New residential development can mean new life to retail in an always changing business world.
A couple of years ago, Richmond Square sat tenantless, an inside mall in an increasingly outside world. It has now been completely redeveloped as an outside mall and is fully leased.
The mall, on the northeast corner of Sarcee Trail and Richmond Road S.W., includes Visions and The Bay’s new Home Outfitters kitchen, bed and bath chain.
It’s a good mall to be in, says Jim Gamble, manager of the Canadian Tire store. “Our sales never suffered, even with no tenants,” he says, “But it’s nice to see a full parking lot.”
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| Business Edge photo |
| Richmond Square, situated on the northeast corner of Sarcee Trail and Richmond Rd. S.W., has been given a modern look. |
When the Visions chain moved in, Gamble thought his stereo sales might suffer, but instead they rose.
The Bay’s first Alberta location of Home Outfitters can also be found at the square. Opened in May, it’s part of a dramatic growth in recent years in the housewares retail niche.
Most department stores don’t have the space to fully showcase home furnishings, so the retail giant decided to test out big-box locations. The Bay tested the Home Outfitters concept in southern Ontario and had plans to open 19 stores across Canada this year, in Ontario, Manitoba, Alberta and Quebec.
Donna MacArthur, whose View West Developments manages Richmond Square for owners who bought the complex in July, says the revival was the work of previous owner Rencor Developments Inc.
Ron Renaud, president of Rencor, says the mall had become “functionally obsolete” when he bought it two years ago. It was an old-style enclosed mall with small, shallow bays.
“Those tenants don’t exist any more, or they aren’t prepared for large common area costs,” he says.
The change to an external, big-box style was a complete redevelopment, not just a renovation. The signage, parking lot and lighting were all improved as well, he adds. Leasing it out then took about nine months.
A Calgary real estate company is selling a historic Beltline office building as it moves to change its portfolio.
TGS Properties Ltd. has agreed to sell the Demcor Building, Macleod Trail and 10th Avenue S.E., for $3.46 million. The sale is part of TGS’s move towards having all its properties over 100,000 sq. ft., says Sheryl Fox, vice-president of investor relations.
TGS has owned the building for about two years and redeveloped it during that time.
CEO Blair Richardson said in a statement that all proceeds of building sales will go to new opportunities that meet TGS’s criteria.
TGS specializes in office buildings, community malls and industrial warehouse and storage facilities. It also owns the Three Sisters Resorts development in Canmore.
It trades on the Toronto Stock Exchange under the symbol TGP.
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