Cloverdale Mall, Bentall Kennedy considering retail options in wake of Target closures

News Jan 19, 2015 by Lisa Rainford Bloor West Villager

Cloverdale Mall general manager Lisa Peatt never anticipated Target Canada’s announcement that the corporation is leaving the Canadian market.

Last Thursday, she said she awoke surprised to hear the news.

“Our Cloverdale Target was a great store,” Peatt said as the news was still sinking in the following day.

As it was still so fresh, Peatt said she couldn’t offer any specific details, apart from the fact that all parties involved are getting together to discuss what needs to be done.

“Everyone’s at the drawing board,” she said. “We had the best Target in the GTA in terms of volume of sales. Cloverdale is such a great centre.”

The main focus right now for Cloverdale is to provide “the best possible retail experience” to the community, its tenants, retailers and stakeholders, Peatt said.

Bentall Kennedy, the real estate investment and services firm, which includes Target among its retail tenants revealed its disappointment about Target’s planned departure from the Canadian market.

“On behalf of our clients, we have begun work immediately to understand the implications of Target’s news for the properties we manage, and beyond our own business considerations we recognize the impact of this announcement on individuals and families across the country,” Andy Clydesdale, president and chief operating officer of retail services, said in a statement. “We remain committed to delivering the best possible retail experience in all of the communities we serve and we will manage the coming transitions in the most appropriate way for each property affected by the Target announcement.”

At The Stockyards Mall at Keele Street and St. Clair Avenue Monday, Jan. 19, shoppers Irene McConney and her friend Diane Dunn were picking up some items. Both revealed their sadness for the loss of their local Target.

“My husband used to work at Target. We’d come here all the time,” said McConney of her family of three children. “I’m sad.”

Both women agreed Target was a great alternative to other big box stores. “I’d rather come here,” Dunn said. “It’s cleaner; brighter. The staff here are incredibly helpful.”

The move to shut down operations in Canada will impact as many as 17,600 employees across the country who work in its 133 stores – five of which are in Toronto. Four more stores were set to open.

“After a thorough review of our Canadian performance and careful consideration of the implications of all options, we were unable to find a realistic scenario that would get Target Canada to profitability until at least 2021,” said Brian Cornell, Target Corporation chairman and CEO. “Personally, this was a very difficult decision, but it was the right decision for our company. With the full support of Target Corporation’s Board of Directors, we have determined that it is in the best interest of our business and our shareholders to exit the Canadian market and focus on driving growth and building further momentum in our U.S. business.”

Cloverdale Mall, Bentall Kennedy considering retail options in wake of Target closures

News Jan 19, 2015 by Lisa Rainford Bloor West Villager

Cloverdale Mall general manager Lisa Peatt never anticipated Target Canada’s announcement that the corporation is leaving the Canadian market.

Last Thursday, she said she awoke surprised to hear the news.

“Our Cloverdale Target was a great store,” Peatt said as the news was still sinking in the following day.

As it was still so fresh, Peatt said she couldn’t offer any specific details, apart from the fact that all parties involved are getting together to discuss what needs to be done.

“Everyone’s at the drawing board,” she said. “We had the best Target in the GTA in terms of volume of sales. Cloverdale is such a great centre.”

The main focus right now for Cloverdale is to provide “the best possible retail experience” to the community, its tenants, retailers and stakeholders, Peatt said.

Bentall Kennedy, the real estate investment and services firm, which includes Target among its retail tenants revealed its disappointment about Target’s planned departure from the Canadian market.

“On behalf of our clients, we have begun work immediately to understand the implications of Target’s news for the properties we manage, and beyond our own business considerations we recognize the impact of this announcement on individuals and families across the country,” Andy Clydesdale, president and chief operating officer of retail services, said in a statement. “We remain committed to delivering the best possible retail experience in all of the communities we serve and we will manage the coming transitions in the most appropriate way for each property affected by the Target announcement.”

At The Stockyards Mall at Keele Street and St. Clair Avenue Monday, Jan. 19, shoppers Irene McConney and her friend Diane Dunn were picking up some items. Both revealed their sadness for the loss of their local Target.

“My husband used to work at Target. We’d come here all the time,” said McConney of her family of three children. “I’m sad.”

Both women agreed Target was a great alternative to other big box stores. “I’d rather come here,” Dunn said. “It’s cleaner; brighter. The staff here are incredibly helpful.”

The move to shut down operations in Canada will impact as many as 17,600 employees across the country who work in its 133 stores – five of which are in Toronto. Four more stores were set to open.

“After a thorough review of our Canadian performance and careful consideration of the implications of all options, we were unable to find a realistic scenario that would get Target Canada to profitability until at least 2021,” said Brian Cornell, Target Corporation chairman and CEO. “Personally, this was a very difficult decision, but it was the right decision for our company. With the full support of Target Corporation’s Board of Directors, we have determined that it is in the best interest of our business and our shareholders to exit the Canadian market and focus on driving growth and building further momentum in our U.S. business.”

Cloverdale Mall, Bentall Kennedy considering retail options in wake of Target closures

News Jan 19, 2015 by Lisa Rainford Bloor West Villager

Cloverdale Mall general manager Lisa Peatt never anticipated Target Canada’s announcement that the corporation is leaving the Canadian market.

Last Thursday, she said she awoke surprised to hear the news.

“Our Cloverdale Target was a great store,” Peatt said as the news was still sinking in the following day.

As it was still so fresh, Peatt said she couldn’t offer any specific details, apart from the fact that all parties involved are getting together to discuss what needs to be done.

“Everyone’s at the drawing board,” she said. “We had the best Target in the GTA in terms of volume of sales. Cloverdale is such a great centre.”

The main focus right now for Cloverdale is to provide “the best possible retail experience” to the community, its tenants, retailers and stakeholders, Peatt said.

Bentall Kennedy, the real estate investment and services firm, which includes Target among its retail tenants revealed its disappointment about Target’s planned departure from the Canadian market.

“On behalf of our clients, we have begun work immediately to understand the implications of Target’s news for the properties we manage, and beyond our own business considerations we recognize the impact of this announcement on individuals and families across the country,” Andy Clydesdale, president and chief operating officer of retail services, said in a statement. “We remain committed to delivering the best possible retail experience in all of the communities we serve and we will manage the coming transitions in the most appropriate way for each property affected by the Target announcement.”

At The Stockyards Mall at Keele Street and St. Clair Avenue Monday, Jan. 19, shoppers Irene McConney and her friend Diane Dunn were picking up some items. Both revealed their sadness for the loss of their local Target.

“My husband used to work at Target. We’d come here all the time,” said McConney of her family of three children. “I’m sad.”

Both women agreed Target was a great alternative to other big box stores. “I’d rather come here,” Dunn said. “It’s cleaner; brighter. The staff here are incredibly helpful.”

The move to shut down operations in Canada will impact as many as 17,600 employees across the country who work in its 133 stores – five of which are in Toronto. Four more stores were set to open.

“After a thorough review of our Canadian performance and careful consideration of the implications of all options, we were unable to find a realistic scenario that would get Target Canada to profitability until at least 2021,” said Brian Cornell, Target Corporation chairman and CEO. “Personally, this was a very difficult decision, but it was the right decision for our company. With the full support of Target Corporation’s Board of Directors, we have determined that it is in the best interest of our business and our shareholders to exit the Canadian market and focus on driving growth and building further momentum in our U.S. business.”