a virtual open house from Stettler

The company plans to develop a fuel pellet and medium density fibre board (MDF) plant near the community

The controversial Super League is materializing after Madrid and 11 other clubs announced its creation on Sunday. (File photo by BLACK PRESS)
Super League a ‘longtime dream’ for Madrid president Pérez

League created because coronavirus pandemic left clubs in a dire financial situation

San Jose Sharks centre Patrick Marleau (12) skates during the third period of an NHL hockey game against the Minnesota Wild, in San Jose, Calif., Monday, March 29, 2021. Marleau is skating in his 1,757th game. Only one other player in NHL history has hit that mark. THE CANADIAN PRESS/AP-Tony Avelar
Patrick Marleau set to break Gordie Howe’s record for most NHL games played

Marleau was set to suit up for the 1,768th time Monday

Most Read