Winnipeg Retail

[laumag]

Originally Posted by CoryB

^^ Wal-Mart at McPhillips and Court was originally planned for McPhillips and Murrary as well. It will be interesting to see when that plot finally gets developed.

Back in the early 1970's, this parcel of land was for sale. Several friends bought into it. Fast forward to 2015 and according to one of my friends that owns a couple of acres, the agreement to sell must be unanimous amongst the group of owners and there are a few of them to be sure. I know the last offer and it was not agreed upon by all, so, until this happens, there will be nothing on this piece of land.

[steveosnyder]

Originally Posted by MrGrinch

Does anyone here happen to know more details on the rumoured location for the new Costco in the NW end of the city? Have heard a couple of locations.

One, close to Templeton and Pipeline but thought that was just approved as all residential per the "Precinct E" plan (http://www.winnipeg.ca/CLKDMIS/Docum...14/2014.97.pdf).

The other location I am hearing (most likely) is on east side of McPhillips between Swailes and Murray. Something must be afoot as I keep hearing these rumours. Any truth to them?

Check out this, which actually went to community committee well before Precinct E went.

<http://www.winnipeg.ca/CLKDMIS/ViewD...wc/2014/m13376>

Precinct F was approved almost a full year ago and they haven't started anything except scraping the top soil off the land.

[Simplicity]

Originally Posted by steveosnyder

Check out this, which actually went to community committee well before Precinct E went.

<http://www.winnipeg.ca/CLKDMIS/ViewD...wc/2014/m13376>

Precinct F was approved almost a full year ago and they haven't started anything except scraping the top soil off the land.

Yeah, unless the north is somehow immune to the same slowdown in the new housing market, I don't foresee either of these developments moving any time soon. I know Genstar is planning to have their subdivision applications to the city for Precinct E in early February (or that was the plan), but with inventories so high, I doubt we'll see much actual building.

If anybody's interested in December's CMHC housing report, I'll leave a link at the bottom. In what makes up most of the market in both of these new precincts (single-detached), complete and unabsorbed up 16% on the five-year average and under-construction is up 9.3% over last year. Nice to see starts in a huge slow down (December alone was down 35% over last year and we're at 9.7% less for the year), but the resale market is doing more harm to these new developments than anything else.

It'll be interesting to see how the increased resale inventories continue to beat up on new construction. In speaking with one of the top brokers in the city last week he told me the focus is now entirely on buyers for the agents. That's the first time in almost ten years.

Check out the report here...

[Phil's neighbour]

CBRE For Sale signs are up on Precinct F on McPhillips Street, site of the rumoured north end Costco. About 130 acres or so.
Looks like Simplicity was spot on with this analysis.

Originally Posted by Simplicity

Yeah, unless the north is somehow immune to the same slowdown in the new housing market, I don't foresee either of these developments moving any time soon. I know Genstar is planning to have their subdivision applications to the city for Precinct E in early February (or that was the plan), but with inventories so high, I doubt we'll see much actual building.

If anybody's interested in December's CMHC housing report, I'll leave a link at the bottom. In what makes up most of the market in both of these new precincts (single-detached), complete and unabsorbed up 16% on the five-year average and under-construction is up 9.3% over last year. Nice to see starts in a huge slow down (December alone was down 35% over last year and we're at 9.7% less for the year), but the resale market is doing more harm to these new developments than anything else.

It'll be interesting to see how the increased resale inventories continue to beat up on new construction. In speaking with one of the top brokers in the city last week he told me the focus is now entirely on buyers for the agents. That's the first time in almost ten years.

Check out the report here...

[Simplicity]

Originally Posted by Phil's neighbour

CBRE For Sale signs are up on Precinct F on McPhillips Street, site of the rumoured north end Costco. About 130 acres or so.
Looks like Simplicity was spot on with this analysis.

I know CBRE has a listing for just over 20 acres across the street between Murray and Balgona that's outside of the precinct plan. I'm surprised to hear about this, though. Does the sign indicate 130 acres within the precinct?

[bomberjet]

Focus on buyers? Meaning agents are only focusing on buyers as clients as opposed to working with people who are selling. Or agents are so low on people looking for homes, they're focusing on attracting these people to shore up their income? As in agents are going broke due to lack of home buyers.

[Simplicity]

Originally Posted by bomberjet

Focus on buyers? Meaning agents are only focusing on buyers as clients as opposed to working with people who are selling. Or agents are so low on people looking for homes, they're focusing on attracting these people to shore up their income? As in agents are going broke due to lack of home buyers.

Yeah, working with buyers as opposed to sellers. The axiom over the past ten, fifteen years was that - when you got to a reasonable level of success - you only wanted listings. Listings don't require driving people around 15 weekends in a row and writing ten offers to secure one property for the same 50% of the commission. They require investments of a different sort, but they're less time consuming leaving you more time for - securing more listings! And that worked while every listing was virtually assured of being sold.

Since listings that aren't the very top of the pile are now sitting for a couple months at a time, a buyer is now a more assured payday. You may still have to look at a few houses, but if your clients write and the conditions aren't too stringent, you'll have a deal. An active buyer is an active buyer. Sometimes an active seller is only one at the right price. And since keeping a listing up costs money, you don't need a listing sitting for three months with a vendor who won't drop the price to come in line with the market.

[horrorbro123]

Which New Stores Will Bring To Polo Park This Year

[SpongeG]

has anthropologie opened yet?

[CoryB]

Polo Park seems to be getting hit a little at both ends right now. It has historically been populated by the mid to lower end range of stories which seem to be heavily subject to chain closures right now increasing the vacancy rate. The other end is that most of the growth is occurring on the luxury end which views Winnipeg as a whole, and sometime Polo Park specifically, as being outside their target market. The year plus lead up to the Zeller's conversion and the number of effective vacancies there which could have been open for the 2014 holiday season should be a worrying sign of things to come.

[horrorbro123]

Well Looks Like Rockport Shoe Store Is Coming To Polo Park

[thebasketballgeek]

I'm just waiting for footlocker and their house of hoops. Ball is life

[horrorbro123]

Originally Posted by thebasketballgeek

I'm just waiting for footlocker and their house of hoops. Ball is life

Footlocker At Polo Park Will Move New Location In Late Spring

[CoryB]

From AccessWinnipeg Polo Park will see the following additions/changes: Culture Craze, Rockport, an expanded and relocated Footlocker included House of Hoops and Footlocker Kids, an expanded Aritzia, and expanded Champs.

[horrorbro123]

Which Stores Will Replace Target In Grant Park Polo Park Southdale And Kildonan Place

[CoryB]

No one knows what will replace Target in any location yet. Target has 133 leases in Canada which are part of the organization's assets. They will need to be handled with the bankruptcy process first. An interested, qualified party wanting to take over all the leases would normal move into the first position. Second position would go to a similar qualified party interested in a significant portion of the leases. If the bankruptcy dispersal does not find anyone interested in multiple locations the individual landlords would then start their own process of finding new tenants.

As we have not publicly heard of any formal interest from qualified party even for a sizable subset of leases it is increasingly looking like there will be no single company coming forward. This means it is likely falling back to the individual landlords. The nature of commercial real estate though those landlords themselves could be shopping multiple locations across the country as a package. As discussed before on this thread ever Target location in Manitoba will present their own challenges.

[horrorbro123]

Now Footlocker Is Moving New Location In Late Spring At Polo Park Soon to Be Old Footlocker Location Will Replace Could Be Expanding Steve Madden?

[CoryB]

Another day, another analyst doing their spin on Target Canada. This one made an interesting observation, of the retailers currently operating in Canada with similar sized stores only one does not have significant conflicts when looking at the whole of the 133 lease package, Lowe's. Further, Lowe's currently operates 40 locations in Canada. Taking over the 133 Target leases would put their store count around 173 while direct competitor Home Depot operates 180 locations in Canada.

Again, the lack of any serious public expressions of interest coming forward on the Target Canada leases to me suggests no one will be stepping up for any sizable piece of the leases.

Edit: More on Target - they are currently winding down operations under their own direction under the Companies' Creditor Arrangement Act (CCAA) including selling off their own leases. A group being lead by some of the landlords is pushing for them to be put in straight bankruptcy which would move disposition of leases to a third party. The bankruptcy push has support from suppliers that receive special rights on goods ordered within 30 days. Target is reported to has significantly increased orders in this time period which would be heavily skewed to post-Christmas orders. If an agreement isn't reached this is reported to be heading to court on Wednesday.

[horrorbro123]

Rumors Polo Park Will Bring Build a Bear Workshop?

[CoryB]

Before going to court tomorrow Target gave in to some of the landlord demands and reached an agreement. That Target would effectively give up the fight to control what happens with the store leases seems to be an acknowledgement there is no single, serious, qualified bidder coming forward, including the much fluffed up Goodlife Fitness announcement.