Vacant retail spaces have been haunting (and taunting) Burlington shoppers who love all things U.S. (Jason Wu and Victoria Beckham capsule collections, anyone?) after an American giant suddenly folded in 2015.
After Target’s short-lived tenure in Canada, shoppers were left wondering what stores would replace the gigantic stores.
Well, now we know what’s coming next.
RioCan Real Estate Investment Trust has found a few tenants for both former Target locations and it appears that the stores in Burlington’s Millcroft Centre and Burlington Mall are getting some big name retailers.
If you’re a Burlington Mall regular, you’ll be happy to know the former Target box on Guelph Line will be reconfigured to accommodate three major tenants: Denninger’s Fresh Foods of the World, Indigo, and Winners.
According to RioCan, the new retailers will take possession in late 2017. The stores should be open in early 2018.
If you frequent the Millcroft Centre, you’ve probably already noticed the arrival of Movati Athletic and Value Village.
The former Target premises were partially demolished to accommodate a new freestanding 70,000 sq. ft. gym. and Movati’s preview centre is currently open but the gym’s grand opening is scheduled for November 1.
“I am proud of my team’s efforts to complete the backfill of spaces and replace more than the rental revenue that was lost from Target,” said RioCan CEO Ed Sonshine in a statement released earlier this year.
“We will increase the cash flow in our properties through higher rents on the replacement leases.”
The rental revenue stream will be more diverse and “we have improved the revenue growth profile with rents that in some cases have embedded growth and provide for greater recoveries,” said Sonshine.
“Above all, we are confident that our centres will now have a greater appeal in their communities which, in turn, will strengthen the rental growth profile.”
While it’s hard to say what the malls will look like 10, 15 ,or 20 years down the road, it’s good to know that residents can expect a super gym and a few new retail options in the interim. And we really love a small business success story from the Hammer …Denninger’s currently has six retail locations (head office is on King St.), a manufacturing plant, and a warehouse employing approximately 300 people across Southern Ontario.
Photo courtesy of Google Images