Quote:
Originally Posted by Spr0ckets
It's worth noting (and has been discussed here before) that a large part of the reason that Brentwood mall currently looks so bleak is because most of the existing smaller tenants are running down their existing leases and not re-upping, either in anticipation of the mall renovation (to integrate it with the new plaza/podium when complete), or because a lot of their business has been undercut by the ongoing construction which has killed a lot of the foot traffic to the mall.
Some of them probably will come back, I imagine, although considering it will be quite a while before the first phase of the project (Towers#1-4 + the podium plaza) is complete allowing them to integrate it with the mall, it's probably more likely that more of them will seek tenancy elsewhere in the meantime and it will be a while before it's thriving and has full (or close to it) occupancy once again.
Furthermore, most of the people who use the mall or used to use it before, are probably aware of this and now do their shopping elsewhere - and I can't imagine that Shape didn't expect this.
Once the towers are complete and begin to get residents, (with the remaining phases of Solo across the street, not being far behind), I imagine the necessary foot traffic to sustain mall retail and shopping, will be back to healthy enough levels for them to get tenants back.
I don't think anyone involved in this project was under any illusions as to what was going to happen to the mall once construction began and given how long it's expected to take.
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I agree with Spr0ckets. And I've a rather long reply so I apologize in advance if it's too much. Lol.
Some long time ago, there doesn't seem to be that many people in the mall. Also, before that there used to be a McD's and an IHOP. They closed when Shape begun redevelopment. I guess even if they wanted to stay, they can't or decided they'll just come back once all are ready again.
But in the past year, I'm seeing more people in the mall (whether or not they're buying stuff), and wouldn't necessarily say it's dead given that the property is actually being redeveloped. Maybe it was dead before and that's why there came redevelopment, among other reasons. I'll just say, it's about time. Lol. There's even a new Bubble Tea place that's about to open, replacing the muffin stall at the food court.
I think the commercial/retail redevelopment aspect of it should remind us a bit of the design of Park Royale and Shape's other property in Abbotsford (the High Street), not the old idea of the indoor suburban mall surrounded by huge land used only for parking (and a pain/inconvenience to transit users). 'Cause the latter was really not the best when there's actually also a Skytrain station next to it that could've just connected straight to the mall and get more foot traffic in the process.
Brentwood's more in keeping with trends in dense and still growing cities overseas. If many foreigners bought (who probably come from more cosmopolitan and global big cities overseas, and have most likely traveled a lot elsewhere as well), it's 'cause they have all these conveniences back home and can foresee what's a good plan/design, and therefore, a good buy for the lifestlyle they have.
As for 'anchor' tenants ---
With all that said, I wouldn't mind a better version of T&T in it. I was at an H Mart in the US just recently that would put T&Ts to shame. Lol! Too bad we don't have much space here that may help T&T if they're so inclined to improve themselves. I'd love it if Target comes back. Right. Lol. Even a Walmart. Ha.
Others on my wishlist but probably won't lease in Brentwood due to competition with other developments in hotter areas elsewhere in Metro Van -- Muji, Uniqlo, Daiso, The Container Store, etc.
Anyhow things for sure will evolve especially once all those other towers in the immediate vicinity are built, especially Concord Brentwood (a lot of units there.. but it'll be years yet..). We have the groceries on one side (Whole Foods, Save On, Shoppers Drug), and then (hopefully) more of the other relevant stores, services, and restos on the other side in the long run.
Let's hope Amazing Brentwood's retail/commercial redevelopment won't end up becoming a dud. "Anchor" tenants are key. If I live in any one of the towers surrounding it but I can't run errands there, or can't find the relevant service/shops, then of course, I'd skip their ''mall" and just go elsewhere to get them.
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