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    Recent Articles

    Target announces Starbucks as coffee retailer for Canadian stores (Starbucks Newsroom)

    Loblaws launching loyalty program to coincide with Target entry (Globe and Mail)

    Zellers reviews options for outlets ‘left behind’ (Globe and Mail)

    Canadian malls are the Target of expansion(Montreal Gazette)

    Sobeys and Target: a winning combination (Financial Post)

    Target’s rejected sites in high demand by rival retailers (Globe & Mail)

    Walmart, Canadian Tire in Target's crosshairs (Financial Post)

    What we can expect: Tony Fisher talks about Target Canada (Financial Post)

    Target’s Canadian foray hits cost hurdle (Globe & Mail)

    Announcement of which Zellers are to convert coming by end of May? CTV

    "Death of Canadian retail greatly exaggerated" Rona CEO (Financial Post

    Impact on Canadian Tire (Financial Post)

    Canadian Retail Industry Viewpoints (Profit Magazine)

    Sears

     

     Sears Canada Locations

    Wednesday
    Nov202013

    Sears Canada Q3 Results

    "Total revenues for the 39-week period ended November 2, 2013 were $2,809.5 million compared to $3,039.3 million for the 39-week period ended October 27, 2012, a decrease of 7.6%.  Same store sales decreased by 1.2% during the 39-week period."

    Complete earnings anouncement here

    Tuesday
    Nov122013

    Sears Announces Sale of 50% Stake in 8 Stores

    Sears Canada Inc. announced that it has reached a definitive agreement with Montez Income Properties Corporation to sell its 50% joint venture interest in eight properties it owns with The Westcliff Group of Companies for approximately $315 million. The agreement is subject to customary closing conditions including site investigations and financing. The transaction is scheduled to close on January 8, 2014. The properties involved are comprised of four regional shopping centres, two strip centres and two open-format retail centres. Westcliff will continue as 50% owner and exclusive manager of the properties. (Sears Canada)

    Tuesday
    Oct292013

    Sears Canada Announces Transactions on Five Stores for $400 million

    Sears Canada Inc. (TSX: SCC) announced today that it will terminate its leases in respect of five stores for a total consideration of $400 million.  The agreement is definitive and only subject to customary closing conditions.  The transaction is expected to close on or around November 12, 2013.

    Four of the five stores are owned by The Cadillac Fairview Corporation Limited (Cadillac Fairview) and are located inOntario: Toronto Eaton Centre, Sherway Gardens, Markville Shopping Centre and London-Masonville Place.  The fifth store is located at Richmond Centre in British Columbia and co-owned by Ivanhoé Cambridge and Cadillac Fairview.  The transaction requires Sears to vacate the Toronto Eaton Centre, Sherway Gardens and London-Masonville stores by February 28, 2014 and Markville and Richmond by February 28, 2015.

    The Company will retain the upper four full floors of the Toronto Eaton Centre to conduct its head office operations from that location.

    There are currently 965 associates located in these five store locations.  The associates whose employment could be potentially affected by this transaction will have the opportunity to apply for positions for which they are qualified in other Sears locations which could become available during the transition period.

    "Unlocking the value of assets is one of the three levers we have said we will use as a way to create total value for the Company," said Doug Campbell, President and Chief Executive Officer, Sears Canada Inc.  "When proposals such as this one are presented to us, we must weigh the value of the transaction against the value we will obtain from continuing to operate those stores in their current locations.  In this case, we were presented with an opportunity that gives us a significant financial benefit without changing our plans to improve the business and make Sears more relevant to Canadians. Our primary focus of creating long-term value for the Company is best approached by focusing on the basics of the business and continuing to become more relevant with Canadian consumers coast to coast.

    "The Company will operate 111 full-line department stores after Sears vacates these five stores," continued Mr. Campbell, "which continues to be a substantial retail presence across Canada, especially in suburban and mid-size markets where Sears plays a major role in the marketplace.  We will continue to focus also on the two other levers we use to create total value: the retail value lever, where our focus is on growing same-store sales profitably by implementing the right customer value proposition, and the cost/efficiency value lever, where our focus is to keep the expenses and structure of the organization in line with the needs and size of the business we are operating."

    Mr. Campbell added, "I want to acknowledge the effect that this announcement will have on our Sears associates.  I appreciate the service they have given to Sears, and I thank them in advance for their assistance during the transition period ahead of us."

    Sears has operated in London-Masonville since 1985, in Richmond Centre since 1989, in Markville since 1991, and in Sherway Gardens and the Toronto Eaton Centre since 2000.

    (Newswire)

    Below is a map of Sears' closing locations announced in the last year:

    View Sears Closings in a full screen map

    Monday
    Oct212013

    Sears Considers Selling Flagship Eatons Centre Location

    Douglas Campbell, Sears' CEO, said in an interview he would view selling the lease for the flagship Eaton Centre outlet – where the retailer houses its head office – no differently than any other lease, as he weighs his options for “maximizing the value” of the retailer’s assets. He states that any offer will be looked at on a case by case basis. Sears is looking to continue reducing their operating cost as the market becomes more competitive (Globe and Mail)

    Thursday
    Sep262013

    SEARS' CEO QUITS; COULD NORDSTROM SECURE MORE CANADIAN STORE LOCATIONS? 

    From Retail Insider:

                                                                                                                                                                                                                         

    Sears Canada's CEO Calvin McDonald has resigned. He leaves behind a struggling retailer which may now be more open to selling back some of its valuable leases to its landlords, possibly leading to more Canadian Nordstorm stores. Not to mention, the possibility of Sears stores being subdivided or being occupied by the likes of La Maison Simons, Saks Fifth Avenue or Holt Renfrew. The following is our analysis of what could replace several valuable Searslocations.                                                                                                                                                                                                                      

    In the past 14 months, Sears Canada has sold off several of its leases to mall landlords. In the summer of 2012, Sears sold its leases in Vancouver, Calgary and Ottawa, paving the way for Nordstrom's first Canadian stores. Sears subsequently sold two leases in the Toronto area, resulting in speculation that La Maison Simons may move in. Sears also announced a $1 billion project to redevelop its Burnaby BC real estate at Metrotown.                                                                                                                                                                                                                                                                                                                                              But what about Sears Canada's most valuable retail space? We're referring to the 816,000 square foot flagship Sears at the Toronto Eaton Centre. Calvin McDonald held on to the store, repeatedly saying that its lease wasn't up for sale and that it would continue to operate as the chain's Canadian flagship. With McDonald gone, we think the Toronto Eaton Centre Sears will be sold to landlord Cadillac Fairview for a fortune, and that we'll see it redeveloped to include at least one anchor store (Nordstrom? La Maison Simons?) as well as other smaller retailers willing to pay good money for prominently-located smaller retail spaces.                                                                                                                                                                                                                                                                                            

    Complete article from Retail Insider:     

    http://www.retail-insider.com/2013/09/sears-ceo-quits-could-nordstrom-secure.html