New Horizons Mall open... and empty

[Hemi-Cuda]

Originally Posted by boogerz

It was supposed to be Calgary's version of Pacific Mall and Aberdeen Mall, which would have probably worked if they didn't $&%# it up with that stupid ownership model

Location screwed it up more than the ownership model did. For that kind of mall it needs to be driven by foot traffic in a dense urban area, no one is going to get in their car and go out of their way to browse random knick knacks

[Shazam]

It's not like Pacific Mall opened up the first day packed full of vendors. It took almost 10 years.

[Locke]

Originally Posted by Hemi-Cuda

Location screwed it up more than the ownership model did. For that kind of mall it needs to be driven by foot traffic in a dense urban area, no one is going to get in their car and go out of their way to browse random knick knacks

I disagree, the ownership model was inherently flawed. It was entirely people speculating on increasing real estate values before the venue had any opportunity to actually generate any value whatsoever and without an inherent anchor tenant.

[ken0042]

They also should have included a clause where there was a penalty for not having a store open. I know when I worked retail in the 90s we had a penalty from the mall if we were not open on time. Due to my manager often being late, I was given a key.

At least this way current owners would have an incentive to offer cheap leases just to have a store open.

[bizaro86]

Originally Posted by ken0042

They also should have included a clause where there was a penalty for not having a store open. I know when I worked retail in the 90s we had a penalty from the mall if we were not open on time. Due to my manager often being late, I was given a key.

At least this way current owners would have an incentive to offer cheap leases just to have a store open.

This would be a huge help. While it would tank lease rates for everyone initially, having the mall full would at least make it a potentially viable operation

[Calgary14]

They're turning it into a ghost mall now.


https://dailyhive.com/calgary/new-ho...nd-parking-lot

[Aleks]

Originally Posted by Calgary14

They're turning it into a ghost mall now.


https://dailyhive.com/calgary/new-ho...nd-parking-lot

I was in there only a few weeks ago, and I'm not sure I'd say "many more stores open" is very accurate.

[tvp2003]

Originally Posted by tvp2003

Over/Under on when this mall might hit 50% of the stores open for business? I’ll say two years but I wonder if enough investors will have dumped their units by then...

Stumbled across this article: https://calgary.ctvnews.ca/sky-castl...mall-1.4829881

Third anchor tenant is signed up; it looks like it will cross the 50% occupancy threshold (in terms of square footage) once they open this fall:

The New Horizon Mall just north of Calgary says it will finally exceed 50 per cent tenant occupation nearly two years after opening thanks to the addition of a family entertainment centre called Sky Castle.

Interestingly, it looks like "New Horizon Mall Inc" owns 30% of the space in the mall, with 86% leased out:

New Horizon Mall Inc. owns 30 per cent of the retail space at the marketplace and now has 86 per cent of its space leased with another seven per cent that is currently under negotiations for additional retail usage. With three anchor tenants secured and more than 100 stores open, approximately 110,100 square feet, 53 per cent, is now leased.

[The Yen Man]

I hope the mall eventually does well. As much as people were predicting it to fail, it's still sad to see the decline of B&M retail. I'm hoping they can offer a different alternative shopping experience than what a traditional mall like Cross Iron does, and for some unique opportunities for mom and pop shops to survive and thrive in. It's sad seeing the giants like Amazon and Walmart destroying all the local businesses.

[Sliver]

Originally Posted by The Yen Man

I hope the mall eventually does well. As much as people were predicting it to fail, it's still sad to see the decline of B&M retail. I'm hoping they can offer a different alternative shopping experience than what a traditional mall like Cross Iron does, and for some unique opportunities for mom and pop shops to survive and thrive in. It's sad seeing the giants like Amazon and Walmart destroying all the local businesses.

It's not Amazon and Walmart destroying local businesses; it's us/consumers.

I have a B&M store. People will stand at my counter with Amazon up on their phone shoving an Amazon price under my nose with a "gotcha, you rip-off artist!" attitude. And I'm like, yeah, they're cheaper, but I'm here right now open for you to get that thing you need right now. I have to pay rent, overhead, I had to put up the cash to stock this item you now want that is here ready for you, etc. If you buy from me, I'll take that money and go out for dinner with my family at the restaurant your cousin owns in Calgary, or pay my share of municipal taxes that fund the fire department that'll put out your house fire. They don't care. People want the cheapest thing and DGAF about the bigger picture. I'm guilty of it, too, but I have landed on its all of our fault. I think people should own the guilt and not let themselves off the hook by blaming Amazon or Walmart.

[Mass_nerder]

Originally Posted by The Yen Man

I hope the mall eventually does well. As much as people were predicting it to fail, it's still sad to see the decline of B&M retail. I'm hoping they can offer a different alternative shopping experience than what a traditional mall like Cross Iron does, and for some unique opportunities for mom and pop shops to survive and thrive in. It's sad seeing the giants like Amazon and Walmart destroying all the local businesses.

Sure, online retailers have had some hand in why this mall hasn't been successful, but I think real estate speculation has done just as much (or more) damage. When the mall opened, the lease rates where absurd.
I'm sure they've dropped, and that's why we're finally seeing tenants coming in.

[Table 5]

One thing to keep in mind is that e-commerce only makes up about 10-12% of our purchases. Obviously that’s growing, but there is still plenty of use for brick and mortar.

[The Yen Man]

Originally Posted by Sliver

It's not Amazon and Walmart destroying local businesses; it's us/consumers.

I have a B&M store. People will stand at my counter with Amazon up on their phone shoving an Amazon price under my nose with a "gotcha, you rip-off artist!" attitude. And I'm like, yeah, they're cheaper, but I'm here right now open for you to get that thing you need right now. I have to pay rent, overhead, I had to put up the cash to stock this item you now want that is here ready for you, etc. If you buy from me, I'll take that money and go out for dinner with my family at the restaurant your cousin owns in Calgary, or pay my share of municipal taxes that fund the fire department that'll put out your house fire. They don't care. People want the cheapest thing and DGAF about the bigger picture. I'm guilty of it, too, but I have landed on its all of our fault. I think people should own the guilt and not let themselves off the hook by blaming Amazon or Walmart.

That's true, I'm guilty of it too. Amazon has made a lot of things more accessible to the consumer at the expense of local businesses.

[Tyler]

Amazon Subscribe and Save single-handedly lead me to cancel my Costco membership

[spetch]

Originally Posted by Sliver

It's not Amazon and Walmart destroying local businesses; it's us/consumers.

I have a B&M store. People will stand at my counter with Amazon up on their phone shoving an Amazon price under my nose with a "gotcha, you rip-off artist!" attitude. And I'm like, yeah, they're cheaper, but I'm here right now open for you to get that thing you need right now. I have to pay rent, overhead, I had to put up the cash to stock this item you now want that is here ready for you, etc. If you buy from me, I'll take that money and go out for dinner with my family at the restaurant your cousin owns in Calgary, or pay my share of municipal taxes that fund the fire department that'll put out your house fire. They don't care. People want the cheapest thing and DGAF about the bigger picture. I'm guilty of it, too, but I have landed on its all of our fault. I think people should own the guilt and not let themselves off the hook by blaming Amazon or Walmart.

Very rarely do I agree with Sliver, but must quote for the truth. Also what to add to that same person who waved amazon in your face, will also be upset when they come in the next week looking for donations and you have to tell them unfortunately you cannot due to budget constraints.

[mikephoen]

If this place is still mostly empty it might make a good emergency COVID-19 hospital.

[CaptainCrunch]

Protester prison.


Instead of walkin the yard, they can walk the food court.

[jayswin]

Originally Posted by Tyler

Amazon Subscribe and Save single-handedly lead me to cancel my Costco membership

What do you get out of cancelling your costco membership? Is there an incentive there? That would seem weird on their part.

[Calgary14]

Originally Posted by jayswin

What do you get out of cancelling your costco membership? Is there an incentive there? That would seem weird on their part.

Other than a full refund on your membership fee, not much

[Locke]

Originally Posted by mikephoen

If this place is still mostly empty it might make a good emergency COVID-19 hospital.

Or coat the interior in plastic and it could serve as a Meat Processing Plant.