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Hudson’s Bay Company Announces Division to Redevelop Real Estate Assets

By
Craig Patterson
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Hudson's Bay, Queen Street, Toronto - Photo by Hudson's Bay
Hudson's Bay, Queen Street, Toronto, 2017 - Photo by Hudson's Bay

The Hudson’s Bay Company has announced the launch of a real estate arm to capitalize on assets at a challenging time for the company. The division, called HBC Properties and Investments, will look to convert some of Hudson’s Bay’s real estate into mixed-use developments.

The Hudson’s Bay Company owns or controls (either entirely or with joint venture partners) about 40 million square feet of gross leasable area across North America, including retail banners Hudson’s Bay in Canada, Saks Fifth Avenue and Saks OFF 5TH. As part of the HBC Properties and Investments initiative, the company is utilizing the 40-year-old large-scale US-based property development company Streetworks Development, which HBC acquired last year, to create “transformative multi-use environments” that marks a milestone in the Hudson’s Bay Company’s shift to a holding company structure with distinct portfolio businesses that operate “at the intersection of retail and real estate”.

HUDSON’S BAY

“This is an exciting phase of our company’s transformation and provides us with a significant opportunity to unleash the full potential of our real estate and investments business, said Richard Baker, CEO and Executive Chairman of the Hudson’s Bay Company. “Under this new organization, we will build upon our strong foundation of valuable real estate assets in key demographic areas.”

“We will also continue our strong track record of maximizing our portfolio and generating value from these assets, as we did through the sales of the Lord + Taylor flagship building (on 5th Avenue in New York City) and our interest in European real estate assets,” said Baker. “With the team’s deep expertise and forward-thinking approach to capitalizing on the intersection of retail and real estate, HBC Properties and Investments is well-equipped to further elevate and increase the value of our portfolio.”

Ian Putnam has been appointed as President and CEO of HBC Properties and Investments — he previously served as President, Real Estate and Chief Corporate Development Officer of HBC. Putnam will lead the real estate portfolio and investments including Streetworks Developments.

Real estate veteran Kenneth Narva, Chairman and Chief Development Officer at HBC, will direct the Streetworks Development team in the planning and execution of projects that modernize properties to “unlock value-enhancing opportunities across the company’s real estate assets”. The new division will focus on creating multi-use spaces that feature a range of services and experiences across the workplace, retail, residential and entertainment categories.

Mr. Putnam said, “With HBC’s valuable portfolio of real estate and investments, including marquee flagship properties in prime metropolitan markets, coupled with Streetworks Development expertise, HBC Properties and Investments is well positioned to succeed in today’s landscape. As consumers continue to change the way they live, shop, and work, we are committed to capitalizing on these shifts while maximizing the productivity of our properties, including the physical locations of HBC’s retail operating companies”.

RENDERING OF A RENOVATED HUDSON’S BAY STORE IN MONTREAL, SANS TOWER. PHOTO: HUDON’S BAY

“At the end of the day, this is a strategic play to split real estate assets from retail operations. Is the intent to launch a REIT or sell off real state that’s more valuable than the retail operations?” said George Minakakis, CEO of Inception Retail Group. “There is no way to be certain in this climate. However when the virus gets under control you want to be in a position to dispose of underperforming assets or develop real estate for additional uses that would create more value. I believe it’s about ensuring you are prepared to exit. But as a holding company the only reason you make these releases is because you have a bigger plan,” he went on to say.

“The viability of Department Stores as a ‘species’ of retail has been in question for many years, first with the advent of enclosed malls, more recently with the vast array of brands selling directly to shoppers,” said David Ian Gray, Principal and retail strategist at Vancouver-based DIG360.  “The DIG360 2017 study of Department Stores in Canada highlighted the rocky footing of The Bay in the wake of the demise of Sears Canada. This was in the face of the tremendous success of Winners and the growth of Nordstrom, La Maison Simons and the threat of Nordstrom Rack. HBC failed dramatically with Saks in Canada and has not overcome the gap in shopper experience between a few flagships and the  suburban stores. More importantly, the ongoing erosion of easy to find, well-trained service staff means a reduced advantage over those selling similar fashions online.” 

He went on to say, “For a number of years the mantra from the financial sector has been ‘HBC is a real estate play’. Is this move another signal that Mr. Baker is throwing in the towel on retailing?  If so, this chain still represents a substantial dollar value and volume of apparel across the country in a ‘normal’ year. Large reductions in its footprint would mean a lost option for the older demographic that was continuing to patronize The Bay, even if less frequently. Of course, this would have a disruptive impact on vendors.”

Already, development applications are being made to transform some of the Hudson’s Bay Company’s storefronts in Canada. A recent proposal to the City of Montreal to modify the historic 655,000-square-foot downtown Hudson’s Bay flagship store could result in the building of a massive office tower along with a reduction in the footprint of the retail space within in the building. What would result is a real estate asset that would feature substantially more office space than retail space.

The proposal seeks permission to demolish the unattractive circa 1964 back-end of the Bay building facing onto Blv. Maisonneuve (intended at one time to become a 200,000-square-foot Saks Fifth Avenue) and replace it with a 400-foot-tall office tower with 25 floors. The total office space, including levels five to eight of the retail store as well as the new tower, would span 678,000 square feet. The retail space in the building would be downsized to five levels (basement up to level four) spanning about 295,000 square feet.

1890S RENDERING OF COLONIAL HOUSE, THE FIRST NAME OF THE MORGAN’S DEPARTMENT STORE ON STE-CATHERINE ST. W. IN MONTREAL IMAGE VIA HBC ARCHIVES

The Sainte-Catherine Street side of the Bay building, referred to as ‘Colonial House’, is proposed to be restored as well as to see the addition of a public terrace overlooking Philips Square. The new grey glass and aluminum-clad office tower would feature a staggered design at floors nine, 14, and 20. A green roof is proposed as well.

The Montreal Bay store was built between 1891 and 1964, with the oldest part of the store facing onto Ste-Catherine Street. It was built as an upscale Henry Morgan department store which catered to the carriage trade (Macleans in 1953 referred to it as “most courtly department-store keepers in Canada”). Morgan’s expanded into Ontario before going into decline and being acquired by the Hudson’s Bay Company in 1960. In 1972 the Ste-Catherine Street Morgan’s store was converted to the current Hudson’s Bay store.

A French language report in La Press noted that the Montreal Hudson’s Bay building had been for sale through brokerage CBRE, as was the Vancouver Hudson’s Bay flagship store recently. The Hudson’s Bay Company still owns some of its stores, though in years past some assets have been sold including the flagship Queen Street Hudson’s Bay building and adjacent office tower in Toronto which Cadillac Fairview bought in 2014 for $650 million. The Hudson’s Bay Company exited European operations in markets including the Netherlands and Germany last year and also shut down its Canadian Home Outfitters division, among other recent moves.

Hudson’s Bay stores are currently unprofitable according to Mr. Putnam. Store shutdowns in March of this year created a major financial issue for the company which began canceling and downsizing orders from some vendors while extending payment terms. Now that stores have reopened, consumers are still hesitant to return to Hudson’s Bay stores or to shop at all for that matter. Some have complained that Hudson’s Bay had not done enough to ‘COVID-proof’ stores which feature credit card point-of-sale devices requiring manual password entry, for example.

The fall in sales during pandemic shutdowns were massive at some locations according to recent court filings by Cominar REIT which is suing the Hudson’s Bay Company for outstanding rents with threats of eviction. Cominar said that HBC hasn’t paid rent since April at Rockland Centre in Montreal (monthly rent $86,200), Mail Champlain in Brossard (rent $110,200/month), and at Centre Laval in Laval (rent $20,500/month). Notices of default were sent in June and notices of termination followed last month. In total, damages and unpaid rents claimed amount to $3.68 million for Rockland Centre, $26.95 million for Mail Champlain, and $2.21 million for Centre Laval. All three Bay stores in those malls are currently open.

HUDSON’S BAY STORE IN MAIL CHAMPLAIN. PHOTO: MAIL CHAMPLAIN

Oxford Properties is suing HBC for more than $2.29 million in unpaid rents at two shopping centres including Galeries de la Capitale in Quebec City (monthly rent of $220,000) and Promenades Gatineau near Ottawa ($145,900/month rent). Litigation documents noted that HBC had not paid rents for eight of the 11 Oxford-owned malls in Canada containing Hudson’s Bay stores.

The Hudson’s Bay Company claimed that the Oxford-owned malls are no longer “first class” and are not doing enough to attract shoppers. As a result, HBC says it is withholding rents. It wasn’t revealed which of the three Hudson’s Bay stores’ rent was paid, though one might guess that Toronto’s Yorkdale location and Square One were likely included given past sales numbers and the overall importance of those stores.

In April, at the worst of the pandemic, the number of transactions at the Promenades Gatineau Bay store near Ottawa fell by 99.1% (from 16,090 to just 149) compared to the same month of the previous year. Sales were down a whopping 99.5% (from $1.07 million to $ 7,926). Five months later, in September, transactions were still 35% lower than a year earlier (9,962 versus 15,337 12 months earlier). Sales were down nearly 29% (from $1.07 million to $759,000) over the same period.

The return to previous sales numbers were even slower at the Galeries de la Capitale near Quebec City, with sales in September being 39% lower than a year ago (from $1.73 million to $1 million). As for the number of transactions, it was down 43% from 22,425 to 12,684 over the same period.

In Quebec as well, Dorval Property Corporation, a Toronto real estate company that owns the Les Jardins Dorval shopping centre in Montreal, is suing HBC for unpaid rents amounting to almost $ 660,000.

Larco, owner of Park Royal in West Vancouver, is suing HBC for outstanding rents estimated to be about $365,000 and growing. Hudson’s Bay’s monthly rent is about $61,000 at Park Royal.

Hudson’s Bay is said to be in material default for its remaining shuttered real estate once occupied by home furnishings retailer Home Outfitters.

In the United States, 24 Lord & Taylor and 10 Saks Fifth Avenue locations are the target of a US $846.2 million foreclosure lawsuit by Wilmington Trust. Hudson’s Bay held the Lord & Taylor locations despite selling the retailer to Le Tote last year. The complaint alleges the borrowers missed the April 1 payment on a $846.2 million loan and have failed to make payments since. The April payment was the first one due after the COVID-19 outbreak caused widespread shutdowns.

Saks Fifth Avenue stores targeted for foreclosure under the loan include the following locations:

  • Tysons Galleria near Washington DC in McLean, Virginia,
  • Phipps Plaza in Atlanta,
  • Fashion Show Mall in Las Vegas,
  • Dadeland Mall in Miami,
  • Walt Whitman Shops in Huntington Station, New York,
  • Chicago Place (700 N. Michigan Avenue) in Chicago,
  • Beverly Hills, California (9600 Wilshire Blv.),
  • Somerset Collection near Detroit in Troy, Michigan,
  • North Star Mall in San Antonio, Texas, and
  • Beachwood Place near Cleveland in Beachwood, Ohio.

Employees from HBC’s offices in Brampton Ontario are being moved to offices on Lawrence Avenue in Toronto. The company notes that it’s part of a “new way of working” as the world shifts amid the COVID-19 pandemic.

The Hudson’s Bay Company is the oldest continuously operating corporation in North America. It once owned much of Canada’s land mass and is now a retailer with 89 stores across Canada as well as an e-commerce site. Recently Hudson’s Bay announced that it would shutter stores in downtown Edmonton and in downtown Winnipeg, marking the end of a history where the Hudson’s Bay Company founded those communities and anchored retailing for decades.

Holiday Spending in Canada Expected to be Down 30%: Study

By
Mario Toneguzzi
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BLURRY IMAGE OF SHOPPING MALL AND CUSTOMERS DURING HOLIDAY SEASON

A new report suggests Canadians will pull back on their holiday spending this year as the devastating impact of the COVID-19 pandemic continues to hit the struggling retail industry.

According to PwC Canada’s Holiday Outlook report, Canadians expect to spend an average of $1,104 this year which is down nearly 31 percent from last year’s $1,593.

HOLIDAY SPENDING IS FORECASTED TO BE DOWN 31% FROM LAST YEAR DUE TO COVID-19

The survey reached out to 1,000 consumers in Calgary, Montreal, Toronto, and Vancouver.

“Many Canadian consumers and retailers aren’t sure what to expect as we approach the 2020 holiday season. This year, the impact and implications of the COVID-19 pandemic are top of mind for consumers. Canadian consumers plan to do more of their shopping online than in stores this holiday season, as they focus on convenience, health and safety, rather than the shopping experience itself,” said Myles Gooding, National Retail Leader, PwC Canada.

“One thing is clear: successful retailers will be those who adapt to our quickly changing business environment and understand what a more digital world means for how they interact with consumers.”

Gooding said the spend between gifts and travel historically has roughly been the same in terms of dollar value.

“That’s where this year it took the biggest hit, primarily because of travel restrictions for COVID-19, leaving the country. The travel industry in itself has taken a pretty big hit overall in the economy,” he said. “When we look at the specifics with travel being down nearly 60 percent is really what is taking the wind out of a lot of the spend this year. That followed by entertainment. At the time of the survey entertainment is probably going to be down around closer to 20 percent. It may take a bigger hit as new restrictions are starting to take place.”

The survey said 86 percent of Canadian consumers expect to spend the same or less this holiday season, with deep cuts in travel spending. When asked how the pandemic will affect their personal spending capabilities for the holiday season, 57 percent of respondents said it’s had a negative or slightly negative impact. Also, 85 percent of Canadian consumers plan to use their credit card at some point during the holiday season. Among those, 79 percent of them aren’t worried about debt.

In 2020, Canadians will spend $630 on gifts (versus $647 in 2019) , $308 on travel (versus $743 in 2019), and $166 (versus $204 in 2019) on entertainment.

MILLENNIALS ARE EXPECTED TO SPEND THE MOST THIS HOLIDAY SEASON

Among the generations, Millennials are set to spend the most. When looking at overall holiday shopping, Gen Z (17-24 years old) and Millennials (25-38 years old) plan to spend $1,216 on average, compared to $1,058 for Gen X (39-53 years old) and Baby Boomers (54-73 years old), said the report.

“Another major trend accelerated by the pandemic is curbside pick-up, with 33 percent of shoppers choosing this method for their online purchases, compared to 13 percent last year. Unchanged from last year is the fact that Gen Z and Millennials are most likely to use this method either regularly or on occasion. When it comes to in-store shopping trends, we’re seeing a big generational divide: 60 percent of those planning to do at least three-quarters of their holiday shopping in stores are aged 55-plus. When it comes to what influences consumer purchases, we’re seeing another big generational divide: younger generations are much more likely to be influenced by online and social media advertising,” said PwC.

Gooding said COVID has accelerated the pace of growth in day-to-day online shopping and online cross-border shopping is also increasing. The online shopper is becoming more of a global shopper. People are also shopping earlier this year because they want to make sure their purchases arrive in time for Christmas.

A Leger survey commissioned by Moneris shows that 76 percent of Canadians intend to shop local this season, and 70 percent will do more shopping online.

The survey found women are significantly more likely than men (80 percent versus 72 percent) to want to support local businesses and increase their online shopping (74 percent vs 66 percent).

Peter Goldsztajn, Moneris Director, Corporate Data Analytics, said the trend to local shopping is indicating a shift in overall sentiment.

“I think people are trying to support local — keep the money local. It’s a call to action for small businesses — local businesses — if you’re not online this is the opportunity to do so. It’s not too late,” he said.

He added that 28 percent of Canadians plan to give more gift cards which will fuel the ecommerce boom and 16 percent plan to give more experiential gifts.

Luxury Careers Canada Spotlight: 3 Manager Positions at Polo Ralph Lauren Stores

By
Retail Insider
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RALPH LAUREN STORE AT VAUGHAN MILLS. PHOTO: PAGAN VIA GOOGLE IMAGES

The Polo Ralph Lauren off-price division in Canada is looking to hire for three management positions in the Toronto, Vancouver, and Winnipeg markets. For more information on these positions, see below or contact Suzanne Sears at Luxury Careers Canada at: best-retail-jobs@live.ca

Retailers looking to post positions with Luxury Careers Canada may also contact Suzanne Sears or Craig Patterson at: craig@retail-insider.com

The Toronto-area assistant manager job posting is for the Polo store at Vaughan Mills, the Vancouver-area posting for assistant manager is for the Polo store at Tsawwassen Mills, and the Winnipeg general manager position is for the store at Outlet Collection Winnipeg.

The following is a description of the company followed by the three job postings:

Company Description

Ralph Lauren Corporation (NYSE:RL) is a global leader in the design, marketing, and distribution of premium lifestyle products in five categories: apparel, accessories, home, fragrances, and hospitality. For more than 50 years, Ralph Lauren’s reputation and distinctive image have been consistently developed across an expanding number of products, brands and international markets. The Company’s brand names, which include Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Polo Ralph Lauren, Double RL, Lauren Ralph Lauren, Polo Ralph Lauren Children, Chaps, and Club Monaco, among others, constitute one of the world’s most widely recognized families of consumer brands.

Vaughan Mills: Polo Factory Stores, Assistant Manager

Position Overview Our Polo Ralph Lauren Assistant Managers direct the store team to exceed in their goals of optimizing customer engagement, developing talent, increasing productivity, and delivering financial plan, while leading with the highest level of integrity standards.The key to our success is hiring PEOPLE who are: Passionate, Enthusiastic, Outgoing, Poised, Leaders, and Engaged.

Essential Duties & Responsibilities

• Act as a Customer Experience Leader; owning the results interactions with the internal/external customer, the product, the look and the energy of the store. (40% of time)
• Lead the opening duties including daily planning and sales rally(s), general store communication and strategy, Work Force Management maintenance, and financials review. (10% of time)
• Lead the closing duties of the daily communication wrap-up and update the Customer Experience Leader tracker with daily results. (10% of time)
• Prioritize goals, assignments, daily and weekly tasks; conduct audits of store processes including Back of House, Point of Sale, Markdowns, Signage, RFID, On-boarding, and Ralph Lauren Capture. (20% of time)
• Support maintenance of product presentation and educate team on current product knowledge. (10% of time)
• Participate in identifying, recruiting and selecting high-caliber, non-exempt talent; provide feedback, coaching and guidance to support others in their development. (10% of time)

Experience, Skills & Knowledge

• College Degree or equivalent preferred
• Minimum of four years retail management experience as an Assistant Manager or above in a complex, high-volume, high-profile or multi-unit specialty retailer environment
• Strong business acumen and skill-set which enables the management and development of staff
• Strong communication and inter-personal skills
• Enthusiasm and ability to build and maintain an environment which projects a high level of taste and sophistication consistent with Polo’s lifestyle philosophy
• Ability to maneuver around the sales floor, stock room and office
• Ability to operate the register and fold merchandise
• Ability to work a flexible schedule to meet the needs of the business, which will require evening, weekend and overnight shifts; some travel may be required
• Ability to build and maintain positive working relationships with customers, management and co-workers. (Moderate lifting and climbing required)

To apply, email Suzanne Sears at: best-retail-jobs@live.ca

Tsawwassen Mills: Polo Factory Stores, Assistant Manager

Essential Duties & Responsibilities

• Act as a Customer Experience Leader; owning the results interactions with the internal/external customer, the product, the look and the energy of the store. (40% of time)
• Lead the opening duties including daily planning and sales rally(s), general store communication and strategy, Work Force Management maintenance, and financials review. (10% of time)
• Lead the closing duties of the daily communication wrap-up and update the Customer Experience Leader tracker with daily results. (10% of time)
• Prioritize goals, assignments, daily and weekly tasks; conduct audits of store processes including Back of House, Point of Sale, Markdowns, Signage, RFID, On-boarding, and Ralph Lauren Capture. (20% of time)
• Support maintenance of product presentation and educate team on current product knowledge. (10% of time)
• Participate in identifying, recruiting and selecting high-caliber, non-exempt talent; provide feedback, coaching and guidance to support others in their development. (10% of time)

Experience, Skills & Knowledge

• College Degree or equivalent preferred
• Minimum of four years retail management experience as an Assistant Manager or above in a complex, high-volume, high-profile or multi-unit specialty retailer environment
• Strong business acumen and skill-set which enables the management and development of staff
• Strong communication and inter-personal skills
• Enthusiasm and ability to build and maintain an environment which projects a high level of taste and sophistication consistent with Polo’s lifestyle philosophy
• Ability to maneuver around the sales floor, stock room and office
• Ability to operate the register and fold merchandise
• Ability to work a flexible schedule to meet the needs of the business, which will require evening, weekend and overnight shifts; some travel may be required
• Ability to build and maintain positive working relationships with customers, management and co-workers.
• Moderate lifting and climbing required

To apply, email Suzanne Sears at: best-retail-jobs@live.ca

Outlet Collection Winnipeg: Polo Factory Stores, General Manager

Essential Duties & Responsibilities

• Own sales and profit performance in assigned store, ensuring that sales and margin goals are met
• Partner with Senior Management to develop operating budgets and monitor performance
• Achieve store shrinkage goals and establish/implement new and existing loss prevention procedures
• Own the recruitment, selection, supervision, and development of leadership team to maximize sales and profit performance
• Coach and mentor staff to achieve optimal results; including succession planning for current and future positions
• Promote and maintain an exceptional employee experience; lead by example at all times
• Establish, monitor and work with all managers to ensure successful implementation of brand presentation
• Direct the execution of promotional strategies and programs, assuring that they support marketing and profit objectives
• Maintain a leadership role in community and charity events
• Provide consistent feedback to buyers and planners to identify merchandise classifications of high sales or profit potential

Experience, Skills & Knowledge

• College Degree or equivalent preferred; Associate/Bachelor’s degree preferred or equivalent experience
• 3-5 years of Retail Management experience with at least 3 years supervising others in a retail and/or multi-unit environment
• Ability to communicate with customers and store personnel
• Ability to maneuver around the sales floor, stock/dressing room, cashwrap and office
• Ability to operate the register
• Ability to stand, move and walk for multiple hours
• Ability to work a flexible schedule to meet the needs of the business, which will require day/evening, weekend and may include overnight shifts
• Ability to build and maintain positive working relationships with customers, management and co-workers.
• Lift up to 30 pounds and moderate climbing required

To apply, email Suzanne Sears at: best-retail-jobs@live.ca

***

Retailers looking to post positions with Luxury Careers Canada may also contact Suzanne Sears or Craig Patterson at: craig@retail-insider.com

Retail Insider has partnered with Luxury Careers Canada to support the industry. For more information, contact Craig Patterson at: craig@retail-insider.com

Special Edition 20: Small Businesses Struggling in Canada: Interview

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Retail Insider
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An off-schedule podcast discussion with Darryl Julott, Managing Lead of Digital Main Street. Craig and Darryl discuss the challenges small retailer and other businesses are facing in Canada, what’s being done and what the future might hold.

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Interview Details: 

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Canadian Retailer Swimco Goes Bankrupt and Shuts Down After 45 Years

By
Mario Toneguzzi
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SWIMCO LOCATION AT CF CHINOOK CENTRE. PHOTO: CALGARY HERALD

Long-time Calgary-based retailer Swimco has announced it is closing its doors.

On its website, the company said “It’s Time We Say, Sea You Later.”

“After 45 years in business, Swimco must close its doors. Thank you for all the support and memories you gave us during this adventure. Canada is a country built on family business, and with that drive and determination we will see bluer skies and greener seas in the future.”

Earlier this year the national swimwear company had filed a Notice of Intention, under creditor’s protection, to restructure its operations as it responded to the devastating impact of the COVID-19 pandemic.

But on October 13, a Certificate of Assignment into Bankruptcy was filed to the Office of the Superintendent of Bankruptcy Canada by Deloitte Restructuring Inc., which is the licensed insolvency trustee in the matter.

OCTOBER 10 WAS SWIMCO’S LAST DAY IN OPERATION

A sign on Swimco’s former CF Market Mall location in Calgary said: “As of October 10, 2020, all retail locations are closed and will remain closed until further notice.”

LORI BACON

“On June 11, 2020 Swimco Aquatics Supplies Ltd. and Swimco Partnership each filed a notice of intention to make a proposal . . . pursuant to section 50.4 of the Bankruptcy and Insolvency Act. Subsequent to filing the NOI, the Debtor was unable to make a viable proposal within any court granted extensions and is thereupon deemed to have made an assignment into bankruptcy effective October 10, 2020.”

Lori Bacon, Owner and CEO of the company, could not be reached for comment.

“Does anybody mourn the loss of a legacy chain of Canadian retail stores? It’s a sad day on the Canadian retail scene with the demise of the homegrown Swimco aquatic fashion stores following 45 years in business,” said Michael Kehoe, a retail real estate specialist in Calgary with Fairfield Commercial Real Estate. “Swimco was the quintessential entrepreneurial retailing dream come true. From humble beginnings at the family home in Calgary in the matriarch’s basement manufacturing swimwear, Swimco grew organically by catering to local Calgary swim clubs and into a national chain with 20 stores.

“The firm led by their visionary female co-founder mastered the art of personal service catering to women in the highly specialized swimwear business. In the Darwinian struggle of fashion retailing, Swimco was hit hard by the COVID-19 pandemic that shut down the cruise ship industry and international vacation travel. In Calgary Alberta, an entrepreneurial hot spot in Canada, the loss of the local iconic Swimco brand, a family owned and operated legacy fashion retailer will be mourned.

“We should all take note that the multi-pronged factors that plague retailers in these challenging times are; the economic downturn in certain Canadian provinces, the pandemic lockdown and the disruption of bricks and mortar retailing due to COVID-19, ineffective government programs that may have sustained retailers like Swimco in these tough times and in some cases a lack of landlord cooperation.”

SWIMCO LOCATION AT SQUARE ONE SHOPPING CENTRE. PHOTO: RETAIL INSIDER

The retailer opened its first store in Calgary in 1983 but Swimco actually had its roots as a home-based, mail-order business started by Bacon’s mother Corinne Forseth a few years before the retailer opened its first location.

“We’re looking to be a smaller company. We’re at 20 (stores) and we envision staying there,” said Bacon in an interview with Retail Insider during the summer. At that time, she confirmed that the company had about $6.5 million in unsecured claims and that included about $1.6 million in landlord rent.

Swimco had reduced its head office by about half. The company had 45 staff in its corporate head office but that was reduced to about 20. Retail staff was about 200 but fell to about 120 during the summer.

Bacon said then that the COVID crisis came around spring break which meant no travel for people.

“With all stores being shut and still having your rent looming over you, you go in the hole pretty quick. At first, I think everyone was just in a state of shock. ‘For two weeks we’re going to close.’ But it readily became apparent that this was not a two-week thing. We laid everybody off temporarily. We closed the stores on Monday March 16 and we quickly laid off all our store people and most of our head office people and by the following week we had laid off everybody,” she said.

LEGO to Open Experiential Retail Space at West Edmonton Mall this Fall

By
Christopher Lui
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LEGO STORE AT MALL OF AMERICA. PHOTO: GOOGLE IMAGES

Danish toy brand LEGO is in the midst of a continuing global expansion in 2020 with plans to open over 150 experiential stores internationally. In Canada, LEGO will be opening a new flagship experience store in West Edmonton Mall in November. This will be the eleventh standalone Canadian store and the second location for Edmonton. In Spring 2013, a LEGO Store opened in south Edmonton at Southgate Centre to much fanfare. The Southgate Centre LEGO store grand opening is commemorated with a giant LEGO Mural shoppers assisted in building.

The West Edmonton Mall LEGO store will be located in Phase IV and will span more than 6,500 square feet on one level. The space that the LEGO store will occupy has been reinvented throughout the mall’s history.

The LEGO Store will be taking over the open concept pop up space. Over the years this space has been used a variety of temporary events including the World Vision One Life Experience, Segway Course and Giant Colon Tour sponsored by the Colorectal Cancer Association of Canada. Most recently this space converted into the ‘micro-mall’ Concept ‘RAAS’ (Retail as a Service) which shuttered December 31, 2018.

LEGO West Edmonton Mall Store Design

Currently under construction, the LEGO West Edmonton Mall store will be designed with a similar concept to the The LEGO Store at the Mall of America which was remodeled in December 2010. The Mall of America retail space is located in a high traffic atrium in front of the south entrance to the Nickelodeon Universe Amusement Park. The store features an open air roof with eight larger-than-life models including a LEGO robot over 34 feet tall, helicopter, knights and dragon that all tower over the store. There is a giant “Pick & Build Wall” with 180 different LEGO elements to build your own LEGO creation. There is the “Build a Mini” LEGO figure Tower which features a variety of pieces to customize your minifigure. The centre of the store is called the “Living Room” which is an interactive play area that gives shoppers a chance to get “hands-on, minds-on” with LEGO products. The perimeter of the store is the “Brand Ribbon” which features the “Digital Box” where customers can scan any boxed LEGO set and see a 3D digital model, fully built LEGO models and merchandises the full selection of LEGO products and branded merchandise including DUPLO sets, themes such as NINJAGO, Friends and CITY and popular licensed items such as LEGO Star Wars, LEGO Disney Princess, and LEGO Super Heroes.

The West Edmonton Mall Lego Store will feature all of the same merchandising concepts and a similar footprint to the Mall of America store. The West Edmonton Mall store will occupy the centre space of Phase IV with an open air concept. The store will feature a large entrance facing the Deep Sea Adventure Lake along with a secondary entrance facing Sunrise Records. The steel girder frame soars over two stories and has a tiled design front that is reminiscent of the distinctive LEGO pieces. This frame will serve as the structure for the life sized LEGO models. There is also a suspended model from the ceiling which is a red biplane. The perimeter of the store will be covered with a similar white title. There is prominent life sized LEGO logo signage in the centre of the store. As this store will attract a high volume of shoppers, the flooring used will be the Key Resin Terrazzo Epoxy product which has been used in a variety of LEGO Canada stores. With the high foot traffic, this flooring choice will be easy to clean and maintain. All of these aspects are identical to the Mall of America store excluding the secondary entrance as the Mall of America store only has one entrance and the main design colour is yellow. Both malls are owned and operated by Triple Five.

CLICK IMAGE FOR INTERACTIVE WEST EDMONTON MALL MAP
WEST EDMONTON MALL FLOOR PLAN IN 1986

Phase IV History

In 1985, as part of the Phase III expansion, both the lower and upper levels of this area were occupied by the Vancouver-based Woodward’s Department Store. The Woodward’s store which included a Food Floor (full service grocery store) was over 150,000 square feet. In late 1992, the entire Woodward’s chain filed for bankruptcy owing over $65 million dollars to its creditors. In 1993, the entire chain was acquired by the Hudson’s Bay Company which converted these former Woodward’s locations to either The Bay or Zellers locations. The Phase III store was converted into a Hudson’s Bay store. For four years (1993 to 1997) The Bay operated two department stores in West Edmonton Mall. The original Phase I store location anchoring the east end of the mall and the converted Woodward’s store in Phase III on the west end of the mall. By late 1997, Hudson’s Bay made a decision to close the Phase III store. West Edmonton Mall decided to repurpose this anchor space into their Phase IV concept. Construction started on March 31, 1998 and was completed by the end the year. The old Woodward’s / The Bay space was converted into 2 levels of inline stores. Grand opening stores included a 2 story HMV Music Store, on the main level a PJ’s Pet Centres, Chapters Bookstore, Playdium Entertainment Complex and on the second level Eddie Bauer and Wild West Shooting Centre. Added above the former Woodward’s / The Bay space was the Famous Players SilverCity / IMAX 3D Theatre with access from the second level. The centre space of Phase IV featured the HMV Performance Stage along with an open concept pop up space facing the Deep Sea Adventure Lake.

Phase IV Today

The Lego Store will be nestled among an eclectic mix of retailers. Almost all of the original Phase IV retailers have changed with the exception of the Chapters Bookstore which has been rebranded under their Indigo banner with an expansion in 2015 adding an Indigo Kids and American Girl experiential store-in-store boutique and the Wild West Shooting Centre. The HMV store has been replaced with Sunrise Records and the stage is now known as the Phase IV Stage, the Playdium Entertainment Complex and PJ Pet’s has been replaced with Aurora Cannabis. The second level retailers have also changed, the Eddie Bauer store has relocated to Phase I and the space was replaced with Canada’s first Bubba Gump Shrimp Co. Restaurant and the north side was redeveloped for Simons Department Store with 2 exterior entrances facing Phase IV. Beside the Bubba Gump Shrimp Co. Restaurant is the Stingray radio station group with the on-air studios of 840 CFCW, K-97 Classic Rock and the breeze 96.3. The on-air studios opened in 2005 by Newcap Alberta which was acquired by Stingray in 2018. Even the Famous Players SilverCity / IMAX 3D Theatre has been rebranded as the Scotiabank Theatre Edmonton after the acquisition by Cineplex. The majority of the original theatre branding and fixtures including the fire breathing dragon have been removed over the years. This mix of retailers will complement the Lego Store especially the Indigo Kids and American Girl store-in-store boutique. Both stores will attract children and their parents to Phase IV.

Analysis

The addition of the Lego Store to West Edmonton Mall will help the mall weather the retail storm of 2020. Although the LEGO store is a retail store, it will become another attraction at West Edmonton Mall. The life sized LEGO models will draw shoppers from both the main and second levels of the mall towards Phase IV to snap photos and enter the store. These photos will add towards user generated marketing content once posted on social media channels. Today’s shoppers are drawn towards experiential components such as play areas which the LEGO store will offer. Children will be able to play while the parents shop. LEGO also plays into an educational aspect, as parents view LEGO as more of a learning toy compared with electronic toys. Overall the LEGO store at West Edmonton Mall is a great fit and will help the mall continue to reinforce its place as leader in the realm of ‘retailtainment’.

Miniso Canada Investors Protest Chinese Parent Company

By
Craig Patterson
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MINISO STORE AT CF TORONTO EATON CENTRE

Canadian investors in Miniso stores are suing Miniso’s Chinese parent company as well as those involved in the Canadian division. The investors are also protesting the Chinese company’s actions amid struggles following COVID-19 shutdowns. Recently franchisees in Toronto held a protest in front of the Queen Street Miniso store, making a variety of claims that the company is harming investors as well as other claims of fraud.

The value-priced Chinese Miniso variety chain, which the company positions as being ‘Japanese’, entered Canada in 2017 with plans to open about 500 stores over five years. That expansion hit a snag in late 2018 when Miniso’s Chinese division filed to put the Canadian division into bankruptcy amid claims of misdeeds. Miniso subsequently stated that agreements were reached to keep Miniso a going concern in Canada, though in the background issues persisted and now a group of Canadian investors is saying that the Chinese parent company is trying to put them out of business.

Investor protesters recently held up signs with slogans such as “Miniso took all my money”, “Fair treatment for investors”, “Miniso return my money”, and “Miniso has no conscience”. The investors are saying that Miniso’s actions have led to significant financial losses stemming from a questionable investment scheme.

PHOTO: CRAIG PATTERSON

In March of this year, the investors for 63 of Miniso’s franchised stores in Canada filed lawsuits in British Columbia against defendants which included Miniso’s parent company in China as well as the Canadian division which solicited the investors with promises of profits. That includes Tao Xu of Richmond BC who is the director of Miniso in Canada as well as several of his family members and associates who reside in the Vancouver suburb of Richmond.

In the lawsuits, the franchisees noted that day-to-day operations were to have been handled by Miniso Canada and that all product in stores would be supplied and branded by Miniso. Investors, who would pay a license fee as high as $100,000, would own 49% of a store while Miniso Canada would own 51%. Investors would be responsible for covering costs such as any store renovations while being obligated to only do business with Miniso Canada.

The initial ‘cooperation agreement’ was reached in October of 2016 where products and store fixtures would be supplied to the new Canadian Miniso operations. Miniso Canada told investors that the Canadian operations had the support of the Chinese parent company and that the parent company knew that individual investors would be brought in with a profit-sharing agreement. Ultimately, the Chinese division wasn’t aware of many activities carried out by the Canadian division and the battle that ensued led to the parent company’s efforts to shut down Miniso’s Canadian division.

The Canadian investors claim that the Chinese division was complicit and negligent by not taking action or making proper enquiries into what was happening with the Canadian operations. The lack of due diligence allowed Miniso Canada to change its course and hide money while at the same time funnelling money to Miniso operations in Latin America.

PHOTO: CRAIG PATTERSON

In a Notice of Civil Claim filed in March 2020, the list of investor stores was set out in Schedule “A” including license fees and deposits as well as other costs such as store renovations. Investments in some of the stores amounted to nearly $500,000 each. One investor in Quebec with seven stores invested more than $2.5 million according to one Notice of Claim, noting that Miniso’s Canadian division had secured investors with terms contrary to Master Agreements.

That included Miniso Canada having ordered and supplied product which didn’t comply with the Master Agreements and supplied product to stores that wasn’t from Miniso itself. Furthermore, monies secured from investors were used to establish 17 stores in Peru, Chile and Argentina including inventory for those stores. Canadian investors as a result have lost millions of dollars according to the lawsuit.

Tao Xu and other directors of Miniso Canada allegedly solicited investors while at the same time not granting Miniso’s Chinese parent company an interest in the new stores, nor would the new licensees be required to be bound by a Master License Agreement setting out operational and revenue mandates. Deposits taken by investors were mishandled amid claims of fraud.

The Securities Act was also breached according to a lawsuit. Disclosure and protections were not followed which caused harm to the investors as a result. The lawsuit states that the Chinese parent company for Miniso in Canada is responsible for the vast losses many of the Canadian investors are facing.

Damages sought in the lawsuit include moneys for negligent and/or fraudulent misrepresentation as well as damages stemming from B.C. Securities Act breaches as well as damages due to fraud. Costs are also being sought by the Plaintiffs. Given Miniso’s Chinese division had a broad financial interest in the Canadian operations, one of the lawsuits targets them directly.

PHOTO: CRAIG PATTERSON

Investors are now saying that Miniso China is attempting to squeeze them out while making it challenging to operate. One franchisee said that product shipped to the Canadian stores wasn’t “new” product, rather goods that didn’t sell in Miniso’s Chinese stores. Furthermore, franchisees paid a fixed cost for goods at prices dictated by Miniso in China, with Miniso subsequently reducing prices on some goods which hit the bottom line of the Canadian franchisees.

Many of Miniso’s franchised stores in Canada have closed since last year, with a mix of corporately owned and franchised units remaining open. Some of the stores currently open are being offered for sublease according to brokerage websites.

In March of 2019, Miniso’s Chinese parent company made a statement to the Canadian Press that things between Miniso China and Miniso Canada had been settled, and that the Chinese division would be taking over the Canadian operations. The investors now say that the Chinese parent company is also acting in bad faith.

Last year, one source said that Miniso Canada had been unethical when dealing with some commercial real estate brokers. Another source claimed that Miniso Canada induced highly skilled retail professionals to leave secure employment in order to launch Miniso in a new province and within six months of establishing several stores in the province, the retail professional’s employment would be promptly terminated so that the local licensee could take over the thriving operations.

The rapid expansion resulted in long hours for employees, weekend work and overtime, with some staff spending nights in sleeping bags in a company warehouse. Burnout was said to be a concern as a result of the rapid store expansion.

Miniso could still be in trouble particularly in Quebec, as well, where sources in the company said that it has not met language standards that include french language on products and overall branding. One former employee explained how Miniso had been put on notice by the Office québécois de la langue française, or the ‘Language Police’ as some call them. Multiple lawsuits for unpaid construction projects also daunted the retailer.

Investors are now seeking monies that they say are owed from Miniso China as well as individuals associated with Miniso’s Canadian division. Times have been challenging, with most Miniso stores in Canada currently being unprofitable according to one investor. It remains to be seen what the future of Miniso will be in Canada amid lawsuits and bad blood created by a series of unfortunate events following the retailer’s entry into Canada more than three years ago.

Miniso started trading this week on the New York Stock Exchange, raising US $608 million on Thursday. Miniso founder Ye Guofu, who owns an 80% stake in the company, became a billionaire following the listing with a net worth of about US $4 billion. The IPO values Miniso at about $5.6 billion if shares are priced on the higher end of the estimate at $18.50 a share. Miniso’s shares were trading at over $20 the first day.

ICSC RECon Canada Conference 2020: October 26 and 27

By
Retail Insider
-
ICSC RECON CANADA CONFERENCE

Essential retailers are driving the commercial real estate market in Canada. They’ll also be at ICSC’s RECon Canada, a virtual event running Oct. 26 and 27, to discuss how they’re growing their businesses in these tumultuous times. [Retail Insider readers can register for free using code INSIDER]

The conference also will feature a keynote address by Wayne Gretzky, the man who changed the game of hockey and became a Canadian legend; networking opportunities between brands and retail and real estate decision makers; discussions among thought leaders about innovation and facilitating growth after COVID-19; and updates on the state of the industry, including economic forecasts and what’s ahead.

Here’s more on essential retailers and other brands attending:

Empire Co.

The company owns a stable of supermarket brands, including Sobeys, and aims to boost its market share to 90 percent of Canadians’ annual grocery spend. To reach more shoppers, the firm is introducing omnichannel technologies, including a Voilà by Sobeys Curbside Pickup, which allows customers to order groceries online and schedule a one-hour window to pick up the items curbside at a nearby store. Senior vice president of real estate Mark Holly will speak at a session called Anchored: Why Grocery and Pharmacy Are More Essential Than Ever on Tuesday, Oct. 27, at 10:30 a.m. Eastern.

Rexall

The pharmacy chain has been involved firsthand in Canada’s battle against the pandemic, as many of its stores served as COVID-19 testing sites. The company is opening Rexall on the Go personal protective equipment vending machines in airports and other public areas. Vice president of real estate Max Izen also will speak on the Anchored: Why Grocery and Pharmacy Are More Essential Than Ever panel on Tuesday, Oct. 27, at 10:30 a.m. Eastern.

Lowe’s Canada

The company has been on a hiring spree for its stores and distribution centers to support growing sales. It also is paying associates at Lowe’s, Rona and Reno-Depot stores across the country a discretionary bonus for their service as frontline workers. Director of market research Simon Genereux will speak during the Where the Shoppers Are: A Data-Driven Look session on Tuesday, Oct. 27, at noon Eastern.

Best Buy

Physical stores remain an important part of business for this electronics chain. It saw a surge in online sales while its physical stores were under government-mandated lockdown, but its stores experienced a wave of pent-up demand when stores reopened. Best Buy Canada CFO Bryan Kooistra will speak at a session called How Best Buy Is Innovating to Keep Canadians Connected on Tuesday, Oct. 27, at 11 a.m. Eastern.

RECon Canada won’t be all about traditional retail tenants, though. Alternative users like dentistry network Dentalcorp, day care centre operator WillowBrae Academy and healthcare clinic chain Medpros also will be on hand. Dentalcorp President, Guy Amini, Willowbrae Academy Vice President, Shawn Pattison, and Medpros President, Naz Aziz, will describe their companies’ real estate needs at a session called Alternative Uses for Retail on Tuesday, Oct. 27, at 10:30 a.m. Eastern.

Learn more about the RECon Canada agenda and register here.

While non-members typically would pay $725 for this event, ICSC has extended free registration to Retail Insider readers using code INSIDER.

*Partner content. To work with Retail Insider, email: craig@retail-insider.com

How the Gemstone Market will Generate Massive Revenue in the Coming Years

By
Retail Insider
-
EXTERIOR OF THE ROCK SPA AND RETAIL SHOP IN KITCHENER, ONTARIO. PHOTO: THE ROCK SPA

Many industries are struggling to regain footing after a tumultuous year due to COVID-19. The gemstone industry, however, is offering some of the most lucrative opportunities yet. According to research by Future Market Insights (FMI), this market continues to exhibit stunning growth potential and is likely to generate massive revenue from now through 2026. The expected industry Compound Annual Growth Rate (CAGR) is 5% for this period- a figure indicating the immense profit potential.

The FMI report suggests that this growth will come about due to recent developments in the sector. Firstly, the rate of purchasing customized gemstones as well as gemstones for luxury art has been steadily growing since the recent past. And although both low-end and high-end gemstones have been doing well, the latter shows massive promise because of an upsurge in demand for rare, unique, and high-quality gemstones.

Also, generations Gen Z and millennial are increasing their spending power, which is raising the per capita spending on luxury product categories by consumers. All of this can only mean one thing. Investing in the gem industry is likely to leave you well-off soon. And talking about being well-off.

Rapid Growth also Expected in the Wellness Industry

Research shows that about three-quarters of all American adults are now actively seeking ways to uplift their health. Which is the main reason why the wellness industry has experienced triumphant ascension in recent years. As Forbes writer Scott Nelson puts it, “the rise of an immense, global wellness market reflects people’s changing attitudes towards their health and lifestyle.” Now, more than ever, consumers are prioritizing lifestyle and spending more money on well-being.

Figures from the Global Wellness Institute (GWI) indicate that the wellness industry had a value of over $4 trillion in 2018. That’s the combined GDP of Canada and the United Kingdom. Not only that. The value of the wellness industry today accounts for over 5% of global economic output as per the GWI figures.

Kill Two Big Birds with One Special Stone

Imagine having a stake in both the booming wellness industry as well as the gemstone one. How lucky would you be? Well, you have an opportunity to be this lucky now.

The Rock Spa & Retail Store is up for sale and with this development comes an opportunity of a lifetime. You can sell gemstones as well as wellness services. At the same place, at the same time! Talk about the perfect asset, eh?

If you’re hoping for a better 2021, you ought to take a look at this opportunity. You’ll thank your lucky stars.

DX3 Pulse 2020: Virtual Event October 21

By
Retail Insider
-
DXE PULSE CONFERENCE

DX3 Conference is hosting the DX3 Pulse event on Wednesday, October 21. Retail Insider readers are invited to attend.

[Buy Tickets Here]

The world of retail is changing rapidly amid the COVID-19 pandemic. The DX3 pulse event is all about evolving as we shift practices, systems, and paradigms.

It’s ‘year Zero’ and businesses need to evolve to the new reality. Consumers are changing while buying behaviours and social interactions have forced us into rethinking the entire business proposition and product offering.

The DX3 Pulse event will educate attendees on how to use and implement new tools, channels, and strategies towards success. That includes gaining new ideas, diverse perspectives, and discovering what leading businesses are doing to be successful in these pivotal times. You’ll virtually meet like-minded people, connect with industry leaders, and be inspired.

A range of speakers will be part of this year’s DX3 Pulse, and the following are a few discussion points from a question and answer prior to the conference.

IAN ROSEN

Ian Rosen, VP Digital and Strategy at Harry Rosen:

Q: How have customer expectations changed?

A: If you’re not making online easy, you’re falling out of the consideration set. If clients can’t find products digitally they aren’t going to understand the breadth of your offering. Clients love when we show how to wear something in many different ways because versatility in a wardrobe is more important that ever.

Q: What changes do you expect to see this holiday season and how are you preparing?

A: It’ll be a digital holiday and clients are going to need to discover online and buy differently. We’re shoring up our already supercharged online experience with new offerings such as a quiz that recommends products to you and enhanced pick up in store journeys. We also are enabling our 500 clothing advisors to curate the website for their clients so the client doesn’t have to spend time browsing.

MARC LAFLEUR

Marc Lafleur, CEO & Co-Founder, truLOCAL:

Q: What are you looking forward to in the future?

A: I’m definitely looking forward to increased adoption of online shopping. Over the past five years, businesses have been able to evolve fairly quickly even though the relative pool of online shoppers has been small compared to all retail sales. More people shopping online means we’ll be able to explore more, innovate faster and create more unique experiences. We’re looking forward to the age of e-comm becoming mainstream.

AROOBA KHAN

Arooba Khan, eCommerce Manager, Crate & Barrel & International, Crate & Barrel

Q: What are the top three challenges that you’ve overcome?

A: My first challenge is pivoting in the face of adversity. I did this by implementing a buy online, pickup in store strategy earlier in the year for Crate & Barrel & CB2 (we launched Feb 5, 2020) before lockdown, and flipping the switch once applicable. This enhanced Crate & Barrel & CB2 and set us up for success the moment the retail Stores reopened. Ultimately, we were not catching up on how to implement buy online, pickup in store, but rather gearing up to push the functionality across all channels and Canadian stores.

My second and third challenge are interchangeable, but it is with creating an OMNI channel experience that is both enhanced and technically savvy. We overcame these challenges with strategic design product reviews, testing and implementation of all newness for the CA platforms.

Hear more from these and other speakers at DX3 Pulse, happening next Wednesday October 21. Time is running out to register.

[Buy Tickets Here]

*Partner content. To work with Retail Insider, email: craig@retail-insider.com

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