Charlottetown’s retail scene set to expand into old Canadian Tire building
The Guardian
The retail scene in Charlottetown is getting a boost this year.
One of Eastern Canada’s leading retail property owners and developers, Plaza Retail REIT, says construction will begin next month on the old Canadian Tire property on Buchanan Drive.
It should come as welcome news after Target recently announced it was closing all its stores in Canada, including the one in the Charlottetown Mall, where it is the anchor tenant.
The Guardian has learned that HomeSense is one of the new properties, although it should be noted that a spokeswoman with the company would not confirm that information.
TJX Canada operates the Winners, HomeSense and Marshalls stores. HomeSense operates a satellite location inside the Charlottetown Mall’s Winners store.
“Our real estate department is always looking for opportunities, but we only announce information on new store openings when a lease is officially signed,’’ said Sarah Smithers, public relations supervisor for Winners, Home Sense and Marshalls.
And, in a number of conversations The Guardian had with people in or who follow the retail industry, there is wide speculation that Giant Tiger and Princess Auto won’t be far behind HomeSense.
A spokeswoman for Giant Tiger says the company has no immediate plans to open in the Island capital. There is a store in Summerside.
“We are always looking at new places to call home,’’ said Alison Scarlett, marketing and advertising with Giant Tiger. “We have no plans for Charlottetown at this time.’’
Michael Zakuta, president and CEO of Plaza Retail REIT, would not comment on which retailers are coming in.
“You’ll see some construction starting next month on the old Canadian Tire (property),’’ Zakuta said.
“We’re spending lots of money there (and) we’ve got some retailers. Target closing is not positive for the marketplace (and) not good for the consumer because all of a sudden there is a big offering out of the market.’’
Zakuta says plans are to peel back the old Canadian Tire building and construct a new façade. The old structure will likely be split into more than one store.
“We’re peeling the building back, shrinking the building to create more parking. Right now, we feel there’s not enough parking on that site. By shrinking the building size, we create some depth, make it a bit more marketable, offer a better parking field and it ultimately leads to better business.’’
Plaza Retail REIT had also been in talks with Montana’s to lease a stand-alone property at its Spencer Drive location. While The Guardian was told by a source that Montana’s is still interested in Charlottetown, Zakuta said his company has moved on and is exploring other restaurant-related opportunities.
Zakuta said at least one of the retailers they’re bringing in will be open before the end of the year.
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