Friday, October 20, 2017

Don't fall for Sears "Liquidation" scam

Several years ago when Zellers filed for bankruptcy and began its liquidation sales, the company jacked up prices before slapping 40-70% off tags on its items.  This scam was verified by Brentwood Zellers employees themselves that were made to mark up the price tags before placing "marked down" prices on products.  Consumers are now noticing the same with the Sears "Liquidation" sale.  For example, at the Brentwood location, there are shirts with multiple price tags on them with prices starting at $149 down to $50 on a rack that has  "20%" off sign on it.  A $149 shirt?  Really?  To top it off, the same shirt was tagged at $40 a week earlier.

DON'T BE FOOLED BY THE BIG LIQUIDATION SCAM.  Do your research before following the crowd like sheep and standing in long lines to throw away your hard-earned money into a well-crafted scam.

Tuesday, October 17, 2017

1st details of SE corner of Willingdon and Dawson

A basic rendering of Aouyan's proposed development at the southeast corner of Willingdon and Dawson has been published in Urban YVR.(excerpt below).  The site of this project is located Along Dawson Street to the north and along Alaska Street to the south between Willingdon and Alpha Ave.

Preliminary rendering of Aoyuan International’s proposal for Willingdon and Dawson in Burnaby. Credit: Aoyuan International

(from Urban YVR)
Aoyuan International is also proposing a major development of four towers at Willingdon Avenue and Dawson Street, south of The Amazing Brentwood in Burnaby.
Renderings just show the tower massing, but the project is said to contain 1,400 condominium units, 50 townhomes and a mix of commercial and retail. IBI Group — in cooperation with PWL Landscape Architects — are on the Brentwood project.

Thursday, October 12, 2017

Koby's Produce Town to be replaced by Viet Noodle Guy

Koby's Produce Town has permanently closed likely due to it's inability to compete with nearby Save-On-Foods and Whole Foods.  It also couldn't have helped them that they were very inconsistent stocking non-seasonal foodstuffs that should always be available.

Replacing Koby's is The Viet Noodle Guy opening in Spring 2018.


Sunday, October 8, 2017

UNIQLO makes Sears look amateur

I had an opportunity to check out the recently opened UNIQLO in Metrotown.  Not only was the 2 level space efficiently used with a variety of styles, colours and options, it was organized like any decent retailer should be.  Meanwhile, the over-sized and overpriced waste of space called Sears can't get out of the business soon enough with competition like UNIQLO entering the market. Shape Properties should be working day and night to get UNIQLO into Brentwood.



Thursday, October 5, 2017

Alaska Street industrial building sold

An industrial building at 4455 Alaska St has been sold for more than double its assessed value. The buyer likely purchased the site with the aim of rezoning it for a high density residential development.

The site of the building is situated 
immediately west of the Willingdon Ave overpass.

East of the overpass (below) along Alaska St are more 
industrial buildings and the  rising Milano tower on Alpha Ave.




Burnaby manufacturing site sold for double its assessed value

The industrial site has potential for high-density residential development and sold for $12.8 million

 for Western Investor
October 4, 2017

The property is a two-storey warehouse and office space with two leasable units, with 25,760-square-feet of gross leasable area. The industrial building is situated on a 33,195-square-foot lot currently zoned for manufacturing use. However, the lot has potential for high-density residential development upon rezoning. The property sold for more than double it’s assessed value of just over $6 million. 
The property is located at 4455 Alaska St., Burnaby. 

Breakdown: 


Price: $12,800,000 
No. of Units: 2
Lot Size: 33,195 SF
Property Type: Industrial 
Zoning: M-1
2016 B.C. Assessment Value: $6,005,800
City: Burnaby  
Province: B.C. 
Name of Brokerage: Lee & Associates

Tuesday, October 3, 2017

What will become of vacated Sears space?

With the recent announcement that Sears Brentwood will close down, Shape Properties is tasked with deciding what to do with the massive, 3-level retail space at the east end of Brentwood Mall.  Will the  vacated space be taken over by 3 mid-sized retailers or by 1 large retailer.  Will the old structure be torn down to give them more options on the usage of that space?  What kind(s) of retailer(s) will take up that massive space?



Being as large as it it, the lower level of the site would be ideal for a grocery store such as T&T Supermarket and the middle mall level would be a good fit for a larger chain restaurant like Denny's or Red Robin.  I personally prefer a 24 hour Denny's that would satisfy my late-night craving for a breakfast meal. The upper level might be trickier.  An office or school/educational space might be an option for such a location as it would be well serviced by the Millennium SkyTrain line.  Better yet, a large Uniqlo would be a good fit at that end of the mall.  Until that happens, the Metrotown Uniqlo location will have to suffice.

Monday, October 2, 2017

Sears Brentwood closing down

Sears Canada has announced that its Brentwood location will close down.  Whether this is a blow or a benefit to Shape Properties remains to be seen.



Retail Insider story below

September 30, 2017


Sears Canada has announced that it will close 11 of its stores across the country, as the company continues to fight for survival after filing for bankruptcy this summer. Several of the announced locations are in significant shopping centres, providing opportunities for redevelopment. Of the 11 announced locations, 10 are full-line Sears stores, and one is a Sears Home Store. Leases will be returned to their respective landlords. 

The company announced the store closures in a press release on the evening of Friday, September 29, also noting that the company has also entered into an agreement of purchase and sale relating to its Garden City Shopping Centre location in Winnipeg, and has entered into a lease transfer agreement relating to the small-parcel fulfillment centre in Calgary. As part of the store closures, an additional 1,200 people will lose their jobs. 
The 10 full-line Sears Canada stores announced for closure include the following: 
-Nanaimo North Town Centre, Nanaimo, BC
-Brentwood Town Centre, aka 'The Amazing Brentwood', Burnaby, BC
-Orchard Park Shopping Centre, Kelowna, BC
-CF Polo Park, Winnipeg, MB
-CF Lime Ridge, Hamilton, ON
-Oakville Place, Oakville  ON
-CF Fairview Mall, Toronto, ON
-Scarborough Town Centre, Toronto, ON
-CF Fairview Pointe-Claire, Montreal QC
-Avalon Mall, St. John's, NL
As well, a separate Sears Home Store will also close at Kelowna’s Orchard Park Mall. 
Landlords will need to identify opportunities to fill these locations, at a time when some are still struggling to tenant spaces vacated by Target in 2015 -- Target shuttered all 133 of its Canadian stores when it exited Canada after suffering considerable financial losses. Several of the malls announced above are actually very strong centres, according to Retail Council of Canada’s Shopping Centre Study (the 2017 report will be released in November). The following is a discussion of the malls where Sears is closing, including challenges and opportunities. 
Nanaimo North Town Centre, Nanaimo: The 600,000 square foot mall will lose its only major fashion anchor with this closure. Other anchors include Lowe’sLondon Drugs, and a freestanding Canadian Tire store. 

Brentwood Town Centre, Burnaby: Now being overhauled and rebranded as The Amazing Brentwood, it was unclear if Sears would have remained as a tenant here regardless — the centre is being positioned as being more upscale, in partnership with LCatterton group, the private equity firm associated with French luxury conglomerate LVHM. While luxury brands will be added to the expanded centre, landlord SHAPE says that there will be retailers at a variety of price-points. 
Orchard Park Mall, Kelowna: Kelowna’s leading mall will lose one of two fashion anchors — Hudson’s Bay will continue to operate in the centre. Sears operates a fashion store and a separate Sears Home store in the mall, which is also anchored by Sport Chek and Best Buy

Monday, September 18, 2017

Dawson and Madison rezoning initiated

The corner of Madison and Dawson will be the subject of a rezoning initiated by Imani Development.  4485 and 4495 Dawson will see a 37 story high-rise tower built atop a 3 story commercial podium.  If successful, this project will move forward to a public hearing next month on October 17.


REZONING REFERENCE #16-27 High Rise Apartment Tower with
 Commercial Podium Brentwood Town Centre Development Plan



Wednesday, August 30, 2017

Boffo to transform Springer and Lougheed

A multi-tower project including a public plaza is being proposed by Boffo Developments at 5258 Lougheed Hwy.  When completed, the project will complete the frontage along Lougheed Hwy from Springer Ave eastward to the Rev's Bowling site.


Four Tower Project Planned for Brentwood Site

Boffo Developments has submitted an application to rezone a 4.12 acre site at Lougheed and Springer in the Eastern part of the Brentwood Town Centre area of Burnaby. The site is currently comprised of five older industrial buildings located near the Holdom Skytrain Station. The current zoning is M-2.
The site has a designation of RM-5s designation in the Brentwood Town Centre Development Plan. Boffo is proposing a four-tower project to be established by a master plan over the entire site. Phase 1 would occur in the Northeast corner of the site, and future rezoning applications would be required for the subsequent three phases.
Details include:
  • Four residential towers from 25 to 40-storeys;
  • Above-ground parking screened by street fronting townhouses;
  • Extension of Lougheed Parkway concept along South side of Lougheed Hwy;
  • Public plaza at Lougheed and Springer Avenue.


Wednesday, August 23, 2017

Sugarfina Brentwood?

With Sugarfina looking for 10 new locations in Vancouver and Toronto including a location scheduled for Metrotown in November, it's conceivable that Shape Properties has been in touch with the company for a Brentwood location.


Sugarfina to open first Canadian freestanding store at Metrotown

The luxury candy retailer plans to open up to ten locations in the Canadian market

 Retail Insider
August 22, 2017

Luxury candy retailer Sugarfina has secured its first standalone store in Canada, taking the first steps in its multi-million dollar expansion plan. 
 
The Los Angeles-based company received $35 million in financing to fund expansion from private equity firm Great Hill Partners. Sugarfina will open at Metropolis at Metrotown in Burnaby on November 1, Retail Insider has learned. It is the first in a widespread expansion that will see freestanding stores in Canada and internationally in the Middle East, Europe and Asia. 
 
Sugarfina currently operates across Canada in all five of the country’s Nordstrom outlets.  
 
The Metrotown space is 1,098 square feet on the mall’s ground floor. Tony Flanz of Think Retail represented Sugarfina in its deal with Metropolis and Metrotown owner Ivanhoe Cambridge. 
 
The brand is seeking 600 to 1000-square-foot retail spaces in major regional malls. Sugarfina has confirmed that it is looking to operate as many as ten locations in Vancouver and Toronto. 
 
Think Retail will be overseeing its expansion. Think represents several regional retail chains located in major Canadian cities, including handbag and apparel brand Fossil and Scandinavian lingerie brand Change.  

Copyright © 2017 Western Investor

Wednesday, August 16, 2017

Linear Park traffic delays

As construction of Willingdon Linear Park along Willingdon Ave progresses, traffic delays have lately been more frequent between Brentlawn Drive and Hastings Street.



Monday, August 7, 2017

3-way stop coming to Goring and Holdom

According to the following City of Burnaby report, a 3-way stop has been approved for the currently uncontrolled intersection at Goring St and Holdom Ave.  Of further interest is the fact that the report has mentioned the future Dawson Street extension from Beta Ave to Douglas Rd within the next 5 years.

------
PUBLIC SAFETY COMMITTEE HIS WORSHIP, THE MAYOR AND COUNCILLORS SUBJECT: INTERSECTION OPERATIONS – GORING STREET AT HOLDOM AVENUE RECOMMENDATION: 1. THAT Council authorize the installation of all-way stop control at the intersection of Goring Street and Holdom Avenue, as detailed in this report. REPORT The Public Safety Committee, at its meeting held on 2017 July 11, received and adopted the attached report proposing upgrade of the traffic control at the intersection of Goring Street and Holdom Avenue.

RECOMMENDATION: 1. THAT the Committee recommend to Council the installation of all-way stop control at the intersection of Goring St at Holdom Ave as detailed in this report. REPORT BACKGROUND The City of Burnaby has received several requests to improve traffic operations and pedestrian safety at the 'T' -intersection of Goring Street and Holdom Avenue. The intersection is currently unsignalized wilh stop control for traffic arriving on Goring St while traffic on Holdom Ave has through priority. Motorists on the stop-controlled west leg experience extended delays at this intersection in the peak hours under the current configurations. Safety concerns have also been expressed by pedestrians due to the lack of crosswalks and suitable waiting areas. A traffic engineering review was completed based on the standard warrant analysis procedure from the Transportation Association of Canada (T AC) and the findings are summarized herein.

SITE LOCATION Figure I shows the location of the subject unsignalized 'T' -intersection of Goring St/Holdom Ave. The signalized intersection of Lougheed Hwy/Holdom Ave and the Holdom SkyTrain Station are located 160 metres to the north of this intersection. The surrounding area consists of high density residential developments, industrial land uses and mixed commercial and retail developments.




 EXISTING TRAFFIC CONDITIONS AND FUTURE CHANGES Traffic counts have been conducted for the purpose of this review. The analysis takes into account current operating conditions. The Holdom Station Area Plan envisions significant residential development activity in the next few years leading to a traffic volume increase. In addition, the easterly extension of Dawson St from Beta Ave to Douglas Rd anticipated in the next five years will impact Goring SI. This intersection will eventually require a higher form of traffic control such as a roundabout or a traffic signal due to developments and network expansions.

WARRANT ANALYSIS The City follows the Transportation Association of Canada (T AC) intersection traffic control warrant analysis procedure. This takes into account traffic and pedestrian volumes, roadway geometrics, crash history and nearby traffic control and network connecti vity. This procedure ensures consistency, addresses the safety of pedestrians and meets driver expectations. Applying the recent traffic count data and existing conditions, a warrant analysis was undertaken to assess the adequacy of the existing one-way stop control and determine any necessary upgrades. Based on the analysis, all-way stop control is recommended for this intersection. In conjunction with this traffic control upgrade, crosswalks and a corner right turn channelization island are also recommended. The southbound and eastbound approaches will be designed to include two separate lanes clearly delineated with adequate queue storage. Figure 2 shows the recommended changes.




CONCLUSIONS The existing traffic control at the Goring StiHoldom Ave intersection is inadequate under the existing peak hour traffic volumes. Staff has now completed a traffic engineering review and allway stop control is warranted under current conditions. This upgrade will improve the level of service and reduce delays experienced by motorists. The proposed design will also enhance the safety of pedestrians at the intersection. The recommended upgrades are estimated to cost approximately $60,000 and funding is available within the 2017 Capital Budget for Minor Traffic Management Projects (EMF.0063). Funding contributions from ICBC's Road Improvement Program will also be sought to help offset some of the City's cost for this proposed road safety improvement.

Sunday, August 6, 2017

Rumours of Saks Fifth Avenue

I've lately been hearing rumours of Saks Fifth Avenue anchoring Brentwood's future "Luxury Row." The HBC-owned department store would be quite an anchor if it does indeed land in Brentwood. Time will tell.

Saturday, August 5, 2017

Milano rising into skyline

The Milano tower at the south foot of Alpha Ave is beginning making its mark in the Brentwood skyline.



Wednesday, August 2, 2017

Luxury brands to be announced for Amazing Brentwood

Shape Properties has announced a its partnership with the L Catterton Group.  L Catterton is a private equity firm linked to luxury brand companies LVMH and Groupe Arnault.  Although Louis Vuitton and Christian Dior aren't my go to brands by any stretch, it's good to see some brand heavy hitters arrive in Brentwood.


SHAPE Announces L Catterton Partnership for Groundbreaking 'The Amazing Brentwood' Redevelopment

The Amazing Brentwood retail centre, just east of Vancouver, will see an overhaul that will reposition it as a premiere shopping centre with the help of a new, notable investor. Landlord SHAPE and co-owner Healthcare of Ontario Pension Plan have partnered with the L Catterton group, which is a private equity firm linked with French luxury conglomerate LVMH (Louis Vuitton Moët Hennessy) and Groupe Arnault. The new $2 billion The Amazing Brentwood will become the focal point of a community that will include over a million square feet of retail space, considerable office space, as well as multiple residential towers for thousands of new residents. The first phase is scheduled to open in the spring of 2019. 

The Amazing Brentwood is L Catterton’s second North American development project, following its investment in Miami’s luxury retail complex, Miami Design DistrictL Catterton is also involved in a number of luxury projects in Asia, including the recent unveiling of the magnificent Ginza SIX luxury retail complex in central Tokyo. L Catterton is noted as being the world’s largest consumer-focused private equity fund, with more than US $14 billion in capital. 

SHAPE has been working over the past several years on creating an innovative, upscale neighbourhood that would include substantial retail and residential components. L Catterton’s investment and direction will further assist in the goal of making The Amazing Brentwood live up to its name.

"L Catterton Real Estate’s partnership is a huge vote of confidence in the project and validation that The Amazing Brentwood will serve as a point of pride for Vancouver and a sought-after destination for visitors world-wide, said John Horton, President of SHAPE. 

The Amazing Brentwood will court locals as well as market to visitors — tourists are spending a fortune at luxury retailers in downtown Vancouver, and The Amazing Brentwood stands to gain some of that with the addition of new luxury brands. 
"This unique partnership encompasses the vision, passion, unparalleled knowledge and reach to create the next generation of retail experiences for our customers and retailers,” said Mathieu Le Bozec, Managing Partner of LCatterton Real Estate. 
The Amazing Brentwood is one of the largest mixed-use projects currently underway in North America. The 28 acre site will include an overhauled shopping centre that will feature over 1.1 million square feet of retail space with over 250 stores, a ‘culinary collection’, offices and a one-acre plaza. As well, more than 6,000 homes in 11 high-rise towers will add more than 10,500 new residents in about 4.5 million square feet.
In the first phase of development, the new centre will feature the first two residential towers, fashion anchor stores, new upscale restaurants and entertainment options, all in an indoor-outdoor configuration.
According to SHAPE’s Executive Vice President, Development, Darren Kwiatkowski, The Amazing Brentwood will feature a considerable amount of space devoted to restaurants, addressing the trend of malls becoming social and entertainment destinations. As a result, The Amazing Brentwood will feature a variety of food options, ranging from chains to chef-driven concepts which will feature options from a variety of ethnicities.
The entertainment focus will also include the addition of Cineplex VIP Cinemas, as well as The Rec Room entertainment centre, which will no doubt draw from the region. 
The Brentwood SkyTrain station will become an integral component of the centre, and Mr. Kwiatkowski explained that transit ridership is expected to grow substantially as the Lower Mainland continues to densify. The Amazing Brentwood is also easily accessible by car, located at the busy corner of Lougheed Highway and Willingdon Avenue. Its catchment will include Burnaby as well as Vancouver, Coquitlam, New Westminster, and even North Vancouver via the Second Narrows Bridge. 
The centre will incorporate both indoor retail space with outdoor retail offerings and according to Mr. Kwiatkowski, luxury brands are expected to be present in both. The centre will feature four distinct retail areas, including: 
-Brentwood Interior: the centre's indoor component will feature over 100 retailers in over 500,000 square feet of space as well as more than 25 restaurants in 36,000 square feet of space. Between one and three anchor retailers are expected to be housed in this part of The Amazing Brentwood.  
-Brentwood Boulevard: an outdoor retail street that will feature more than 20 retailers in 70,000 square feet of space, as well as restaurants with ample patio space. Its design is inspired by some of the world's most iconic high streets. 
-West Mews and Grand Lobby: featuring retail and restaurant space, offering one-of-a-kind brands, designer stores, and unique restaurants, and 
-The Plaza: a one-acre open-air social hub featuring fashion brands mixed with patios, pubs and casual dining. 
Mr. Kwiatkowski explained that the project will be “world class”, with a number of LVMH and Catterton-funded brands included in the centre’s mix. “The best of the best” will be included, including local, national and international retail concepts and brands. 
Tenants have yet to be announced for The Amazing Brentwood, and Mr. Kwiatkowski noted that tenants will range from the affordable to the luxurious. L Catterton's six other retail projects are decidedly luxury-heavy, with both the Miami Design District and Ginza SIX boasting a number of large flagship stores for some of the world's leading luxury brands. 
A number of LVMH brands operate stores in downtown Vancouver, including Louis VuittonChristian DiorSephora and Hublot. Brokers confirm that space is tight in downtown Vancouver, with some brands complaining that they are unable to find the 'right' real estate in the city's 'luxury zone' (centred around the 1000 Block of Alberni Street as well as adjacent Burrard and Thurlow Streets). LVMH has a number of important luxury brands under its corporate umbrella that currently do not have freestanding stores in Vancouver, including BulgariCélineFendiGivenchyLoro PianaMarc Jacobs and several others. L Catterton has investment interests in a number of companies as well, including upscale brands such as Baccarat crystal and John Hardyjewellery, fitness brands such as Equinox and Pure Barre, as well as several restaurant concepts. 
The Amazing Brentwood will compete with a number of important regional malls such as Park Royal in West Vancouver, Oakridge Centre on Vancouver's West Side, and Metropolis at Metrotown in Burnaby. While Park Royal and Oakridge Centre house a number of premium retailers, neither of them offer the extensive variety of luxury brands found at Toronto's Yorkdale Shopping Centre. It remains to be seen if The Amazing Brentwood could become the Lower Mainland's answer to Yorkdale, and it will be exciting to see how things progress between now and 2019. 

Tuesday, June 27, 2017

SE corner of Dawson and Willingdon sold to developer

The southeast corner of Willingdon and Dawson has been sold and will pave the way for another major development that will take it eastward to Alpha Ave and south as far as Alaska Street.

The current Dawson street front is the home to Pasta Amore restaurant and Brentwood Cleaners.  Brentwood Cleaners, originally located at Brentwood Mall until it was forced to move to make way for the the Amazing Brentwood development, will be forced to move again.


8 Acre Brentwood Site Sells in $152 Million Deal

Posted on 

An 8.13 acre land assembly at the corner of Willingdon Avenue and Dawson Avenue has sold to Aoyuan Property Group (Canada), a Hong Kong based developer, for $152,000,000.



The site comprises six parcels, currently improved with various older industrial buildings. The Brentwood Town Centre Plan designates the site a mixture of medium density mixed use and high density residential.

Thursday, June 22, 2017

Sears seeks protection

Sears has filed for bankruptcy protection.  In doing so, Sears has officially brought urgency to Shape Properties' problem of finding a use for the giant 3-level space at the east end of Brentwood Mall in the event that Sears decides to shut down its Brentwood location.  In good news, the Brentwood location is not among the listed stores slated for closure so far.


Sears Canada files for bankruptcy protection

by Charlie Smith on June 22nd, 2017 at 6:49 AM

One of Canada's major retailers is seeking shelter under the Companies' Creditors Arrangement Act to restructure its business.


Sears Canada has filed an application to the Ontario Court of Justice to deal with serious cash-flow problems.
In Metro Vancouver the company has department stores at Capilano Mall, Brentwood, Metropolis at Metrotown, Coquitlam Centre, and Willowbrook Shopping Centre.
Across the country, Sears Canada has 95 full-line department stores, 26 home stores, and 14 outlet stores, according to its 2016 annual report. It also has 69 Hometown stores and 62 Sears Travel offices.
The court filing comes less than two weeks after Sears Canada reported a $144-million quarterly loss.
The company put a bright shine on the announcement in a news release on its website.
"Sears Canada rebuilt its front and back-end technology platform, redefined its brand positioning, revamped its product assortment, and rebooted its customer experience and service standards," it stated. "The new product assortment is reflected in two pillars, The Cut @ Sears, which offers designer labels at everyday value prices, and the Sears Label, which offers premium quality and enduring styles, also at everyday value prices.  The customer experience was reinvented, both online, with a newly designed site built in-house by a new technology team, and in-store with a new format called Sears 2.0."
It also claimed that its customer service standards are "best-in-class", noting that it "launched a new store in downtown Toronto to showcase its reinvention to an entirely new audience".
"The Company's hard work to bring its vision to reality is reflected in reported growth in same store sales in its two most recently completed quarters," it added. "Sears Canada believes this indicates that the new brand positioning is starting to resonate with consumers."
Some companies that seek protection under the Companies' Creditors Arrangement Act emerge successfully, such as Air Canada. But for others, like Target Canada, filing for bankruptcy protection was one of the steps along the way to its demise.
Under the act, if the application is approved the court will appoint a monitor who is a trustee in bankruptcy. This ensures the company continues operating as it deals with creditors.

Thursday, June 15, 2017

Sears' days numbered?

Sears' days may be numbered as the company recently announced that it's future is in doubt.  It's retail model has certainly seemed outdated for at least the past decade.

5 years ago, I walked into the Brentwood location to look for an exercise bike.  After browsing through the multiple exercise bikes on display, I settled on the model and type that suited me.  When I got a hold of a staff member to let them know that I would like to purchase that particular exercise bike, he brought me to the register where I made the purchase.  The staff member asked me for my telephone number, handed me the receipt and told me that they will call me when the bike arrives within  2 weeks and that I can pick it up at their warehouse downstairs. This was done without previously informing me that they don't stock such items in the store.  I was stunned that a store with such a massive footprint just took more than $350 dollars of my hard-earned money only to tell me that I must come back 2 weeks later to pick up my purchase.  Stunned, I didn't complain.  I just walked past the, "60% Off" shirts that were now priced down to $50 dollars (can buy the same shirts at full price for $15-25 elsewhere) and exited the store.  Sears has gotten so comfortable with its retail model that it has lost touch with the reality of consumers living in an economy where wages have fallen far behind the cost of consumer goods, food and housing.  The minimum wage in BC is currently $10.85/hour.  The minimum wage in 1991 was $6.00/hour when you could buy a 700 square foot 1 bedroom condo for $60, 0000.  I digress.

Enough of my experience with a dinosaur of a retailer that has existed long past its extinction date.

Now that Sears is likely to leave a massive void at the east end of Brentwood Mall within the next 1 or 2 years,  Shape Properties is now tasked with the job of deciding the future of the 3-level big-box space.  The current plan for the southeast end of the site at Beta and Lougheed is to build a grocery store beneath a residential tower just across the parking lot from the lowest Sears level.  Perhaps the vacated Sears space is best suited for a grocery store in at least the lowest of the 3 vacated levels. The other 2 levels could be used for 2 or more smaller retailers.  Perhaps a fitness gym/martial arts facility could go into part of the space.


Future of Sears Canada in doubt


by Charlie Smith on June 13th, 2017 at 12:17 PM




Hundreds of employees at Metro Vancouver Sears Canada stores and thousands more across the country are on edge today following the latest bit of bad news.
The company has announced a 15 percent drop in sales in the first quarter, posting a net quarterly loss of $144.4 million.
On the upside, same-store sales rose by 2.9 percent in the first quarter.
Sears Canada has 95 full-line department stores, 26 home stores, and 14 outlet stores, according to its 2016 annual report. It also has 69 Hometown stores and 62 Sears Travel offices.
Its five Lower Mainland department stores are at Capilano Mall, Brentwood, Metropolis at Metrotown, Coquitlam Centre, and Willowbrook Shopping Centre.
It closed its Richmond Centre store more than two years ago.
Sears Canada has postponed its 2017 annual shareholders meeting, which was scheduled for Wednesday (June 14), as it tries to address its "liquidity situation".
"Based on management's current assessment, cash and forecasted cash flows from operations are not expected to be sufficient to meet obligations coming due over the next 12 months," Sears Canada stated in a news release.
It had expected to be able to borrow $175 million (before transaction fees), which would be secured by its owned and leased real estate.
However, negotiations with its lenders have resulted in only $109 million being available.
"That, and the lack of available alternative sources of liquidity (through real estate monetizations, asset sales or otherwise), which may not be available in a timely manner, mean there are material uncertainties as to the Company's ability to continue to satisfy its obligations and implement its business plan in the ordinary course," the company stated. "Accordingly, such conditions raise significant doubt as to the Company's ability to continue as a going concern."