Quote:
Originally Posted by fotze2
I don’t get perfume. Half the store of prime real estate for that crap. I’d rather smell hot dog water or fart than your gross perfume. At least they have character. People get bitchy about vaping while people wander around with their crappy perfume or cologne. It’s a thousand times worse than vape.
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the bay signed 50 year leases at $1 to $3 per square foot, as malls needed massive anchor tenants to get funding to build the mall.
The Bay realized they could re-lease that space for $100+ per square foot to cosmetics company, and they became a landlord. It was a good business, but not enough to counter that the rest of the space was essentially non-producing.
In the UK and Japan you will see large department stores similar to the Bay that have a bunch of smaller niche branded clothing stores within their store. I assume that is a similar concept taken to clothing and that the 'department store' ends up becoming a bit like a landlord subleasing tiny chunks of their space to brands that want a more substantial presence. I thought that would be where the Bay went, potentially adding restuarants as well, but perhaps the landlords in Canada don't want the Bay to make that money.
The question is what happens iwth all the bay stores space? It took a long time to get the Sears space used, and it feels like the Bay was in every single shopping centre in canada.