Thanks.
I guess Cafe Crepe is now Inspired Cannabis?
Quote:
Originally Posted by theKB
What I am most, lets say surprised by is the notion that the Bay will return, especially when they can't even keep their other stores maintained let alone properly staffed and shelves stocked. The other one is safeway. I would make the assumption that they would have some sort of first right on the new mall, with that said, a whole foods would be a more appropriate offering given the nature of the mall, although it truly seems like Amazon will not expand that footprint and even though the Vancouver stores perform very well. Would not be shocked if that was another brand that pulled out of Canada given the limitations that prevent full integration that you see with amazon in the USA as well as the private label offerings given our protectionist laws on many food products.
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The Bay must have negotiated a sweetheart deal.
If I recall correctly, initially it refused to cooperate and the redevelopment had to occur around the existing store (because it had a nominal lease rate assigned down from Woodward's which was an original developer of the mall).
I would assume that incentives to cause The Bay to relocate would have included a big chunk for leasehold improvements together with a continuing nominal or less than market lease rate.
I would then assume that that package is worth it to The Bay (and would be an asset in a bankruptcy, sale or restructuring).
The adjacent 2 storey space that in previous plans was allocated to another anchor store is now small shops at grade and office space on level 2.
Safeway were also probably incentivized to exit their lease early.
Safeways have upped their game and would have a very loyal customer base in that neighbourhood.