[Moncton] Retail Thread

[MonctonRad]

Things are going dark very quickly.

No mall website. No social media. No list of stores. No mall map.

Even Google is reporting the mall as being "permanently closed." This is obviously not the case, but, the mall has been removed from the CF website.

Current sources in the mall are suddenly disconnected from mall management. This means nobody knows what's going on, and rumours are drying up really fast.

This will make it very difficult to report on any Champlain Place news or rumours for at least the foreseeable future.

I have heard a rumour that they are removing the CF signs from the mall today. This is all happening very, very fast.

[DyAm00394]

Originally Posted by MonctonRad

Things are going dark very quickly.

No mall website. No social media. No list of stores. No mall map.

Even Google is reporting the mall as being "permanently closed." This is obviously not the case, but, the mall has been removed from the CF website.

Current sources in the mall are suddenly disconnected from mall management. This means nobody knows what's going on, and rumours are drying up really fast.

This will make it very difficult to report on any Champlain Place news or rumours for at least the foreseeable future.

I have heard a rumour that they are removing the CF signs from the mall today. This is all happening very, very fast.

There is a new Facebook page: https://www.facebook.com/share/k1u5BJ7QarbsnvWJ/?mibextid=JRoKGi

Nothing posted on it yet, but was created on October 21st.

[drewber]

Originally Posted by DyAm00394

There is a new Facebook page: https://www.facebook.com/share/k1u5BJ7QarbsnvWJ/?mibextid=JRoKGi

Nothing posted on it yet, but was created on October 21st.

Signs are already down it's just Champlain now. Gift cards from CF are valid for 2 years from today's date.

[DyAm00394]

Originally Posted by drewber

Signs are already down it's just Champlain now. Gift cards from CF are valid for 2 years from today's date.

It will be called Champlain Place according to their new FB page. Going back to it's name before CF bought it. I imagine new signage is being made and will be up soon, just removing "CF" from it for now.

[TitleRequired]

Originally Posted by Taeolas

I wonder what it means for SJ and Freddy? Their malls are owned by Primaris. I wonder if WestCliff might be kicking the tires to get the trifecta reassembled again, or if they only wanted Moncton.

The comment from the newsrelease on 800$/sqft is telling; and is indicative of a conversation I had years ago and just verified using primaris' financial results.

"With impressive sales nearing $800 per square foot and an outstanding roster of renowned tenants, this property embodies the quality and dynamism we seek to bring into our portfolio."

SJ and Freddy have sales around 350-400$/sqft; while Champlain is suggested to have double -- a comment someone in the industry told me that Moncton has double the sales per sq ft.

Sj and Freddy are simply not the same class as Champlain Place when it comes down to it. They simply operate in different spheres. Would it make sense to buy them? I don't know.

[MonctonRad]

The principal source who I was privileged to receive information from confirms that they no longer have any management sources that they are privy to. Everything is now dark.

The source did say that any negotiations that were ongoing are now dead. It is up in the air whether or not the interested parties will carry on negotiating with Westcliff.

Since I am no longer protecting a source, I feel free to let you all know that the major retailer sniffing around CF Champlain and preparing to begin negotiations was Uniqlo, which would have been huge for the mall. I think they were looking at CF Champlain to open concurrently with a location in Halifax.

Will this still happen???

[DyAm00394]

Originally Posted by TitleRequired

The comment from the newsrelease on 800$/sqft is telling; and is indicative of a conversation I had years ago and just verified using primaris' financial results.





SJ and Freddy have sales around 350-400$/sqft; while Champlain is suggested to have double -- a comment someone in the industry told me that Moncton has double the sales per sq ft.

Sj and Freddy are simply not the same class as Champlain Place when it comes down to it. They simply operate in different spheres. Would it make sense to buy them? I don't know.

Incorrect numbers. Regent Mall's sales per square foot is around $724, McAllister Place is around $547 according to the Primaris website. Last update shown was in July 2024. Primaris is selling McAllister Place for $75 million right now, focusing more on Regent and their newly acquired Halifax Shopping Center I'm guessing.

[drewber]

Originally Posted by MonctonRad

The principal source who I was privileged to receive information from confirms that they no longer have any management sources that they are privy to. Everything is now dark.

The source did say that any negotiations that were ongoing are now dead. It is up in the air whether or not the interested parties will carry on negotiating with Westcliff.

Since I am no longer protecting a source, I feel free to let you all know that the major retailer sniffing around CF Champlain and preparing to begin negotiations was Uniqlo, which would have been huge for the mall. I think they were looking at CF Champlain to open concurrently with a location in Halifax.

Will this still happen???

10 of their 28 locations are in CF malls and none are in Westcliff properties. I assume once a sale closes negotiations have to be restarted with the new owner. I'm guessing they may just look at Halifax for the time being

[TitleRequired]

Originally Posted by DyAm00394

Incorrect numbers. Regent Mall's sales per square foot is around $724, McAllister Place is around $547 according to the Primaris website. Last update shown was in July 2024. Primaris is selling McAllister Place for $75 million right now, focusing more on Regent and their newly acquired Halifax Shopping Center.

I took them from there also.

https://s29.q4cdn.com/368328936/files/do...is-REIT-Investor-Presentation-Q22024.pdf

Q2 # are lower, but the trend is the same. Moncton is on another spiritual plane.

[MonctonRad]

Originally Posted by drewber

10 of their 28 locations are in CF malls and none are in Westcliff properties. I assume once a sale closes negotiations have to be restarted with the new owner. I'm guessing they may just look at Halifax for the time being

This would be my concern as well. Uniqlo will open in Halifax, but forego Moncton because Champlain Place is no longer a CF property.

FWIW, the other two stores either in, or close to negotiations with CF regarding Champlain Place were Danier Leather and l'Occitaine en Provence.

I could see Danier still being interested. They had a long history in Moncton. I'm not so sure about l'Occitaine.

We'll see..........

[Pugsley]

Not sure what to think of this acquisition and what it will mean for the mall. I looked at the Westcliff site and the malls they currently manage are all ones that I would call "lower end" or "less popular" in their respective markets. Having lived in Montreal, and knowing Ottawa/Gatineau well, none of the malls in their current portfolio were really "destinations" at any point. Hopefully this doesn't result in Champlain falling behind other malls.

Fingers crossed.

[TitleRequired]

Originally Posted by Pugsley

Not sure what to think of this acquisition and what it will mean for the mall. I looked at the Westcliff site and the malls they currently manage are all ones that I would call "lower end" or "less popular" in their respective markets. Having lived in Montreal, and knowing Ottawa/Gatineau well, none of the malls in their current portfolio were really "destinations" at any point. Hopefully this doesn't result in Champlain falling behind other malls.

Fingers crossed.

I'm sure the management at the new company are going: "Lets buy the destination mall in town and nuke it and burn all the money we just used to buy it."

??

Or are they going: "Let's buy the destination mall and find ways to make it better, so it keeps on providing cashflow."

It's change. Assuming the new buyers are in it for the long term and will act accordingly is hard to visualize. But should be attempted.

[OUIR@random]

I've been saying it for a while, Champlain is not up to snuff to CF standards, not surprising. The new owners are Westcliff not a prominent landlord as far as major shopping mall goes, most of them are smaller regional malls in Quebec. I'm not sure how capable they will be to attract well sought-out high profile tenants.

[jonny golden]

Back to Champlain Place, how has the TD Centre been working for it since Covid? Is it still the boon they were expecting it to be, or is it busting out?

Covid had an impact on the TD corporate office in Champlain Place as it did with many workplaces (downtown Moncton). With many employees working from home and a lot of unused space in the offices, TD added another line of business in the center, TD insurance.

Many of their employees now work a hybrid shift which is actually an advantage for the company. They are now actively hiring for several positions in the center. These are good paying jobs and no doubt having employees back in the center does help the mall to some extent.

[josh_cat_eyes]

The one positive takeaway that I have is that Westcliff has some residential properties. I have to wonder if they have their eyes on the giant amount of surface parking as a location for more residential for them. Also before anyone says “It’S bUiLt On ReClAiMeD LaNd” just know that over half of the city of Boston was also built on reclaimed tidal flats. It would be an engineering challenge, but I believe that any building that anybody could want to build around Champlain Place, CAN be built. This is 2024, not 1971.

[jonny golden]

I have to wonder if they have their eyes on the giant amount of surface parking as a location for more residential for them.

From their website: For over 50 years, our company has actively developed prestigious properties in Canada and the United States. Beyond our role as developers, we also build and manage commercial, industrial, and residential property projects.

It would be great if they were to become an active developer in the Moncton area. They would know from their research that demand for residential is very strong - to put it mildly.

There's also property developer Leyad from Montreal that acquired the Wheeler Park Power Center last year. They too are heavily into the residential sector, and their owner stated at the time of the purchase:

Quote: “While there are currently no plans for residential projects on the site, we’re not closing any doors and remain receptive to diverse opportunities.”

[new kid in town]

Originally Posted by MonctonRad

Uniqlo

Goddamn I would have shopped the hell out of that store

[MonctonRad]

Originally Posted by new kid in town

Goddamn I would have shopped the hell out of that store

The question is "would Uniqlo remain interested in Champlain Place now that we have an owner listing the Baie Comeau Shopping Centre in their portfolio, rather than an owner whose portfolio includes the Eaton Centre in Toronto."

I guess it depends on just how interested in Moncton they are..........

We have to remember though that Leyad (also a Montreal development company) has done a spiffy job with the Wheeler Park Power Centre since their acquisition last year. Perhaps Westcliff will be the same. Maybe they were just looking for an opportunity to own a proper suoer-regional mall in order to enhance their portfolio, and will take special care in managing this property in order to prove they can move to the next level.

One can only hope........

[Monctoncore]

Originally Posted by MonctonRad

The question is "would Uniqlo remain interested in Champlain Place now that we have an owner listing the Baie Comeau Shopping Centre in their portfolio, rather than an owner whose portfolio includes the Eaton Centre in Toronto."

I guess it depends on just how interested in Moncton they are..........

We have to remember though that Leyad (also a Montreal development company) has done a spiffy job with the Wheeler Park Power Centre since their acquisition last year. Perhaps Westcliff will be the same. Maybe they were just looking for an opportunity to own a proper suoer-regional mall in order to enhance their portfolio, and will take special care in managing this property in order to prove they can move to the next level.

One can only hope........

I think a bigger question these retailers should ask themselves.. is what’s more important, CF or the money they can make in this market. Champlain mall has a lot of foot traffic and I’m sure the retailers in it are making some money, or places like American Eagle, wouldn’t be expanding. I think this company is trying to expand themselves into something more and bigger. It’s just a matter of seeing how they intend to manage the mall.


Here is a good example.. not a big mall, or big names mall, but it’s on their list.. it has a Hudson Bay, Simon’s. And even a Costco as the anchors.. that’s some big names right there.

http://https://lespromenades.com/en/informations/sitemap/#/

[MonctonRad]

CF Champlain sold to Montreal-based company
Author of the article:Sarah Seeley
Published Oct 31, 2024 • Last updated 15 hours ago • 2 minute read
https://tj.news/moncton-miramichi/cf-champlain-sold-to-montreal-based-company (paywall)

The T&T article is mostly just a regurgitation of the press release, but, the newspaper did get a further comment from Westcliff by e-mail:

Lysa-Marie Rochon, spokesperson for Westcliff, said in an email on Thursday from now o,n the shopping centre will again be known as Champlain Place.

In the short term, there are no planned changes to the property.

“This vibrant center, deeply rooted in the local community, is already a beloved destination for residents,” she said. “We aim to listen, observe, and appreciate what makes this place unique before considering any future developments, ensuring we preserve and enrich the experience people have come to love.”