Before and After: Sears Rooftop

September 2011

September 2020

Community Centre and Tesla coming to Amazing Brentwood

The two opposite ends of the Brentwood Mall site have recently been discussed at the December Burnaby Council meetings.  As part of Phase 2 of the Amazing Brentwood Project, Shape Properties has forwarded its plan to construct a residential high-rise tower atop a commercial podium that will also include a new Brentwood community centre at the northwest corner of the Brentwood Mall site.

Shape Properties has also presented a letter seeking approval for the building of a Tesla showroom within the former Sears building at the eastern end of the Brentwood Mall site.

Sears closes doors for good

Sometime last week I noticed that the Sears in Brentwood finally closed down for good.  There goes the short cut to and form the roof top parking.

Time will now tell what kind of activity the 3 level space will be used for.  Rumors of T&T Supermarket have been mentioned for at least 1 of the 3 levels.  A grocery store would definitely fill a niche.  I wonder if Kin's Farm Market would make a return to Brentwood.

Shape sees Sears closure as opportunity

Shape Properties sees the closure of Sears as clearing the way and providing more options for the redevelopment of the northeast quadrant of the Brentwood redevelopment.

Speaking of opportunities, whereas Sears is permanently closing down during Brentwood's transformation, it is rumoured that the tiny Coles bookstore in Brentwood will be opening a large format Chapters/Indigo style store in the Amazing Brentwood retail area currently under construction.

Burnaby Now article below

Sears closure an ‘opportunity’

Big retail chain’s downfall will make redevelopment ‘smoother’

Cayley Dobie / Burnaby Now

OCTOBER 30, 2017 10:55 AM

There could be a silver lining to the impending closure of Sears Canada – at least for the people behind the redevelopment of Brentwood Town Centre.

Last week, Sears Canada announced it would close its remaining stores effective early in the new year. This includes the Burnaby locations at Metropolis at Metrotown and Brentwood Town Centre, which currently employ 122 and 99 people, respectively.

While the future of the Metrotown site remains unknown, there is a plan on the books for the space at Brentwood after Sears closes its doors for good, according to Shape Properties.

“The closing of Sears, while sad from one perspective – you hate to see businesses go under – I think here it becomes a positive that we can continue with the vision, and continue probably faster and smoother,” said Darren Kwiatkowski, executive vice-president, development and acquisitions.

Shape Properties owns the 28-acre site at 4515 and 4567 Lougheed Hwy., and work is currently underway on the first phase of the site’s redevelopment. Dubbed “The Amazing Brentwood,” the Brentwood Town Centre redevelopment will include the construction of more than 6,000 new homes and 1.1 million square feet of commercial space.

Work is underway right now on the first phase of the project.

The logistics of Phase 2, which includes the northwest corner of the site, are being worked out right now.

The existing Sears location and surrounding parking lot is all part of the third phase of the project.

“The plan sets out the principles. As we move forward over time, how much of the mall is demolished and rebuilt and how much is repurposed or reused, those decisions kind of get made at the time based on cost and practicality,” he said. “It’s safe to say the parts of the mall that will remain will undergo renovation and updating so that it all feels shiny and new.”

Asked if Shape has any prospects for a new tenant for the Sears space once it closes, Kwiatkowski said they don’t. In fact, the company might not even bother renting out the space, he said.

“It would be short term, if there was a tenant, but we’re studying that right now as far as what we do in the interim,” he said.

It could be that Shape will need the space for its sales centre or other existing clients currently housed in spaces in the northwest corner of the site, which would be forced out once construction on Phase 2 starts, he added.

“At the end of the day, there will be more shops, more restaurants and more jobs than were lost at the Sears, so I think it’s a boost,” Kwiatkowski said, adding the goal of the redevelopment is to create a walkable community that includes a mix of residential and commercial opportunities.

Don't fall for Sears "Liquidation" scam

Several years ago when Zellers filed for bankruptcy and began its liquidation sales, the company jacked up prices before slapping 40-70% off tags on its items.  This scam was verified by Brentwood Zellers employees themselves that were made to mark up the price tags before placing "marked down" prices on products.  Consumers are now noticing the same with the Sears "Liquidation" sale.  For example, at the Brentwood location, there are shirts with multiple price tags on them with prices starting at $149 down to $50 on a rack that has  "20%" off sign on it.  A $149 shirt?  Really?  To top it off, the same shirt was tagged at $40 a week earlier.

DON'T BE FOOLED BY THE BIG LIQUIDATION SCAM.  Do your research before following the crowd like sheep and standing in long lines to throw away your hard-earned money into a well-crafted scam.

UNIQLO makes Sears look amateur

I had an opportunity to check out the recently opened UNIQLO in Metrotown.  Not only was the 2 level space efficiently used with a variety of styles, colours and options, it was organized like any decent retailer should be.  Meanwhile, the over-sized and overpriced waste of space called Sears can't get out of the business soon enough with competition like UNIQLO entering the market. Shape Properties should be working day and night to get UNIQLO into Brentwood.

What will become of vacated Sears space?

With the recent announcement that Sears Brentwood will close down, Shape Properties is tasked with deciding what to do with the massive, 3-level retail space at the east end of Brentwood Mall.  Will the  vacated space be taken over by 3 mid-sized retailers or by 1 large retailer.  Will the old structure be torn down to give them more options on the usage of that space?  What kind(s) of retailer(s) will take up that massive space?

Being as large as it it, the lower level of the site would be ideal for a grocery store such as T&T Supermarket and the middle mall level would be a good fit for a larger chain restaurant like Denny's or Red Robin.  I personally prefer a 24 hour Denny's that would satisfy my late-night craving for a breakfast meal. The upper level might be trickier.  An office or school/educational space might be an option for such a location as it would be well serviced by the Millennium SkyTrain line.  Better yet, a large Uniqlo would be a good fit at that end of the mall.  Until that happens, the Metrotown Uniqlo location will have to suffice.

Sears Brentwood closing down

Sears Canada has announced that its Brentwood location will close down.  Whether this is a blow or a benefit to Shape Properties remains to be seen.

Retail Insider story below

Sears Canada Announces 11 Store Closures

September 30, 2017

Sears Canada has announced that it will close 11 of its stores across the country, as the company continues to fight for survival after filing for bankruptcy this summer. Several of the announced locations are in significant shopping centres, providing opportunities for redevelopment. Of the 11 announced locations, 10 are full-line Sears stores, and one is a Sears Home Store. Leases will be returned to their respective landlords. 

The company announced the store closures in a press release on the evening of Friday, September 29, also noting that the company has also entered into an agreement of purchase and sale relating to its Garden City Shopping Centre location in Winnipeg, and has entered into a lease transfer agreement relating to the small-parcel fulfillment centre in Calgary. As part of the store closures, an additional 1,200 people will lose their jobs. 

The 10 full-line Sears Canada stores announced for closure include the following: 

-Nanaimo North Town Centre, Nanaimo, BC
-Brentwood Town Centre, aka 'The Amazing Brentwood', Burnaby, BC
-Orchard Park Shopping Centre, Kelowna, BC
-CF Polo Park, Winnipeg, MB
-CF Lime Ridge, Hamilton, ON
-Oakville Place, Oakville  ON
-CF Fairview Mall, Toronto, ON
-Scarborough Town Centre, Toronto, ON
-CF Fairview Pointe-Claire, Montreal QC
-Avalon Mall, St. John's, NL

As well, a separate Sears Home Store will also close at Kelowna’s Orchard Park Mall. 

Landlords will need to identify opportunities to fill these locations, at a time when some are still struggling to tenant spaces vacated by Target in 2015 -- Target shuttered all 133 of its Canadian stores when it exited Canada after suffering considerable financial losses. Several of the malls announced above are actually very strong centres, according to Retail Council of Canada’s Shopping Centre Study (the 2017 report will be released in November). The following is a discussion of the malls where Sears is closing, including challenges and opportunities. 

Nanaimo North Town Centre, Nanaimo: The 600,000 square foot mall will lose its only major fashion anchor with this closure. Other anchors include Lowe’s, London Drugs, and a freestanding Canadian Tire store. 

Brentwood Town Centre, Burnaby: Now being overhauled and rebranded as The Amazing Brentwood, it was unclear if Sears would have remained as a tenant here regardless — the centre is being positioned as being more upscale, in partnership with LCatterton group, the private equity firm associated with French luxury conglomerate LVHM. While luxury brands will be added to the expanded centre, landlord SHAPE says that there will be retailers at a variety of price-points. 

Orchard Park Mall, Kelowna: Kelowna’s leading mall will lose one of two fashion anchors — Hudson’s Bay will continue to operate in the centre. Sears operates a fashion store and a separate Sears Home store in the mall, which is also anchored by Sport Chek and Best Buy. 

Sears seeks protection

Sears has filed for bankruptcy protection.  In doing so, Sears has officially brought urgency to Shape Properties' problem of finding a use for the giant 3-level space at the east end of Brentwood Mall in the event that Sears decides to shut down its Brentwood location.  In good news, the Brentwood location is not among the listed stores slated for closure so far.

Georgia Straight Article below

Sears Canada files for bankruptcy protection

by Charlie Smith on June 22nd, 2017 at 6:49 AM

One of Canada's major retailers is seeking shelter under the Companies' Creditors Arrangement Act to restructure its business.

Sears Canada has filed an application to the Ontario Court of Justice to deal with serious cash-flow problems.

In Metro Vancouver the company has department stores at Capilano Mall, Brentwood, Metropolis at Metrotown, Coquitlam Centre, and Willowbrook Shopping Centre.

Across the country, Sears Canada has 95 full-line department stores, 26 home stores, and 14 outlet stores, according to its 2016 annual report. It also has 69 Hometown stores and 62 Sears Travel offices.

The court filing comes less than two weeks after Sears Canada reported a $144-million quarterly loss.

The company put a bright shine on the announcement in a news release on its website.

"Sears Canada rebuilt its front and back-end technology platform, redefined its brand positioning, revamped its product assortment, and rebooted its customer experience and service standards," it stated. "The new product assortment is reflected in two pillars, The Cut @ Sears, which offers designer labels at everyday value prices, and the Sears Label, which offers premium quality and enduring styles, also at everyday value prices.  The customer experience was reinvented, both online, with a newly designed site built in-house by a new technology team, and in-store with a new format called Sears 2.0."

It also claimed that its customer service standards are "best-in-class", noting that it "launched a new store in downtown Toronto to showcase its reinvention to an entirely new audience".

"The Company's hard work to bring its vision to reality is reflected in reported growth in same store sales in its two most recently completed quarters," it added. "Sears Canada believes this indicates that the new brand positioning is starting to resonate with consumers."

Some companies that seek protection under the Companies' Creditors Arrangement Act emerge successfully, such as Air Canada. But for others, like Target Canada, filing for bankruptcy protection was one of the steps along the way to its demise.

Under the act, if the application is approved the court will appoint a monitor who is a trustee in bankruptcy. This ensures the company continues operating as it deals with creditors.

Sears' days numbered?

Sears' days may be numbered as the company recently announced that it's future is in doubt.  It's retail model has certainly seemed outdated for at least the past decade.

5 years ago, I walked into the Brentwood location to look for an exercise bike.  After browsing through the multiple exercise bikes on display, I settled on the model and type that suited me.  When I got a hold of a staff member to let them know that I would like to purchase that particular exercise bike, he brought me to the register where I made the purchase.  The staff member asked me for my telephone number, handed me the receipt and told me that they will call me when the bike arrives within  2 weeks and that I can pick it up at their warehouse downstairs. This was done without previously informing me that they don't stock such items in the store.  I was stunned that a store with such a massive footprint just took more than $350 dollars of my hard-earned money only to tell me that I must come back 2 weeks later to pick up my purchase.  Stunned, I didn't complain.  I just walked past the, "60% Off" shirts that were now priced down to $50 dollars (can buy the same shirts at full price for $15-25 elsewhere) and exited the store.  Sears has gotten so comfortable with its retail model that it has lost touch with the reality of consumers living in an economy where wages have fallen far behind the cost of consumer goods, food and housing.  The minimum wage in BC is currently $10.85/hour.  The minimum wage in 1991 was $6.00/hour when you could buy a 700 square foot 1 bedroom condo for $60, 0000.  I digress.

Enough of my experience with a dinosaur of a retailer that has existed long past its extinction date.

Now that Sears is likely to leave a massive void at the east end of Brentwood Mall within the next 1 or 2 years,  Shape Properties is now tasked with the job of deciding the future of the 3-level big-box space.  The current plan for the southeast end of the site at Beta and Lougheed is to build a grocery store beneath a residential tower just across the parking lot from the lowest Sears level.  Perhaps the vacated Sears space is best suited for a grocery store in at least the lowest of the 3 vacated levels. The other 2 levels could be used for 2 or more smaller retailers.  Perhaps a fitness gym/martial arts facility could go into part of the space.

Georgia Straight Article below

Future of Sears Canada in doubt

by Charlie Smith on June 13th, 2017 at 12:17 PM

Hundreds of employees at Metro Vancouver Sears Canada stores and thousands more across the country are on edge today following the latest bit of bad news.

The company has announced a 15 percent drop in sales in the first quarter, posting a net quarterly loss of $144.4 million.

On the upside, same-store sales rose by 2.9 percent in the first quarter.

Sears Canada has 95 full-line department stores, 26 home stores, and 14 outlet stores, according to its 2016 annual report. It also has 69 Hometown stores and 62 Sears Travel offices.

Its five Lower Mainland department stores are at Capilano Mall, Brentwood, Metropolis at Metrotown, Coquitlam Centre, and Willowbrook Shopping Centre.

It closed its Richmond Centre store more than two years ago.

Sears Canada has postponed its 2017 annual shareholders meeting, which was scheduled for Wednesday (June 14), as it tries to address its "liquidity situation".

"Based on management's current assessment, cash and forecasted cash flows from operations are not expected to be sufficient to meet obligations coming due over the next 12 months," Sears Canada stated in a news release.

It had expected to be able to borrow $175 million (before transaction fees), which would be secured by its owned and leased real estate.

However, negotiations with its lenders have resulted in only $109 million being available.

"That, and the lack of available alternative sources of liquidity (through real estate monetizations, asset sales or otherwise), which may not be available in a timely manner, mean there are material uncertainties as to the Company's ability to continue to satisfy its obligations and implement its business plan in the ordinary course," the company stated. "Accordingly, such conditions raise significant doubt as to the Company's ability to continue as a going concern."

Will struggling Sears stick around for revamped Brentwood?

With Sears seeing serious sales struggles over the past few years, the question begs; will it still be around for the revitalization of Brentwood Town Centre?  The anchor tenant, situated at the eastern end of the mall occupying the 3 floors of the old Eatons, has had a major geographic presence but low sales volumes for a long time.

The store seems to be out of touch with the retail needs of shoppers in 2014.  A quick search in Google News will result in numerous articles about Sears' struggles and about how it is currently exploring selling a majority stake of its shares after having already sold a large portion of its assets last year.

The Metrotown location will see a redevelopment initiated by Sears on the massive site that it owns and occupies there.

If it does move out of Brentwood Mall, what might we see taking up shop in the 3 level space the Sears currently occupies?  That part of the mall site is expected to have a relatively "quieter" commercial square which will likely include a supermarket.

Related articles below

Struggling Sears Canada swings to loss as revenue slides

Globe and Mail

Reuters

Published Wednesday, Aug. 20 2014, 7:23 AM EDT

Last updated Wednesday, Aug. 20 2014, 10:49 AM EDT

Struggling department store chain Sears Canada Inc reported its ninth loss in 14 quarters as sales continued to decline.

Same-store sales fell 6.8 per cent in the second quarter ended Aug. 2. 

Same-store sales at Sears’s home and hardlines business dropped 9.3 per cent.

The company blamed the slump partly on a relatively cold spring.

Total revenue fell 12 per cent to $845.8-million, said Sears Canada, whose sales have declined for six straight years.

The company, which traces its Canadian roots back to the early 1950s, has lost market share to aggressive U.S. rivals such as Wal-Mart Stores Inc and Target Corp.

It has eliminated about 3,000 positions since November, closed many stores and sold several of its most valuable leases over the past year, including one for its flagship store at Toronto Eaton Center.

Hedge fund billionaire Eddie Lampert and his Sears Holdings Corp said in May they were looking to sell their 51 per cent stake in Sears Canada.

Buyout firm Sycamore Partners was considering a bid for Sears Canada, New York Post reported this month.

Second-quarter operating loss widened to $64.2-million from $5.3-million a year ago, Sears Canada said.

The company reported a net loss of $21.3-million, or 21 cents per share, compared with a profit of $152.8-million, or $1.50 per share, a year earlier.

The year-ago quarter’s profit included a one-time pretax gain of $185.7-million.

Leader-Telegram

Sears may close more stores

Posted: Friday, August 22, 2014 12:00 am

By McClatchy-Tribune

HOFFMAN ESTATES, Ill. - Sears Holdings said Thursday its loss widened significantly in the second quarter and announced it may close additional stores on top of the 130 closures already under way this year.

Sears lost $573 million, or $5.39 per share, during the quarter that ended Aug. 2, nearly three times the loss of $194 million, or $1.83 per diluted share, during the same period last year. Adjusting for one-time items, its loss was $313 million, or $2.87 per diluted share.

It is the ninth consecutive quarter that the once-mighty retailer has reported losses as it attempts to transform itself from a traditional department store into a member-centric shopping service driven by its Shop Your Way rewards program.

Revenues also continued their eight-year tumble, down 10 percent to $8 billion for the quarter from $8.9 billion last year, largely because of the loss of Lands' End business after that company spun off from Sears earlier this year, as well as having fewer Sears and Kmart stores in operation, weak performance in Sears Canada, and a decline in sales in existing stores.

The results missed expectations on Wall Street, where analysts on average had estimated a loss of $2.63 per diluted share and revenue of $8.13 billion.

Efraim Levy, an equity analyst at S&P Capital IQ, said he was disappointed by Sears' estimates that its store closures will lead to $1 billion in sales losses and only $25 million in improved profitability.

"With all the money they are losing, you'd think they have more losses that they could get rid of by closing certain stores," said Levy, who has a strong sell opinion on Sears Holdings shares. In better news, Sears was able to reduce its pension obligations, which frees up cash.

"You won't (see) a profitable Sears on the scale that the company is currently operating. They have to slim down a lot to get back to profitability."

Sears closure in Vancouver may boost Brentwood location

Several days ago it was announced that Sears will close its Pacific Centre store in downtown Vancouver to focus on refreshing other stores.  This may come as no coincidence considering the plans to redevelop Brentwood Mall as Sears may be looking to strengthen its position here as the redevelopment begins.
Sears is closing its flagship Pacific Centre store in downtown Vancouver this year

By

James Louie Chung

 – March 2, 2012 - Posted in: Lifestyle, News

Sears is closing its flagship Pacific Centre store in downtown Vancouver, along with locations in Calgary and Ottawa.

Sears Canada is selling back the leases to the landlord, Cadillac Fairview, for $170 million. The doors will close at all three locations by October 31st.

Other Sears stores around Metro Vancouver are not affected.

In a statement, Sears says it had not planned to close the stores, but “the transaction for these three specific locations provides an attractive financial benefit for the company,” which will allow the retailer to drive growth in other areas and refresh other stores.

The closures come as Sears works to revamp its struggling Canadian operations. Last month, the company announced plans to cut about 400 jobs across the country as it closes in-store cafes. About 70 employees were laid off in Sears Canada’s head office last year.

Sears Canada shares jumped nearly five per cent on the Toronto stock market after the announcement.

Source: Canadian Press
Sears is closing its flagship Pacific Centre store in downtown Vancouver this year

Just another day in the life of a police officer

While walking through the rear parking lot of Brentwood Mall, I couldn't help but notice 9 police cars having boxed in 2 cars in the upper parking on the Sears rooftop.  According to some witnesses, the police methodically and systematically moved in on the suspects without any unfortunate incident.  The scene contributed to what was already a beautiful evening as the sun was ready to set.