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Sears Canada Could Gain $245 Million for Closing Up to
Three Stores in Toronto-area Malls
The retailer will receive $191 million for leaving its
locations at Yorkdale Shopping Center in Toronto, and
Square One Shopping Center in Ontario by March of next
year. If the landlords decide to leave another location,
Scarborough Town Centre, in the next five years, the
retailer could get an additional $54 million. The retail
chain has been refocusing its business even during
competitive pressure, and says employees will be offered
continued employment within the Toronto area. President
and CEO of Sears Canada said of the move, “In this case,
we were presented with an opportunity that gives us a
significant financial benefit without changing our plans
to improve the business and make Sears more relevant to
Canadians.” (Source
montrealgazette.com)
Hudson's Bay Transforms Ordinary Department Store to
Shopper's Hangout
The Canadian retailer claims the only way business will
continue to thrive is to stop being seen as JUST a
department store. Chief Executive, Richard Baker,
commented that the retailer is focused on being a place
for shoppers and where people can come and hang out,
grabbing lunch at one of their flagship stores,
wandering around the stores, then stopping for a coffee
break. The retail store also realizes the influence
online and mobile technology and is working on
developing that presence for the consumer. The arrival
of U.S based Nordstrom in Fall 2014 also has the
retailer excited for the extra business they hope to
receive from the neighboring store. HBC currently has 90
Hudson's Bay department stores and 69 Home Outfitters
housewares stores across the country. It also owns 48
United States Lord & Taylor stores.
(Source
winnipegfreepress.com)
Loblaw, Canada's largest supermarket chain, tests new
discount store as grocery rivalry heats up
They're testing a new discount store in Calgary as it
braces for intensified competition from low-cost U.S.
titans and incumbent Canadian rivals. Loblaw recently
rolled out a 10,000-square-foot outlet in Calgary called
the Box by No Frills, which is a smaller version of its
discount outlet that it started in Ontario and has
expanded to western provinces. Loblaw’s exploration of
new store formats, especially in cities where it is
under-represented, comes as U.S. discounter Target Corp.
opens its first stores in Canada with some groceries,
while archrival Wal-Mart Canada Corp. is rapidly
expanding its grocery aisles as it adds more outlets
over all. (Source
theglobaeandmail.com)
Retail Council of Canada - Retail Fast Facts: May 2013
Total monthly retail sales changed by -1.2 per cent over
the comparable month last year.
Total sales excluding food, automotive and gasoline
changed by -1.1 per cent over the comparable month last
year.
(Source
retailcouncil.org) |
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