[Moncton] Retail Thread - Page 323

josh_cat_eyes · #**6441** Posted **May 25, 2020, 1:09 AM**

Quote:

Originally Posted by L'homard

Forever 21 is done. So much for coming to Moncton.

Apparently they closed all 44 of their Canadian stores in 2019.

MonctonRad · #**6442** Posted **May 25, 2020, 1:14 AM**

Quote:

Originally Posted by josh_cat_eyes

Apparently they closed all 44 of their Canadian stores in 2019.

Indeed. I think he was referring to their recent bankruptcy in the US as well. They are apparently trying to hang on in Latin America.

josh_cat_eyes · #**6443** Posted **May 25, 2020, 2:20 AM**

Quote:

Originally Posted by MonctonRad

Indeed. I think he was referring to their recent bankruptcy in the US as well. They are apparently trying to hang on in Latin America.

The bankruptcy is not actually of the store Forever 21, it’s of the former shell company that previously owned the chain. In February, a consortium of Authentic Brands Group, Simon Property Group and Brookfield Property Partners bought the retail chain from the shell company.

A quote from this article:
https://footwearnews.com/2020/busine...on-1202984461/
“Conversion or dismissal of the case would not impact Forever 21’s retail units and e-commerce sites, which are now the property of the ABG, Simon and Brookfield consortium”

DyAm00394 · #**6444** Posted **May 30, 2020, 4:18 PM**

Ardene is now closed at CF Champlain. (Their store on Trinity Drive is still open).

(Photo is from Retail Talk & Share NB)

DyAm00394 · #**6445** Posted **May 31, 2020, 1:42 PM**

Rumor: So I've read a comment over on Retail Talk & Share NB that someone said their sister works at a store in the mall (CF Champlain) and she had recently heard that up to 8 more stores will close. I wonder if this is true or not? (If it is true, then some more vacancies might be popping up soon).

Here's a link to the comment: https://www.facebook.com/groups/1690...41179036114791

..........................................................................................................................................................................................................................................................

Also, here is some more info regarding the reason behind Ardene's closure at CF Champlain (this info comes from the assistant manager of that location):

Quote:

"we had great sales! Our lease was up and CF put the rent up and gave the location to someone willing to pay more. We were very sad to see cf wouldn't come to a reasonable price and didn't offer us another location!"

Link to the comments: https://www.facebook.com/groups/1690...40658562833505

MonctonRad · #**6446** Posted **May 31, 2020, 2:19 PM**

These two stories together don't make much sense.

I can accept that CF forced Ardene out because another retailer wanted the space and was willing to pay a rent premium.

At the same time though, if up to eight retailers are going to close (pandemic related or otherwise), then why wouldn't CF offer Ardene one of these impending vacancies elsewhere in the mall???

DyAm00394 · #**6447** Posted **May 31, 2020, 2:55 PM**

Quote:

Originally Posted by MonctonRad

These two stories together don't make much sense.

I can accept that CF forced Ardene out because another retailer wanted the space and was willing to pay a rent premium.

At the same time though, if up to eight retailers are going to close (pandemic related or otherwise), then why wouldn't CF offer Ardene one of these impending vacancies elsewhere in the mall???

Yeah I know right, the two together doesn't make much sense. Which is why I'm thinking it might be more so that these store closures might just be because they have other tenants (who is willing to pay premium rent) lined up/interested in some space at the mall. Or CF could of just pushed them out because they figured Ardene wouldn't be willing to pay the premium rent that they want, so why bother give them another spot (when other tenants who would be willing to pay premium rent could use/want the impending vacancies). Because I think it was a matter of Ardene's lease was up for renewal. CF wanted more for the rent, Ardene tried to negotiate, but CF wouldn't budge. So they gave them the boot (so that a tenant that's more willing to pay the premium rent could take this spot).

But I don't know lol.

The Ardene info (which I saw after posting the first part) was from last night and the "up to 8 more store closures" rumor was from earlier this morning. Overall, the store closures rumor could not be entirely accurate. We will have to wait and see.

jonny golden · #**6448** Posted **May 31, 2020, 3:58 PM**

Quote:

Originally Posted by DyAm00394

Yeah I know right, the two together doesn't make much sense. Which is why I'm thinking it might be more so that these store closures might just be because they have other tenants (who is willing to pay premium rent) lined up/interested in some space at the mall. Or CF could of just pushed them out because they figured Ardene wouldn't be willing to pay the premium rent that they want, so why bother give them another spot (when other tenants who would be willing to pay premium rent could use/want the impending vacancies). Because I think it was a matter of Ardene's lease was up for renewal. CF wanted more for the rent, Ardene tried to negotiate, but CF wouldn't budge. So they gave them the boot (so that a tenant that's more willing to pay the premium rent could take this spot).

But I don't know lol.

The Ardene info (which I saw after posting the first part) was from last night and the "up to 8 more store closures" rumor was from earlier this morning. Overall, the store closures rumor could not be entirely accurate. We will have to wait and see.

There were rumors a few months ago that Starbucks was interested in getting out of the kiosk and moving to a storefront set-up. They could fill up one of the vacancies. Again, that's strictly a rumor. Personally, I hope it happens, it would be a nice upgrade for them.

Djeffery · #**6449** Posted **May 31, 2020, 4:29 PM**

I would venture it's more than likely the asst manager at Ardene doesn't really know the info they think they do. They don't appear to be in many CF malls so maybe it's a corporate decision from one side or the other. I used to know a CF mall manager and I remember when his mall lost a Target and a Sears, I suggested a dollar store (jokingly), and he said seriously that CF would leave the space empty before putting a dollar store in that mall. So it's not a case of them wanting to put just anything in to fill space. If Ardene was a store they wanted to keep, they would have found a way. Or maybe in the case of CF Champlain, Ardene just decided that the market wasn't big enough anymore for 2 stores with one paying mall rent.

MonctonRad · #**6450** Posted **Jun 1, 2020, 12:48 PM**

Quote:

Originally Posted by Djeffery

I would venture it's more than likely the asst manager at Ardene doesn't really know the info they think they do. They don't appear to be in many CF malls so maybe it's a corporate decision from one side or the other. I used to know a CF mall manager and I remember when his mall lost a Target and a Sears, I suggested a dollar store (jokingly), and he said seriously that CF would leave the space empty before putting a dollar store in that mall. So it's not a case of them wanting to put just anything in to fill space. If Ardene was a store they wanted to keep, they would have found a way. Or maybe in the case of CF Champlain, Ardene just decided that the market wasn't big enough anymore for 2 stores with one paying mall rent.

About 10 years ago, just before CF Champlain had their big makeover, there was a sudden purge of all the local retailers in the mall (like Colpitt's Mens Wear). The assumption at the time was that CF had decided they were going to transition to being a high fashion mall (like the rest of their portfolio), and since the renovations, this has certainly been the trajectory of this mall. I believe there is a lot of truth in what you've said. If CF has not offered Ardene another vacant CRU in the mall (at a reasonable rent), then this might be an indication that CF feels Ardene is "beneath them."

If this is indeed the case, CF had better tread carefully. Given the current retail apocalypse, in a year's time CF might be happy just to have tenants, any tenants...........

DyAm00394 · #**6451** Posted **Jun 1, 2020, 7:35 PM**

Reitmans is closing Thyme Maternity and Addition Elle brands amid restructuring.

https://globalnews.ca/news/7011436/r...restructuring/

Quote:

Reitmans (Canada) Ltd. says the insolvent clothing retailer will close its Thyme Maternity and Addition Elle stores over the summer, affecting about 1,400 employees, as part of its corporate restructuring.

The Montreal-based company says it will focus on three brands: Reitmans, Penningtons and RW & CO.
The brands will combine an e-commerce focus and a retail network of stores as part of the company’s efforts to “optimize its retail footprint.”

The restructuring is taking place under the protection of the Companies’ Creditors Arrangement Act.

Reitmans operates 54 Thyme Maternity stores and 77 Addition Elle locations, which will close along with their e-commerce websites on July 18 and Aug. 15 respectively.

About 1,100 store employees and 300 head office employees will be affected by the brand closures.
“All of the efforts we put forth to turn these brands around were derailed by the COVID-19 pandemic and, unfortunately, we can no longer afford the required resources to bring them back to profitability,” CEO Stephen Reitman says in a news release.

Also here is this quote from Retail Insider's article on this: https://www.retail-insider.com/retai...-restructuring

Quote:

“As for Reitmans, Penningtons, and RW & CO., we will unfortunately have to close some underperforming stores within the rest of our network in the coming weeks and months. This is a part of the restructuring process, but it is too early to confirm the location of these stores. Rest assured our intention is to maintain a solid retail footprint in Canada for these three flagship brands.”

Djeffery · #**6452** Posted **Jun 1, 2020, 9:57 PM**

Honestly not a surprise. At least from the Addition-Elle side of it. Addition-elle and Penningtons go after the same market (even their websites are the same). Heck, we have 2 of each and they are each in basically the same retail nodes on opposite sides of town. Makes sense to get rid of one of them, and I think Penningtons is the more popular of the larger size women's retailers. My wife shops at both and says Addition-Elle used to be "slightly nicer", but the last few years, there is no difference.

Thyme I'm a little more surprised at. But perhaps, as they did with their short lived Hyba experiment, they might just add maternity selections to existing stores. Might even make it easier to hang on to that client during their pregnancy by going to a familiar store.

MonctonRad · #**6453** Posted **Jun 2, 2020, 2:15 AM**

According to Retail Talk & Share, there is construction ongoing in the last vacant CRU at the Northwest Centre.

No word as to whom the tenant will be.

MonctonRad · #**6454** Posted **Jun 4, 2020, 2:59 AM**

Rumours seem to be a new TD Bank branch, which is plausible, as they don't currently have a presence in northwest Moncton.

MonctonRad · #**6455** Posted **Jun 4, 2020, 3:21 AM**

So, how is the retail apocalypse going????

Within the last two weeks:

1) - Reitmans Canada filed for bankruptcy protection, and plans to close all of their Thyme Maternity and Addition-elle stores, as well as selected Reitman's, RW & Co. and Pennington's locations.
2) - Bestseller Canada filed for bankruptcy protection, and plan to shed underperforming locations from it's two brands, Jack & Jones and Vero Moda.
3) - CoMark Holdings Inc. filed for bankruptcy protection, and will trim their portfolio of retail stores, including Bootlegger, Ricki's and Cleo.

So, that will be nine brands that have a retail presence in Moncton. We will certainly be losing Thyme Maternity and Addition-elle from the Landing at the Bend and CF Champlain respectively. I suspect the Reitman's at the Northwest Centre is toast too, although I expect the CF Champlain location to survive. I imagine RW & Co at CF Champlain to survive too, especially since they are in the middle of a store relocation within the mall. If Addition-elle is closing, I expect Pennington's (at the Landing at the Bend) to survive. I think Jack & Jones at CF Champlain is a good earner, so I'm hopeful it will survive (depending on how deeply the parent company has to cut). There is a combo Ricki's/Cleo's outlet at Wheeler Park which may be in trouble, but I expect their CF Champlain locations may survive.

MonctonRad · #**6456** Posted **Jun 5, 2020, 3:42 AM**

Further to the above; from Retail Insider:

Quote:

One source said that 13 of the 51 Jack & Jones store locations in Canada would be “handed back to landlords” with more information forthcoming. All Vero Moda locations are expected to close according to another source familiar with the situation.

So, roughly 25% of the Jack & Jones locations are scheduled to close nationwide. This makes me cautiously optimistic that the CF Champlain location might survive.

MonctonRad · #**6457** Posted **Jun 9, 2020, 12:44 PM**

Structural steel is now going up for the new retail plaza in the Granite Centre

Retail Talk & Share photo

DyAm00394 · #**6458** Posted **Jun 9, 2020, 11:25 PM**

Some CF Champlain updates I've seen over on Retail Talk and Share NB.

Alia N Tan Jay at CF Champlain and NYGARD at Trinity have started its closing liquidation sales. https://www.facebook.com/groups/1690...8944788671549/

Closing signs are not up at Addition Elle yet but a posted memo now indicates all sales are now Final. Addition Elle is set to be completely closed by the 15th of August I do believe (according to press releases). https://www.facebook.com/groups/1690...8947555337939/

And there is some chatter that inside sources say that Victoria Secret/Pink won't be re-opening at all at CF Champlain. I've seen similar chatter recently, so I wonder if that's true or not. https://www.facebook.com/groups/1690...49213338644694

Also, Signet Jewelers (parent company of Peoples Jewellers, Kay Jewelers, Zales, Jared, H. Samuel, Ernest Jones, Piercing Pagoda and jamesallen .com) will be permanently closing around 150 stores across North America and 80 in the UK with another 150 stores — possibly more — set to close by the end of the year. https://finance.yahoo.com/news/signe...120921799.html The manager of the Moncton location of Peoples has responded and said that the CF Champlain location is not closing. Only a handful of locations in Canada are closing. The majority of the closures are in the US. So it appears the NB locations are safe (at least for now).

And job listings for Torrid at CF Champlain are now gone from Torrid's website. (Same with Halifax Shopping Centre and Avalon Mall). Possibly they've decided to put a hold on new store openings for now? https://www.facebook.com/groups/1690...49092635323431

MonctonRad · #**6459** Posted **Jun 10, 2020, 3:43 AM**

If all of this comes to pass, CF Champlain could be left in a seriously weakened state, perhaps to the point that Cadillac Fairview might want to remove it from their portfolio. I wonder if the mall itself might come up for sale (in the worst case scenario).

DyAm00394 · #**6460** Posted **Jun 10, 2020, 12:03 PM**

I've noticed something interesting. In the recently updated floor plan for CF Champlain (June.3rd 2020), H&M is marked as "vacant". At the bottom of the floor plan it says "for discussion purposes only", so I wonder if there is some behind the scenes discussions going on about H&M's unit?

And on the floor plan all of the other units that are/will be vacant are already marked as "vacant". So this info does seem up to date/accurate. I'm wondering if H&M is closing? or will be downsizing (and the unit will be split up)? or could they be moving to a different unit?

I'm thinking they may be downsizing and splitting the unit up like a lot of chatter I've seen before has suggested.

https://cfretailcadata.s3.amazonaws....R-uA7i_mdHhmfo