[Moncton] Retail Thread

[jonny golden]

before considering any future developments

What would they mean by "future developments"? It sounds like they could have plans for something down the road. It'd be hard to imagine that they'd consider any kind of expansion to the mall, so what are they referring to? Or is this just generic talk with nothing particular in mind.

[MonctonRad]

Originally Posted by jonny golden

What would they mean by "future developments"? It sounds like they could have plans for something down the road. It'd be hard to imagine that they'd consider any kind of expansion to the mall, so what are they referring to? Or is this just generic talk with nothing particular in mind.

This is indeed the million dollar question.

[jonny golden]

Like josh cat eyes said in his post, Westcliff would be very aware of the vast amount of wasted land taken up by the underused parking lot around the mall. It seems unlikely, but they do build residential properties - wouldn't it be something if finally we'd see something done with the asphalt ocean.

[felip_ars]

The only Westcliff owned mall I can speak about is Carrefour du Nord in Saint-Jerome (population similar to the City of Moncton).

They got very unlucky in a short amount of time with the closing of both Target and Sears.

But they managed to get back up by turning those two big empty space into smaller stores.

For the Target, it turned into a Winners, Ardene, Urban Planet, and an Escape Room place.

For Sears it became a Sports Experts, a Marks, and a school for adults.

So yes while its true, they're not as big or "high end" as CF, they do managed to pull it off when needed, especially considering that theres Carrefour Laval about 30 minutes from there.

[MonctonRad]

Originally Posted by felip_ars

So yes while its true, they're not as big or "high end" as CF, they do managed to pull it off when needed, especially considering that theres Carrefour Laval about 30 minutes from there.

No matter how hard they tried, CF couldn't quite make Champlain Place into a full fashion mall. It is better than most regional malls in Atlantic Canada, but not quite up to CF standards.

Westcliff will likely set a lower bar, but, I hope they don't entirely abandon the high end segment. I would very much like to see Uniqlo here (although I am not their target demographic). I wonder if they will reopen negotiations with them???

[DyAm00394]

New CTV article:
https://atlantic.ctvnews.ca/dieppe-s-champlain-mall-sold-out-of-province-1.7095796

"I think they’re going to be the right people for the next life of the Champlain Mall, Champlain Place as they call it, and given that they’re out of Montreal, they really have a good understanding of our market culture that we have in our current market, so that’s good for our economy,” said Louis Godbout, the Executive Director for Expansion Dieppe.

Godbout says the previous owners, Cadillac Fairview who were based out of Toronto, are moving towards industrial and multi-residential investments post COVID-19.

In an email to CTV News Westcliff Vice-President and Head of Leasing, Nicolas D’aoust said they are committed to the long-term success of the mall.

“We will continue to elevate the shopping experience and make improvements to the merchandising mix, to meet and exceed our customers’ experience,” said D’aoust.

Westcliff would not disclose the sale value of the property.

“Westcliff aims to expand its presence across Canada. We will consider other opportunities in this market if they align our strategic goal,” he added.

[MonctonRad]

Pizzeria Bros at the Granite Centre apparently opens November 5th.

[mmmatt]

Thoughts on CF vs Westcliff

- Unfortunate to see CF depart as they are a prestige retail landlord.

- That said CF was in a perpetual losing battle with Champlain trying to make it a mini Eaton Center which is impossible in our region.

- Westcliff brings a fresh energy to the scene, they have retail experience they are not a "private equity firm" who are just looking to maximize profit and don't know retail nuance.

- Westcliff are closer to home, and I get the sense (like Leyad) they will take more care and love for this property compared to a larger more distant landlord.

Thoughts for future

- I hope Westcliff respects what CF has built up over time, Champlain is the premier retail center for NB and has a long history of first to market tenants.

- CF was very focused on fashion, and they had a tendency to leave vacancies for a long time while they negotiated, I hope Westcliff will bring a more balanced approach in terms of type of tenants and also not holding out for years on a vacancy "just in case".

- That said...I hope Westcliff will not stoop too low, we don't need lame local tenants like "Joe's Antiques and Collectibles" nor do we need "Tom's Vape Shop" just to fill a space. They need to maintain a standard of quality.

- Being a more "high end" mall has brought some good changes like no carts outside of anchor stores, this should remain.

- That said it would be nice to bring back some "fun" to the mall, I feel CF was very sterile in general even with their holiday displays and Santa photo booth, these need to be brought back to life. Maybe a tasteful kids play area as well?

- That said I hope they don't stray too far from the high end style, we do NOT need "stuffy riders" nor do we need garish low brow decor.

- Overall my thought is that CF was a bit too high end for our market and my main hope is that Westcliff brings more balance, we should land somewhere between Eaton Center and Bathurst Mall, hopefully more on the higher end of that scale, but it will take a strong team and a clear direction to make it happen, I remain optimistic!

[MonctonRad]

Originally Posted by mmmatt

[B]
- Overall my thought is that CF was a bit too high end for our market and my main hope is that Westcliff brings more balance, we should land somewhere between Eaton Center and Bathurst Mall, hopefully more on the higher end of that scale, but it will take a strong team and a clear direction to make it happen, I remain optimistic!

I agree with this. CF could not turn Champlain Place fully into a high end fashion mall like Eaton Centre, but, was able to attract certain high end retailers to the city who might not have otherwise come, just because these retailers had a history of dealing with CF in order to locate their businesses in a prestige property.

By not being a CF mall any more, Champlain Place loses some of this cachet, and may have trouble landing more higher quality tenants.

But, as you say, sometimes higher end malls can feel "sterile" and, I have certainly heard complaints in the past that Champlain Place was just a "woman's mall", good for soaps, cosmetics and expensive dresses, and not much else. The new ownership may bring the opportunity to broaden the mall's appeal (hopefully without losing the higher end tenants).

The ball is in Westcliff's court. This could turn out very well, but, it all depends on execution..........

[DyAm00394]

New Champlain Place mall website is now online: https://www.champlainplace.com/en/

[MonctonRad]

CBC article about the Champlain Place sale:

Champlain Place, N.B.'s largest mall, sold to Montreal-based property company
General manager says it will be business as usual for the next while
Mia Urquhart · CBC News · Posted: Nov 04, 2024 6:00 AM AST | Last Updated: 3 hours ago
https://www.cbc.ca/news/canada/new-brunswick/champlain-place-mall-sold-1.7371217

Not much really new in the article.

CF remains completely closed lip about the sale, which is a little frustrating.

[TitleRequired]

Originally Posted by MonctonRad

CF remains completely closed lip about the sale, which is a little frustrating.

Well their owner, the Ontario teachers pension plan, may be directing this communication strategy. A publicly traded company would have to demonstrate how this is consistent with their strategy. But the pension plan is private. :/

[MonctonRad]

The Dieppe Cineplex is getting a complete makeover both inside and out. Internally, all the common areas are being redone, although I think only Auditorium 2 is getting a refurbishment (for the new IMAX).

Apparently there will be a delay of about two weeks for everything to be finished. The first feature to be shown in the refurbished IMAX theatre will actually be a non-IMAX film - Mlle Bottine (en francais), which will premiere on November 29th.

There are IMAX movies coming out during the holiday season in December.

Hopefully Cineplex will also do a refurbishment on their other cinema complex in Wheeler Park..........

[MonctonRad]

Pizzeria Bros at the Granite Centre is now apparently open.

[MonctonRad]

First N.B. IMAX Theatre to open in Dieppe
Moncton, NB, Canada / 91.9 The Bend
Tara Clow
Nov 7, 2024 | 12:42 PM
https://www.919thebend.ca/2024/11/07/96949/

IMAX Company President Mark Welton says the province’s first IMAX theatre will open its doors in Dieppe.

“We now have over 1800 IMAX theatres worldwide in 90 countries, but this will be the first location in the province of New Brunswick.”

Welton adds it is the most immersive film experience in the world. The screen spans from floor to ceiling and wall to wall.

“We move the screen forward, we take out some rows. We bring in our patented, proprietary audio system, five-channel audio system and projection technology, along with our screen technology.

Renovations began at the Cineplex theatre in Dieppe on September 23, and the system was installed two weeks ago. The IMAX theatre will officially open to the public on November 8.

“This will probably be about 250 seats. We redesigned the angle of the stadium seating just to help ensure the visual and acoustic sweet spots. The screen will be the biggest in the complex. It’ll be approximately 51 feet wide and 31 and a half feet high,” Welton adds.

This is not my information. I spoke to the manager on duty at the Dieppe Cineplex just the other night, and he said things were delayed a couple of weeks. Just looking at the renovations ongoing indicated to me they were nowhere near ready to open.

[drewber]

Noodlebox Moncton is now open at 1633 Mountain Road

[MonctonRad]

Originally Posted by MonctonRad

This is not my information. I spoke to the manager on duty at the Dieppe Cineplex just the other night, and he said things were delayed a couple of weeks. Just looking at the renovations ongoing indicated to me they were nowhere near ready to open.

Further to the above:

Dieppe home to N.B.'s first IMAX theatre
Author of the article: Payge Woodard
Published Nov 07, 2024 • Last updated 15 hours ago • 2 minute read
https://tj.news/moncton-miramichi/dieppe-home-to-n-b-s-first-imax-theatre (paywall)

Mark Welton (President of IMAX, originally from Minto NB) only said the theatre would open later this month.

“Now we play Hollywood blockbusters. We are going to be opening the IMAX theatre in Dieppe with Gladiator II,” he said.

Other IMAX movies in the upcoming months include Wicked, starring Ariana Grande; Mission Impossible 8; Avatar: Fire and Ash, and films from Marvel and DC.

The Dieppe theatre is the second in the Maritimes. There has been an IMAX theatre in Halifax for several years and the company is open to expanding.

“I think there are some other cities in New Brunswick, (including) Saint John. I’d love to go to Fredericton if it had the right design,” he said.

Reading the last quote, I get the impression that, as a home boy, he would love to see an IMAX in Freddy, but, for structural reasons in the current Freddy theatre, the next NB IMAX will likely be in SJ.

[Freddypop]

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.

According to Primaris...Regent Mall is $719/sq ft. Not sure who your source is?

https://data.maglr.com/3466/issues/42386/524204/downloads/regent-mall-fact-sheet.pdf

[MonctonRad]

Just received confirmation that the Walmart at Champlain Place will be completely refurbished beginning in early 2025. The whole store will be entirely gutted and rebuilt on the inside to current Walmart specifications and standards.

It will be quite an upgrade!

[Taeolas]

Sounds like it'll be similar to what Regent Mall in Freddy just went through, if not a more thorough face lift.

I think the Stand alone Walmart in Moncton is already close to the current standards, but might get a nip and tuck in the future when CP Walmart is done.

Freddy North and the 2 SJ Walmarts are probably on the radar to get fully upgraded to modern SuperCenter standards within the next few years too.