London’s CF Masonville Place will see a $28.6 million redevelopment of its former Target retail space, which has been vacant since the U.S. retailer exited Canada in the spring of 2015. Construction is underway on the new retail spaces, with openings expected for the summer of 2017. The announcement marks completion of the shopping centre's $106 million redevelopment program, which includes a recently unveiled $77 million redevelopment and expansion.
Two new retailers will locate in the former Target space — TJX Companies-owned off price retailers Marshalls and HomeSense — along with Cineplex-owned entertainment centre The Rec Room, which we reported on today in a separate article.
"We are thrilled to partner with Cineplex and TJX to officially complete our cumulative $106 million investment in CF Masonville Place," said Finley McEwen, Senior Vice President, Development at Cadillac Fairview. "Our goal is to provide our guests with a vibrant destination that offers the best shopping, dining and entertainment in the region, and these partnerships reflect our commitment.”
Many of the Target spaces in Canada’s 'stronger' malls have secured tenants since the retailer exited Canada in the spring of 2015, though a number still remain vacant. Landlords continue to seek out tenants that include both retail and non-retail, including fitness centres and entertainment venues such as The Rec Room.
CF Masonville's redevelopment began in 2015, marking the first major renovation and expansion the shopping centre has seen since opening in 1985. Interiors have been renovated, adding porcelain floor tile and wall finishes, as well as new glass and stainless steel handrails throughout the shopping centre. Over the past 12 months, the centre welcomed 13 new retailers and services including London's first ZARA, H&M, Hot Topic, NYX Cosmetics, Michael Kors, Browns Shoes, Lindt, Saje, Lush, Ivivva, Kiehl's, Sephora, Freshii, the Disney Store, as well as Sport Chek/Atmosphere (opening early 2017). New restaurants include The Keg Steakhouse + Bar (opening early 2017), aroma espresso bar and Nando’s.
The centre boasts sales in excess of $900 per square foot, making it one of Canada’s most productive shopping centres. The Retail Council of Canada has just released a study ranking Canada’s top malls by metrics including sales per square foot, which we’ll be discussing further in a separate article this month.