NB "Big Mall" Status

[DyAm00394]

Originally Posted by Freddypop

In 2024 according to Retail Insider.

"Smart Investment Ltd. (led by MEC owner Tim Gu) purchased Winnipeg's Garden City Shopping Centre (often referred to as Garden City Mall) in May 2024. The $31 million deal was finalized when Primaris REIT officially entered into an agreement to sell the property, which closed on May 23, 2024."

If Primaris previously also owned Garden City Shopping Centre up until May 23 2024, then I think the current store selection isn't really a reflection of Smart Investments abilities. I'm sure a lot of what's in that mall was already there from Primaris ownership days. I think it really depends on the area of the shopping mall and retailers interest in setting up shop.

I think McAllister currently is in a better shape in terms of the retailers it has already. We already have some bigger names like Torrid, Sephora, Mountain Warehouse, and soon Miniso. Larger size tenants like Marshalls/HomeSense, Marks, The Brick, Clement, SportChek, Lawtons Drugs, Goodlife Fitness, Party City, Dollarama and a large Ardene store. McAllister and SJ itself has been doing pretty well lately with landing new retailers and businesses. I think Smart Investments jumped in on buying the mall because of the good selection of tenants it already has and sees the momentum and potential for the mall. Also helps them build relationships with more retailers and businesses that are not in their other mall.

Overall, we'll have to wait and see. The owner already said they are going to be very hands-on with McAllister and already are exploring brining in new retailers. The mall is currently around 91% occupied, with all large spaces occupied. So only a small number of smaller vacancies to fill.

Update to add: I looked it up and Garden City Shopping Centre is actually being leased and managed by McCor Management on behalf of the owner Smart Investments. So Smart Investments themselves are not handling leasing of that shopping mall. McCor also manages leasing at Mic Mac Mall in Dartmouth, Mayflower Mall in Sydney, Mapleton Centre in Moncton.

The owner said Smart Investments will directly manage McAllister Place through their own property management platform, so I guess that means McAllister is their first mall they are directly managing themselves. Not having another company like McCor managing the leasing on behalf of them.