The CBC weighs in on the recent news that the Sears department stores are having a financial challenge and may be looking at how to rebrand and/or restructure. Dianne Buckner notes that the typical mall design incorporated two large anchor stores in a mall, with the concept that shoppers would support the anchors’ stores and then browse and support the smaller shops.
Consumer habits are changing and the CEO of RioCan Real Estate Investment Trust which owns 300 mall type properties in Canada suggests that “secondary” malls are slowly expiring. The “primary” “malls such as Toronto’s Eaton Centre, Calgary’s Chinook Centre or Vancouver’s Pacific Centre will always thrive, thanks to their size and location. But smaller, suburban malls won’t make it unless they reinvent themselves.”
As reported in Price Tags earlier this year, major mall holders including Ivanhoe Cambridge have been investigating building mixed use development around their shopping activities…
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