Target Canada redevelopment in full swing
Where there was once Target Canada, Canadian shoppers will now find national tenants like Winners, SportChek, DSW, H&M and more. Following Targets exit from the Canadian market in 2015, RioCan Real Estate Investment Trust has been working to reinvent the centres Target once leased and find new tenants.
To date, RioCan has entered into agreements or in advanced discussions concerning 47 leases spanning 18 properties, the company said on Tuesday. Once completed, RioCan estimates that 122 percent of the revenue lost from the major retailer's exit will be replaced.
Target's departure has allowed RioCan to improve its shopping centres through various redevelopment projects and diversify the rental revenue in these properties with strong national tenants.
“These stores will generate greater foot traffic and provide better support for future rent growth.”
Among the changes, shoppers can expect to find an H&M, Urban Planet and SportChek where target once stood, by the end of 2017, at Charlottetown Mall in Prince Edward Island. At the Fergus Shopping Centre in Fergus, Ontario, shoppers can now find a Giant Tiger, while shoppers at Trinity Common Brampton in Ontario can soon shop at Winners and DSW.
When Target left Canada, it left behind 133 outlets among which, 75 store leases were handed back to various landlords.
RioCan is Canada's largest real estate investment trust. It owns and manages Canada's largest portfolio of shopping centres.
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