The Target sites at Market Mall and Chinook Centre — both of which are owned by Cadillac Fairview — are empty, although an announcement may be forthcoming. Michael Kehoe of Fairfield Commercial Real Estate in Calgary said filling the stores across Canada that were vacated all at once due to the failure of Target Canada was always going to be difficult for landlords.
Having that many large-format retail real estate spaces come on the market at one time is unprecedented in Canada, he said. While desirable locations like Market Mall and Chinook Centre are always attractive to prospective tenants, less high-profile locations are likely to sit on the market for a longer time.
Not everyone agrees the economy is playing a role in keeping former Target sites shuttered, however. Target Canada filed for bankruptcy in January , less than two years after entering the market. It had closed all of its stores by April 12, , leaving more than 17, layoffs Canada-wide and 2, layoffs in Alberta in its wake.
In March , after months of wrangling in the courts, the company announced it had reached a settlement with its creditors and former landlords. Creditors are expected to vote on the proposal on May Air Date: November 12, Many are taking over the retail space vacated by Zellers.
Three Target stores will open in Calgary on Tuesday, May 7, Related Links Target Canada. If you have trouble reading the characters in the picture, click it to see a new one. Guidelines Preference is given to commenters who use real names. Stay on topic and be concise. Stimulate debate. Offer new information. What not to do: We will not publish comments that are profane, libelous, racist, or engage in personal attacks.
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