RETAIL PROPERTY MARITIMES MAYFLOWER MALL, SYDNEY

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

  1. Negotiate and find a solution to developing the lands across the street in order to relocate Walmart
  2. Create a redevelopment strategy for Walmart space in the mall
  3. 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.