REAL ESTATE

Target to open 33 Canadian stores in November

BY Dan Berthiaume

Mississauga, Ont. – Target Canada has announced the opening dates for 33 additional Canadian store locations spanning across nine provinces, including its first stores in New Brunswick, Prince Edward Island and Newfoundland.

Thirty-one store locations are scheduled to open on Nov. 13, and the remaining two locations will open on Nov. 22, completing Target’s Canadian store openings for 2013.

Additional stores opening beyond 2013 will be announced at a later date. The majority of the 33 locations will feature a licensed Starbucks, as well as an in-store pharmacy. As previously announced, the majority of stores in Quebec will offer Brunet pharmacies, which are scheduled to open starting in summer 2014.

"The final store openings for this year mark a major milestone in Target’s history," said Tony Fisher, president, Target Canada. "The goal for our Canadian expansion was to open 124 stores across all ten provinces in 2013, and we are proud to say that with the help of more than 20,000 Canadian team members nationwide, we have accomplished this unprecedented undertaking."

Locations opening on Nov. 13 include:

British Columbia
Abbotsford – Abbotsford Power Centre
Burnaby – Metropolis at Metrotown
Chilliwack – Cottonwood Mall
Maple Ridge – Haney Place Mall
Richmond – Lansdowne Centre
Surrey – Surrey Place/Central City

Alberta
Calgary – Sunridge Mall

Manitoba
Winnipeg – Grant Park

Ontario
Bowmanville – Clarington Town Centre
Mississauga – Westdale Mall
Nepean – Meadowlands Shopping Centre
Pickering – Pickering Town Centre
Richmond Hill – Hillcrest Mall
Stratford – Stratford Mall
Sudbury – Sudbury Supermall
Waterloo – Conestoga Mall

Quebec
Lasalle – Carrefour Angrignon
Laval – Centre Laval
Longueuil – Place Longueuil
Montreal – Place Alexis Nihon
Pointe Claire – Terrarium Shopping Centre
Quebec City – Les Galeries De La Capitale
Saint-Jean-sur-Richelieu – Carrefour Richelieu
Rimouski – Carrefour Rimouski

Nova Scotia
Sydney – Sydney Shopping Centre

New Brunswick
Fredericton – Uptown Centre
Moncton – Northwest Centre
Saint John – Mcallister Place

Newfoundland
Corner Brook – Corner Brook
St. John’s – Cabot Square

PEI
Charlottetown – Charlottetown Mall
Stores opening on November 22 include:

Ontario
St. Catharines – Pen Centre

Quebec
Sherbrooke – Carrefour De L’Estrie

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REAL ESTATE

GrowLife to open Santa Rosa store

BY Michael Fickes

Woodland Hills, Calif. — GrowLife has announced the opening of its seventh store in Santa Rosa, Calif., on Oct. 25.

GrowLife Hydroponics operates in the legal cannabis industry with online and brick-and-mortar stores.

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REAL ESTATE

CBRE: Phoenix is rising

BY Michael Fickes

Phoenix — The metropolitan Phoenix retail market ended the third quarter with a retail vacancy rate at 10.5%, down nearly a full point from 11.3% a year ago, according to CBRE’s Phoenix Retail MarketView report for the third quarter.

The market recorded positive absorption of 385,625 sq. ft. for the quarter and so far this year has absorbed 1.1 million sq. ft.

In the last 24 months, 1.3 million sq. ft. of new retail space has come to market across metro Phoenix. That compares to an average of 5.5 million sq. ft. per year from 2000 to 2010, with the high point coming in 2007 when 11.6 million sq. ft. arriving. So the market is absorbing excess space.

In terms of tenant activity, Class-A spaces and premium locations are receiving considerable interest from retailers.

CBRE also speculates that the slow recovery combined with online shopping have altered the metro Phoenix retail landscape. Despite the positive absorption, a lot of retail space remains vacant, especially in non-premium big box locations.

According to the “Third Quarter 2013 Economic Outlook,” published by the Forecasting Project at the University of Arizona, the state will see gains in jobs, income, population and retail sales in 2013, with growth accelerating next year.

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