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 Target Corp's hasty retreat still haunting Canadian REITs nine months later
Target Corp. is long gone from Canada, having announced its departure about nine
months ago, but the retailing giant's impact on the country's real estate market
is still being felt. A lot of questions remain about who will fill the empty
stores formerly occupied by Target, and this gap is a big reason why the
national retail occupancy rate has fallen by 1.8 percentage points year to date
(to 95.2 per cent) - its lowest level since 2002. Michael Smith, an analyst
at RBC Capital Markets, noted that the retrofitting and replacement of tenants
at these locations is causing some disruption. However, he believes the
financial impact to Canadian REITs will be manageable, since the vast majority
already have below-market rents and most have properties in good locations.
Wal-Mart, Canadian Tire and Lowe's bought a combined 36 store leases from a
total of 58 sold as part of Target's CCAA process. The remaining leases were
primarily sold to landlords such as Cadillac Fairview Corp. Ltd., Oxford
Properties Group Inc. and Ivanhoe Cambridge, which were looking to regain
control over their real estate. Morguard REIT and Cominar REIT also bought
leases for $100,000 each. Smith pointed out that 44 of the 63 Target leases that
were held by companies in his coverage universe were disclaimed. Since Target
decided not to pay rent due to landlords under its guarantees (31 of the 44
disclaimed leases had guarantees), most landlords have stopped recognizing this
revenue.
financialpost.com
Surveillance drones: the next new security tool
The Canadian Corps of Commissionaires has prided itself in being early adopters
of new security technologies. Most recently, Commissionaires Northern Alberta
Division, headquartered in Edmonton, began operating unmanned air vehicles aka
drones for surveillance work on client properties. Although this is a relatively
new security platform, Commissionaires view it as the sign of things to come.
The cost of reliable surveillance drones is decreasing, allowing for the
acquisition of platforms that are stable, robust and capable of excellent video
and photographs. Unfortunately, regulations surrounding the commercial use of
drones prohibit security providers from simply operating as amateur hobbyists
would. For this reason Commissionaires Northern Alberta Division is pursuing a
dual track. In addition to operating client-owned drones, they are acquiring
their own for research and development as well as training purposes.
canadiansecuritymag.com
Sobeys appeals rights board's decision on racial profiling
Sobeys Group Inc. is appealing a recent Nova Scotia Human Rights Commission
decision that found staff at its Upper Tantallon store racially profiled a black
woman by falsely accusing her of shoplifting. In a Sept. 28 decision, Marion
Hill, the commission's board of inquiry chairwoman, ruled that staff
discriminated against Andrella David because of her race and perceived income.
David, a black woman from Upper Hammonds Plains, went to Sobeys for some ice
cream at about 9 p.m. on May 26, 2009. While David was waiting in line to pay,
Jennie Barnhill, acting manager of the store that night, approached David in
front of other customers and accused her of being a shoplifter in the store
seven days earlier and said she had video evidence to prove it.
thechronicleherald.ca
Study: Only 20% of Canadian Retailers are investing optimally in future growth
McDonald's Canada Launches New Self-Serve Kiosks to 1,400 restaurants
SHOES.com Brings Two-Hour Delivery to Canada
Saks 5th Avenue to Open Canada's Largest Suburban Luxury Store
Vancouver: Police bust $100,000 'predatory' buy-and-sell operation for stolen
goods
Three people have been arrested and $100,000 in stolen property
seized after police busted a sophisticated buy-and-sell operation that spanned
from Vancouver to Surrey. Police said they received a tip over the summer that a
convenience store on King George Boulevard in Surrey was actually a fencing
operation - a place where stolen property is knowingly bought and resold. Goods
were being snatched from Vancouver businesses to stock the store, according to
police, and the operation was so vast investigators believe it took hundreds of
crimes per month to keep it running. Among the items seized were razors,
alcohol, perfume, cold and flu medications, and baby items.
biv.com
Police release photos of Fort Erie pharmacy robbery suspect
The Niagara Regional Police Service has release images of a suspect in a recent
robbery at a Fort Erie pharmacy. On the afternoon of Oct. 8, a lone male entered
the Mrs. O's IDA Pharmacy on Jarvis Street. The male approached the counter
brandishing a knife and demanded various types of prescription medications.
bulletnewsniagara.ca
Vancouver: 4th Smash and Grab Burglary at Vancouver drone store
For the fourth time in the past few months, thieves have targeted
a drone store in Vancouver, using increasingly devious methods. Overnight, the
suspect, or suspects, broke through the drywall of the vacant business next door
to Drones Plus. They made it directly into the store's back room and stole two
drones worth $4,000 each. Last month, would-be thieves attempted to break in by
backing vehicles into the store, but were unable to create an opening in the
doors.
globalnews.ca
Saskatoon: Suspects at large after armed robbery at convenience store
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