TSX:REI.UN - Post by User
Post by
CANCDNon Nov 21, 2020 6:26pm
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Post# 31947785
Hudson’s Bay evicted
Hudson’s Bay evicted Morguard REIT just evicted Hudson's Bay from a prominent mall in northern Vancouver area in a well off area.
The Bay was just about to open for Black Friday week sale and the morguard changes the locks, posted eviction notice and terminated their lease.
I know we are partners with HBC at some HBC properties but as Sonshine said on BNN, HBC is paying rent to themselves during this situation.
I think Morgaurd wants to actually get the Bay out. The days of anchors like the bay bringing people to a mall are long gone. Using SPG disclosed rent numbers, I think anchors pay about as much rent as a large Gap store which is 1/10 the size.
does anyone shop at the Bay anymore?
I feel bad, but business is business and if gyms arnt paying rent, move to evict as the space set up as a gym will easily be released by a new operator (I would be very interested in leasing a GoodLife gym in TO if they became available) as it would already be set up as a high end gym.
the same applies to Cineplex, but I bet Sonshine gave them a sweetheart deal. I also heard from VERY good source that we are taking over their head office on Young Street in a leaseback.