Winnipeg Retail

[Urban recluse]

What I find interesting is that the Macy's building in Minneapolis sold quickly for over $40 million, and in Winnipeg, the Bay building can't be given away. That is f*cked up.

Edit: apparently HBC now wants big cash for the downtown building.

[jmt18325]

Minneapolis, ill say again, is almost as big as Montreal.

[Biff]

Originally Posted by jmt18325

Minneapolis, ill say again, is almost as big as Montreal.

3,866,000.

Over 4.5 times bigger than Winnipeg.

[Urban recluse]

Right, so I can understand no one stepping up to pay millions for it, but there was no interest in taking if for $1.

The only way it will see redevelopment is if HBC closes it, and government money is involved, which I support based on the historical significance and beauty of the building.

[vjose32]

Ben Moss is reopening after Charm Diamond Centres bought the brand.

[CoryB]

The "take the Hudson Bay building for $1" offers though weren't open to just anyone. It seemed like you had to be able to offer a Canada Revenue Agency charitable donation, likely for the appraised building value, and then at minimum be able to afford the carrying costs like heat, minimal maintenance and property taxes. It also seemed like the $1 offer may have also included a redevelopment/reuse clause so you couldn't just take the building and sit on it.

I heard separate from U of W and the art gallery, Hydro, Government of Manitoba and MLLC have all considered the building at one point. Somewhat surprised Booth University College hasn't kicked the tires on it yet. That Red River College hasn't stepped in isn't surprising as they have their hands full with their Exchange projects and likely are going to be asked to "save" the Public Safety Building.

[esquire]

^ If Lloyd Axworthy of all people couldn't get it done in his U of W days back when the NDP was predisposed to projects like that, I don't think there is a snowball's chance that anything is going to happen under the current government.

Unless we get something truly unexpected like Ingram Micro or some other random company all of a sudden deciding that they like Winnipeg and want to convert The Bay into an office for 1,000 workers, I think The Bay's destination is plywood city at which point there will be a moment of reckoning as to just how badly we collectively want to save that building.

[Authentic_City]

Looks like new signs are being installed on the old Gooch's building on Portage. Couldn't see what they were when driving by this morning. If anyone happens by that way today, take note and report back!

[Urban recluse]

From what I hear, the store doesn't lose money, but it doesn't make money either. Based on the cost to maintain the building, really, how much longer will the status quo be acceptable to HBC? I think the gradual closing of floors, etc perhaps, was HBC's way of alluding to an eventual closing of the store, and attempted to garner interest or action.

[CoryB]

I wouldn't be surprised if you set the operational costs of the building aside and focuses on things like cost of stock and labour that the downtown Bay is at least break even. That said, in the bigger picture you can't ignore the building costs which is want ends up sinking the income from that location.

In terms of the retreat of floors, that partly matches the shift it Hudson Bay operations across the board. They don't sell furniture, appliances, beds, electronics, toys, music, movies, etc anymore so that space had to go somewhere. There was also a sizable amount of space set aside for dining options in store which are now closed too.

[Urban recluse]

Last I checked/saw they sell furniture and appliances.

[cllew]

Originally Posted by Urban recluse

Last I checked/saw they sell furniture and appliances.

Mattresses are at the back end of the 2nd floor by the auto service franchise

[CoryB]

Okay so maybe they still sell furniture/matresses but it is a far cry from what used to be on the top floor.

[Urban recluse]

Anyone surprised about Polo Park's ranking?

http://www.retailcouncil.org/sites/d...StudyFINAL.pdf

[esquire]

Originally Posted by Urban recluse

Anyone surprised about Polo Park's ranking?

http://www.retailcouncil.org/sites/d...StudyFINAL.pdf

I wouldn't say I'm surprised... these types of rankings have generally placed Polo Park as Winnipeg's only national-calibre mall that ranks among other heavy hitters. Sales/sq.ft. are almost double St. Vital and Kildonan Place.

[buzzg]

I'd say the most impressive thing from that report is the sales/sq ft... Look at the malls that are ahead of Winnipeg, most of them are in some of the richest areas in Canada, so I think it shows people here are willing to pony up... that's reflected by having stores like Coach, Michael Kors, etc. in there now too.

[Jeff]

Originally Posted by Urban recluse

Anyone surprised about Polo Park's ranking?

http://www.retailcouncil.org/sites/d...StudyFINAL.pdf

I love how portage place, which is an actual sizeable mall in this city, was left off the report! lol

[esquire]

^ Downtown malls are clearly off the national leasing radar. Cityplace renovated their mall space and even after that, all they can attract are small popup retailers:

http://www.winnipegfreepress.com/bus...410801795.html

It's not encouraging.

[Urban recluse]

It is true that the downtown retail of today must consist of unique offerings which make people want to shop downtown. The downtown could use some higher end retail of course. Flooding the area with residents will certainly help, but that will be a while.

[bomberjet]

Za Pizza is opening today in City Place, probably open by now. It's an express location. not sure what the difference is. But I don't think they'll have any fancy coal fired ovens.