Montreal-based real estate company MTRPL has acquired the 83,000 square foot Les Galeries Kirkland, a neighbourhood plaza on St Charles Blvd, north of Hwy 40 in Montreal’s West Island. MTRPL owns several mixed-use projects in the Montreal area including the 19,000 square foot plaza at 100-120 Rue du Barry, across St Charles Blvd. from Les Galeries Kirkland. (MTRPL – 514/447-8048)………
Arris Construction Group reports that construction is underway on the McDonald’s Restaurants at the Yorkdale Shopping Centre in Toronto. The restaurant is in the ‘Dine on 3’ food court. The opening date has yet to be announced. (McDonalds Restaurants – www.mcdonalds.com) & (Arris Construction Group – www.arrisgroup.ca)………..
Pickleball 365 Franchising, LLC has launched its franchise program, offering entrepreneurs a technology-driven indoor pickleball concept built around a streamlined, community-focused operating model. Based on its flagship location in Fair Haven in Michigan, the state’s first fully autonomous pickleball facility, the brand features automated access, app-based reservations, recurring membership revenue and low-labor operations. Designed for compact three- to five-court facilities, the 8000 to 14,000 square foot concept targets small- and mid-sized markets while generating revenue through memberships, court bookings, leagues, lessons, tournaments, retail and sponsorships. Franchisees receive support in site selection, design, training, marketing and operations. Presently the focus is on U.S. markets. (Pickleball 365 Franchising LLC – www.pickleball365franchise.net)…………
InterRent Real Estate Investment Trust has closed its previously announced plan of arrangement in which Carriage Hill Properties Acquisition Corp., a newly formed entity, acquired issued and outstanding units of the REIT. Following the completion of the Arrangement, the REIT’s property portfolio is now managed by CLV Group Inc. as property manager and CLV Asset Management Inc. as asset manager. With the completion of the Arrangement, the units of the REIT are to be delisted from the Toronto Stock Exchange. (CLV Group Inc. – 855/479-1916)………..
PesoRama Inc., a Canadian company operating discount stores in Mexico under the JOi Dollar Plus banner, will open three new locations in July, expanding its network to 43 stores. The new outlets include a 7,104 square foot store in Cholula in the metropolitan area of Puebla in east central Mexico, a 3,660 square foot location at Grand Outlet Cuernavaca in Cuernavaca in Morelos, and a 6,351 square foot store at Galerías San Juan del Río in Santiago de Queretaro in central Mexico. Founder, CEO and Chairman Rahim Bhaloo said the openings reflect the company’s expansion strategy, with a strong pipeline of additional high-traffic locations identified for future growth. (PesoRama Inc. – www.pesorama.ca)………..
Vancouver-based real estate investment company Lotus Capital Corp has acquired the Plaza 33, an 86,000 square foot grocery-anchored centre at 301-Hwy 33 West in Kelowna. The plaza is anchored by Save-On-Foods and includes Shoppers Drug Mart, TD Canada Trust, RBC, etc. (Lotus Capital Corp. – 604/568-9982)……….
Earlier in July, Calgary-based RYCO Properties Ltd. announced on social media its acquisition of Marlborough Mall, a long-established shopping destination in northeast Calgary, with plans to revitalize the property through capital improvements, an enhanced tenant mix, new retail opportunities, community programming, and an improved customer experience. President Ryan Sidorsky said the company aims to transform the mall into a safe, welcoming destination that reflects the area’s growth and potential. RYCO, founded in 1965, owns and manages more than one million square feet of commercial real estate across Calgary and southern Alberta. (RYCO Properties Ltd – 403/620-2099)…………
So many of those ‘too big to fail’ chains are closing locations lately, reporting shrinking profit margins, increases in operating costs and oversaturation. It’s not the first time and it certainly won’t be the last time we see companies exit territories and/or close locations that are too close together. And all too often, the real reason for many of these is the companies simply lost sight of their direction.
Far too many of today’s crop of retailers and especially restaurants, are no longer in the business of selling widgets or burgers, the main reason the doors were opened in the first place. Now they are in the business of selling franchises. And in many occasions, due to the energy and enthusiasm of a ‘new brand’, along with the corporate efforts to build market share or ‘dominate a market’, locations are opening too close together.
It’s a critical problem that can go unnoticed until the ‘newness’ of a new brand loses its effectiveness and an exciting, colourful new competitor selling bigger, cheaper or different shaped widgets enters the market. That’s when the suffering starts.
On the plus side, these closures allow chains to take control of costs and to reduce cannibalization and its does provide opportunities for today’s crop of entrepreneurs, a whole new generation of ‘idea-guys’ that want to open a restaurant, “Just like Tim Hortons – only different”. Hey, that’s the retail business………Enjoy it and have a great week.