News   Apr 03, 2020
From the Editor: A Message to Our Readers
 9.2K     3 
News   Apr 02, 2020
Topping Off March 2020: What's Hot on SkyriseEdmonton
 10K     0 
News   Apr 02, 2020
News Roundup for April 2, 2020
 3.4K     0 

Edmonton City Centre Mall (Renovations) | ?m | 2s | LaSalle Investment Management

husky said:
That is incredible and awful at the same time. What kind of business practice is that? I am surprised The Bay lasted so long knowing that.

Private equity absolutely destroyed the business.
Click to expand...
The Bay had some not so complimentary practices regarding their real estate and relationships with landlords that long pre-dated their private equity partners.

Having said that, their disgracefully poor retail practices and offerings are likely what was ultimately responsible for their demise.
 
Greenspace said:
Since it's the end of an era. when the Bay left ECC they owed Oxford $18m in lease payments. It was the beginning of the pandemic and Oxford said they had to pay up or it was finally over. The Bay did not leave because they wanted to. They had not paid any lease payments since 2012.

Retail insider has an article about how RioCan had exposure to hundreds of millions of dollars in debt since 2015. My guess is The Bay rarely paid lease on any of it's properties in the last decade.
Click to expand...
Not surprising. I remember a couple years ago they got locked out of their store in Coquitlam for failure to pay rent, so this was likely standard practice across the country except for maybe a couple of their flagships.
 
northlands said:
Private equity who invest via LBOs for the purpose of stripping and looting all value are the ass cancer of the business world.
Click to expand...
In some cases, LBO's may well be that.

In others, the LBO can be quite successful for all parties (Heinz, Hilton, Safeway, AllTel, Dell, Kinder Morgan, Global Logistics, BioPharm etc.).

"Stripping and looting" probably only takes places when the underlying business is not strong enough or capable enough of surviving. I would put the Bay in that category as well as noting - again - that the Bay had been "stripping and looting" their own operations for a very long time before there was an LBO involved.
 
husky said:
That is incredible and awful at the same time. What kind of business practice is that? I am surprised The Bay lasted so long knowing that.

Private equity absolutely destroyed the business.
Click to expand...
It's possible that the locks weren't changed was to protect co-tenancy provisions in leases.
 
If the LBO owners spent as much time and energy trying to focus on and improve the business of the Bay as they did coming up with clever ways to extract money from it, the business might still be continuing.

We usually get a heads up here about the state of companies like this, because locations like this farther from the core of their operations and media attention are usually the first they neglect or close.

I strongly suspected they were going down when I visited their downtown Toronto location last fall and saw how dead it was.
 
30% off the regular price of tickets at UNCEDED to help celebrate National Indigenous History Month. Available now until closing day on June 21. Enter the discount code NIHM30 at the "Checkout" page on the UNCEDED website. Come on by and visit this amazing exhibit before it is gone. And bring a friend. Or two. Or six. 😁
 
1000016189.jpg

Not sure what this is. Directly to the east of Revolver.
1000016190.jpg
1000016191.jpg

Looks like a new gallery opening up beside "Da Pop up Shop" on the second floor.
1000016186.jpg
1000016187.jpg
1000016188.jpg
 
retail-insider.com

Tsawwassen Mills Transforms Under Central Walk's Vision

Since acquiring Tsawwassen Mills in 2022, Central Walk has transformed the centre with experiential retail, entertainment, food halls, and cultural attractions, boosting traffic and redefining suburban shopping in Canada.
retail-insider.com retail-insider.com

Tsawwassen Mills, located on Tsawwassen First Nation land in Delta, British Columbia, has undergone a remarkable transformation since being acquired by Central Walk in May 2022. Under the leadership of Weihong (Ruby) Liu, Chairwoman of Central Walk, and Linda Qin, CEO of Central Walk, the shopping centre has shifted from a traditional outlet model to an ambitious, multi-functional destination blending retail, culture, entertainment, and community engagement.

I wish ECC had a similar vision.
 
Gronk! said:
retail-insider.com

Tsawwassen Mills Transforms Under Central Walk's Vision

Since acquiring Tsawwassen Mills in 2022, Central Walk has transformed the centre with experiential retail, entertainment, food halls, and cultural attractions, boosting traffic and redefining suburban shopping in Canada.
retail-insider.com retail-insider.com

Tsawwassen Mills, located on Tsawwassen First Nation land in Delta, British Columbia, has undergone a remarkable transformation since being acquired by Central Walk in May 2022. Under the leadership of Weihong (Ruby) Liu, Chairwoman of Central Walk, and Linda Qin, CEO of Central Walk, the shopping centre has shifted from a traditional outlet model to an ambitious, multi-functional destination blending retail, culture, entertainment, and community engagement.

I wish ECC had a similar vision.
Click to expand...
...or any vision
 
Downtown Edmonton isn't suburban Tsawwassen, but it would be nice to see more entertainment and other attractions here.
 
I would 100% trust Ruby Liu or any other Chinese or Asian billionaire to turn City Centre Mall into a success. We'd straight up be better off with that rather than REITs or pension funds if you want to kickstart vibrancy and redevelopment. Ruby seems wacky from a North American perspective but that wackiness works in Asia.

I'm not joking at all because malls in Asia aren't retail destinations solely but also entertainment, community spaces, etc and the owners are more than willing to shovel capital into it for non-financial reasons too.
 
Now 23 out of the 25 landlords of the leases she wanted to take over are trying to reject her bid to take over the old Bay spaces 🤷🏻‍♂️. So I guess we’ll end up with just 5 of these new concepts now instead of 28 (2 from the landlords who are cooperating, plus the 3 in the malls she already owns). Curious to see exactly what she has planned though.
 
You must log in or register to post here.

Back
Top