NB "Big Mall" Status

[MonctonRad]

Originally Posted by Pugsley

Interesting that the two malls owned by Pimaris are doing better the CF.

By my math...

#1 Regent Mall = 1% Vacant (4,789/479,800)
#2 McAllister Place = 2.55% Vacant (10,299/403,400)
#3 CF Champlain -= 4.46% Vacant (24,904/558,300)

Depends on how you define "doing better."

Vacancy rates are consistently higher at CF Champlain, but, sales per square foot are better here than at Regent or McAllister.

As for the reason why vacancy is higher at Champlain, this is simply a reflection of the higher rents demanded by Cadillac Fairview. They consider themselves the premium mall owner and developer in the country, and feel justified in charging higher rates.

At present, the vacancy rate at Champlain is higher than I am comfortable with, and, there seems to be a bit of a pause coming in terms of attracting new tenants. Hopefully things will pick up.

[Taeolas]

Originally Posted by sailor734

Interesting. I didn't realize Regent was that big. It's probably been 20+ years since I've been there....I assume it's had a big expansion at some point as I recall it as being fairly small.

Regent hasn't had any real expansion since Walmart expanded. (I think that was the last major expansion). I can't remember the order, but I seem to remember 4 major expansions of Regent Mall:

* The Big Doubling, when basically the mall went from a straight line to it's more or less current "h" shape.
* Sears Addition: (May have been part of the above) when it grew out to add Sears.
* Theatres/TRU/Chapters addition: When those stores were added.
* Walmart expansion: Walmart did its big renovation, closed off the Basement Discount floor and I think expanded its footprint a bit towards the mounties.

The last of those were in the 90's, maybe early 2000's at most. Otherwise all of Regent's renovations have been within its frame (including the big facelift about 10ish years ago; an older internal reno when they took out the hallway stores in the front half; the big Sports Chek renovation from Smittys (and the Smittys one before that when Superstore moved out), and most recently the big Sears renovation that flipped that end of the mall over to Brick/Dollarama/Urban Planet, and so forth.

I'd say given the (lack of) space Regent has, Primaris is probably toying with some expansion plans, but the mall footprint doesn't really have much more room to grow. Its best option, as I've suggested before, would be to boot Cineplex out and flip that space over to retail. They probably couldn't close in the gap between Walmart and the Cineplex because they need that for deliveries/trucks; but they could probably do a small expansion that way.

[Freddypop]

Originally Posted by Taeolas

Regent hasn't had any real expansion since Walmart expanded. (I think that was the last major expansion). I can't remember the order, but I seem to remember 4 major expansions of Regent Mall:

* The Big Doubling, when basically the mall went from a straight line to it's more or less current "h" shape.
* Sears Addition: (May have been part of the above) when it grew out to add Sears.
* Theatres/TRU/Chapters addition: When those stores were added.
* Walmart expansion: Walmart did its big renovation, closed off the Basement Discount floor and I think expanded its footprint a bit towards the mounties.

The last of those were in the 90's, maybe early 2000's at most. Otherwise all of Regent's renovations have been within its frame (including the big facelift about 10ish years ago; an older internal reno when they took out the hallway stores in the front half; the big Sports Chek renovation from Smittys (and the Smittys one before that when Superstore moved out), and most recently the big Sears renovation that flipped that end of the mall over to Brick/Dollarama/Urban Planet, and so forth.

I'd say given the (lack of) space Regent has, Primaris is probably toying with some expansion plans, but the mall footprint doesn't really have much more room to grow. Its best option, as I've suggested before, would be to boot Cineplex out and flip that space over to retail. They probably couldn't close in the gap between Walmart and the Cineplex because they need that for deliveries/trucks; but they could probably do a small expansion that way.

Last expansion was pre-COVID with The Brick/Dollarama/Urban Planet additions

[Taeolas]

Originally Posted by Freddypop

Last expansion was pre-COVID with The Brick/Dollarama/Urban Planet additions

Those weren't "Expansions" they were renovations. They chopped up the Sears space, but didn't actually expand the footprint in any meaningful amount.

[Bishop2047]

Originally Posted by Taeolas

Those weren't "Expansions" they were renovations. They chopped up the Sears space, but didn't actually expand the footprint in any meaningful amount.

It actually may have cut the gross leasable space, as there is now a significant portion of the former Sears that is a hallway now.

[Freddypop]

Originally Posted by Taeolas

Those weren't "Expansions" they were renovations. They chopped up the Sears space, but didn't actually expand the footprint in any meaningful amount.

Correct you are

[DyAm00394]

CRU Productivity/Sales Per Square Foot numbers updated for April 2024.

- CF Champlain: $787 (was $784 in March). [+$3]

- Regent Mall: $697 (was $701 in March). [-4$]

- McAllister Place: $518 (was $519 in March). [-1$]