SITUATION
The Landlord was notified that Walmart would not be renewing their lease and would seek to find a free standing site to build their prototype location. The property looked tired and attracting new tenants was becoming a challenge. Due to a lack of specialty retailers, there was a loss of sales to other markets. The mall owned 84 acres of land locked property with little to no access across the street from the shopping centre.
SOLUTION
- Negotiate and find a solution to developing the lands across the street in order to relocate Walmart
- Create a redevelopment strategy for Walmart space in the mall
- Take advantage of Walmart’s departure to remerchandise the shopping centre as well as proceed with a renovation
OUTCOME
Resolved the access issue to the 84 acre land and developed a Big Box Centre comprising of Walmart, Home Depot, Canadian Tire and ancilliary tenants. The former Walmart was remerchandised with a Winners, SportChek, Future Shop and a series of fashion tenants.
