We are traveling on an extended trip over the next three weeks. During this period, Developers & Chains will not be published on Wednesdays, only on Mondays. The next issues will be published on August 21st, August 28th and on Labour Day, September 4th………….
For its second quarter that ended in late June 2023, SIR Royalty Income Fund reported that with the addition of two new restaurants to the Royalty Pool at the start of 2023, overall growth in ‘pooled revenue’ increased 4.6 percent to $71.1-million(Cdn) and same-restaurant-sales were up 2.8 percent compared to Q2 last year. Also during the second quarter, SIR completed renovations to two Jack Astor’s locations in Etobicoke and in Kingston. SIR has commitments to lease three properties in Whitby and Barrie and the Don Mills neighbourhood in Toronto upon which it plans to build three new Scaddabush restaurants. The timing hasn’t been disclosed. SIR Corp’s portfolio includes 53 restaurants consisting of 37 Jack Astor’s Bar & Grill and ten Scaddabush Italian Kitchen & Bar. SIR also operates one-of-a-kind ‘Signature’ brands including Reds Wine Tavern, Reds Square One, Reds Kitchen + Wine Bar Fallsview and The Loose Moose. SIR also owns one Duke’s Refresher & Bar location in downtown Toronto, and one seasonal Signature restaurant, Abbey’s Bakehouse, which are currently not in consideration to be part of the Royalty Pool. (SIR Corp.- www.sircorp.com)………
New York-based multinational luxury fashion holding company, Tapestry Inc. and Capri Holdings Ltd., the British Virgin Island-based multinational holding company formerly Michael Kors Holdings Ltd., have entered into a definitive agreement under which Tapestry will acquire Capri Holdings for approximately $8.5-billion(US). The Boards of Directors of each of Tapestry and Capri Holdings have unanimously approved the transaction which is expected to close in 2024. The transaction will unite the iconic Versace, Jimmy Choo and Michael Kors brands with the Tapestry-owned Coach, Kate Spade New York and Stuart Weitzman brands. The transaction establishes a powerful house of iconic luxury and fashion brands and builds Tapestry’s portfolio in the $200-plus billion global luxury market for handbags, accessories, footwear, and apparel, where the company has expertise, while providing deeper access to luxury consumers and market segments. It will also extend global reach and geographic diversification given the Tapestry and Capri Holdings highly complementary respective positions in Asia and Europe. And it broadens Tapestry’s product offering through an increased penetration of lifestyle categories, notably footwear and ready-to-wear, where Capri Holdings brings extensive expertise with further opportunity for growth. Tapestry, Inc. is scheduled to report fiscal fourth quarter and full year 2023 results on Thursday, August 17th. (Tapestry Inc. – www.tapestry.com) & (Capri Holdings Ltd. – www.capriholdings.com)………………
London, Ontario-based Westdell Development Corp. has acquired the White Oaks Mall in South London from real estate investment firm BentallGreenOak for an undisclosed sum. Presently 95 percent occupied, the 697,060 square foot mall on 46 acres at Wellington Rd and Bradley Ave. is anchored by a Walmart Supercentre and Hudson’s Bay along with major national tenants such as Sport Check, H&M, Shoppers Drug Mart, Sephora, RBC, CIBC, Dollarama, etc. Westdell Development stated that plans call for future expansion and growth but details were not released. (Westdell Development Corp. – 519/850-0000)………
Late in the week, Real Canadian Superstore announced a new pilot that is teaming up with Canadian Appliance Source adding the store-in-store CAS major appliance section has been included in the Real Canadian Superstore at 5016 51 Ave A in Red Deer in Alberta. The Alberta location is a part of a broader pilot program, initially launched in Ontario earlier this year and British Columbia earlier this month. The kiosks will be staffed by CAS appliance experts and offer the same service, terms and conditions as standalone CAS stores. (Canadian Appliance Source– www.canadianappliancesource.ca) & (Real Canadian Superstore – www.realcanadiansuperstore.ca)………….
I was somewhat surprised with the response I received from my admission in the last issue that, yes, in the end, I did pick up that Tim Hortons cup that was traveling pass me in the mall. Unfortunately, it appears that many assumed it was a joke and are still waiting for the punchline. And others were quick to point out that “This was someone else’s job.” Well, the joke is on you and it’s not funny.
My surprise or shock, however, was more from who these comment came from. Every one of the remarks came from people whose livelihood comes, one way or the other, from shopping centres and retailing…………..just another case of ‘biting the hand that feed you’.
Thankfully one of the one old-school managers understood. He wrote, “There were a few of us that would do that, especially in our own mall. I even shoveled snow a few times. Mall managers used to be seen talking to store staff and yes, even customers. It was also important to be part of the community beyond the mall walls. Things have changed over the years. Among other things I even remember petting zoos in malls. Did they help sales? Maybe they just put you or your kids in a better mood. Shopping wasn’t always fun.”
You might want to think about protecting what you have, especially at a time when companies are downsizing……………………..Have a great week and don’t forget, the next issue will be next Monday, August 21st………..