Quote:
Originally Posted by wave46
Timmins Square is getting quite the kicking. First Zellers takes it on the chin at the one end of the mall, now Sears on the other.
It is interesting that it seems we've hit 'peak retail' in this country in the past few years. Futureshop, Zellers, Target and now Sears have left, despite the economy being quite good. I know each has their own story, but the giant holes these departures have left in certain malls will be hard to fill.
I could see malls subdividing these stores into smaller compartments - space on that scale just isn't needed.
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I think you're right but that we're only at the very beginning of the revolution in retail.
All of Canada (it's even worse in the U.S.) is seriously "over-stored" in terms of retail when you think about what's coming down the pike. Or is it pipe?
Anyway... I am not even sure that there will be enough demand in the new retail world for the multitude of smaller retail outfits that you'd need to fill all of these huge spaces that are going to become vacant.
Just looking at the Sears store in my city at Les Galeries de Hull, if you were to repurpose that space with 20 or so smaller shops... is there really a market for that here when you've already got a full range of retail in the adjacent mall, on nearby streets and in a power centre not too far away?
I would surmise that we will see a huge acceleration of the trend of malls reinventing themselves as multi-use destinations mixing shopping, dining, entertainment and attractions.
There hasn't been a ton of repurposing of unused mall space in Canada yet but I expect this will take off big time once the limits of the shop-dine-fun mix become apparent. (There is only so much they can do.)