Nordstrom to replace Sears at the Toronto Eaton Centre


As many of us expected, Nordstrom has announced that it will replace Sears at the Toronto Eaton Centre. It will open a 213,000 square foot, three-level store. Construction begins in March and the store is scheduled to open in the fall of 2016, around the same time as its Yorkdale Shopping Centre location

Although Sears will vacate the Toronto Eaton Centre space next month, it will continue to occupy approximately 460,000 square feet of office space over four floors above Nordstrom for Sears Canada's headquarters. The office space was formerly retail space. 


In total, the Toronto Eaton Centre Sears is about 816,000 square feet. Besides the square footage to be occupied by Nordstrom and Sears Canada's office space, an additional 140,000 square feet of retail space will become available for other retailers. Tenant(s) are expected to be announced in the near future. 

Despite the fact that it will be the company's Canadian flagship, the Toronto Eaton Centre Nordstrom will be its second-largest Canadian store location. Its Vancouver store will be larger at almost 230,000 square feet.


Dundas/Yonge Street, Street level (Level 3) Lease Plan: Cadillac Fairview

Sears sold its Toronto Eaton Centre lease back to landlord Cadillac Fairview in October. Sears' Canadian entry was made possible after it sold back store leases in Vancouver, Ottawa and Calgary. It subsequently sold two other leases, paving the way for a Nordstrom store at Toronto's Yorkdale Shopping Centre
“Our properties were the first to welcome Nordstrom to Canada, and we're thrilled to continue our partnership with Nordstrom in the opening of five of six of its locations in Canada,” said John Sullivan, President and Chief Executive Officer, Cadillac Fairview.
Wayne Barwise, Executive Vice President of Development at Cadillac Fairview said that over the past three years the corporation has spent $120 million in enhancements to Toronto Eaton Centre.
“This second phase of redevelopment will include an additional $400 million. We are delighted to have Nordstrom be part of this exciting venture as we continue to bring a premier urban retail shopping experience to the city,” he said in a release.

GETTING UNDER NORDSTROM: RETAILERS ARE HESITATING

Source: Cadillac Fairview

 A source tells us that Vancouver's Pacific Centre is struggling to secure tenants for its new retail space, to be located directly below Nordstrom. The 48,000 square feet of new retail will be accessed from the mall as well as by an escalator descending from Robson Street. 

Our source says that Pacific Centre's landlord, Cadillac Fairview, only wants "individual brands" as tenants, rather than national retailers. Some brands have shown interest but have yet to sign leases. We're waiting to hear who will sign, and what stores will follow. 

Proposed lease plan (space below Nordstrom). Source: Cadillac Fairview

This may eventually prove to be a good idea on the part of the landlord. Securing individual brands, rather than retailers available elsewhere, may help differentiate Pacific Centre's new retail. It appears, however, that retailers may be holding back on signing leases for the new spaces. This may partly be due to the retail being located in the basement of the mall, even though it's located below Nordstrom with Robson Street access. There might also be a "wait and see" situation emerging, where retailers are waiting to see who bites first for the basement retail space.

We think being below Vancouver's flagship Nordstrom store is a good thing, especially with escalator access to Robson Street. We've heard the names of a few brands interested including AllSaints, and we'll update you on who's moving downstairs. 

[Pacific Centre website]

HARRY ROSEN OPENING STORE AT LE CARREFOUR LAVAL

[Image Source]
Menswear retailer Harry Rosen will open a 7,800 square foot store at Le Carrefour Laval in suburban Montreal. The opening date will be some time in August. The store will be located next to a large Zara store, currently under renovation and scheduled to re-open this summer. 

This will be Harry Rosen's third store in the province of Quebec. It will be the chain's 16th Canadian store and the 17th including an outlet store in suburban Toronto. Surprisingly, Harry Rosen's two Quebec stores are in Metropolitan Montreal and the company currently has no stores in the Quebec City area. 

Floorplan (screenshot) is adapted from the Carrefour Laval website interactive floorplan

This Harry Rosen store will be smaller than many. For example, its Vancouver store is about 25,000 square feet and its  Yorkdale store will enlarge to 32,000 square feet.


Floorplan adapted from a Cadillac Fairview lease plan























Le Carrefour Laval is one of Canada's more productive shopping centres with sales of $764/square foot, according to landlord Cadillac Fairview. The mall has 274 stores and includes, impressively, an Apple Store that is almost 11,000 square feet. 

Thank you to our Montreal Retail Insider Pat Campione for being this article's source. 

Harry Rosen website: www.HarryRosen.com

Le Carrefour Laval website: http://www.carrefourlaval.ca

LA MAISON SIMONS OPENING AT OTTAWA'S RIDEAU CENTRE || SPRING 2015

[Image Source]

La Maison Simons will open a 105,000 square foot store at Ottawa's Rideau Centre in the Spring of 2015. This will be Simons' ninth store (after its Galeries d'Anjou store opens this August) and its second location outside of Quebec.

Today's announcement is surprising. In November 2012 we reported Simons was shut-out of Rideau Centre by Nordstrom.  Simons subsequently sought space in an Ottawa-area mall in Gatineau, Quebec. Despite the signed Rideau lease, Simons may still open a second Ottawa-area store, according to Simons President and CEO Peter Simons.

Negotiations between La Maison Simons and Rideau Centre landlord Cadillac Fairview commenced about five years ago. Negotiations stalled in November 2012. Renewed talks led to a signed lease agreement between Simons and Rideau Centre about two weeks ago. 

Simons' first non-Quebec store opened at West Edmonton Mall in October of 2012. That store recently won Chainstore Age's International Store of the Year award. Peter Simons says they are actively seeking space in and/or around Vancouver and Toronto as well as in other Canadian cities.

Construction is underway for an expansion of Ottawa's Rideau Centre. This week, unfortunately, part of the facade of the historical Ogilvy department store collapsed with preservation efforts. Its historical elements are to to be integrated into the mall expansion.

We will update readers with further La Maison Simons Rideau Centre store details, including store size, location, and Rideau Centre expansion renderings and floorplans. 

Thank you to our source, Retail Insider Geoffrey Hall, for providing us with the link to this article source

La Maison Simons website: www.simons.ca

Rideau Centre website: www.rideaucentre.net

Could Holt Renfrew Open at Mississauga's Square One?

[Image Source]
Holt Renfrew is in talks with Oxford Properties to open a store at Mississauga's Square One Shopping Centre. Negotiations have been ongoing for several years, according to a source at Holt Renfrew head office. This store would replace Holt Renfrew's current Sherway Gardens store. 

Negotiations with landlord Cadillac Fairview for an enlarged Holt Renfrew store at Sherway Gardens have been unsuccessful and Oxford has jumped in to lure Holt's away from Sherway into a newly renovated Square One Shopping Centre

In July 2012 we reported on Holt Renfrew's expanding its Sherway Gardens store to 102,000 square feet. It appears we may have published this information in haste, given the now-stalled negotiations. 
Floorplan: Screenshot from Square One website
The Globe & Mail reported Sunday evening on Holt's potential Square One move. The link to this Globe & Mail article can be found [here]. 

While researching for this article, we found this online petition to add Holt Renfrew to Square One. So far it only appears to have seven signatures...

We will update readers as we learn more of Holt Renfrew's possible relocation in the Western Greater Toronto Area. 

Holt Renfrew website: www.HoltRenfrew.com

Square One Shopping Centre website: www.shopsquareone.com

Sherway Gardens website: www.sherwaygardens.ca


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Substantial Shopping Mall Part of MGM/Cadillac Fairview Toronto Casino Proposal

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Today MGM Resorts and Cadillac Fairview presented plans for a new mega-complex at Toronto's Exhibition Place. Plans include a 'best-in-class' shopping centre that will be between 750,000 and one million square feet. 
Image adapted from Google Maps

















News sources (Globe & Mail, Toronto Star etc) have quoted this as being 'half the size of the Toronto Eaton Centre'. This may be true, but readers should keep in mind that the Toronto Eaton Centre's 1,566,093 square foot premises includes three anchors: an 816,070 square foot Sears store, a 34,356 square foot Best Buy and an 85,580 square foot Canadian Tire store. That leaves only 514,253 square feet of retail for the rest of the Toronto Eaton Centre. Excluding possible anchors, the proposed MGM/Cadillac Fairview shopping mall could therefore include more non-anchor mall space than the Toronto Eaton Centre. 
[Image Source]
The entire MGM/Cadillac Fairview proposal would cost roughly $3 billion and would also include the following: 

-A 240,000 square foot MGM casino facility,
-A 15-20 floor 1,200 room 'luxury' hotel,
-A 900 seat permanent Cirque du Soleil performance space,
-A massive parking facility,
-A 'Canadian Music Hall of Fame' and
-Expanded convention space
Three proposed Downtown Toronto Malls. Image adapted from Google Maps
Toronto's central area has seen several shopping centre proposals in recent months. In October 2012 we reported on the proposed retail mall which would be part of Oxford Place, a massive development located near Toronto's CN Tower. In November 2012 we reported on a proposed shopping complex on the site of Toronto's current Globe & Mail headquarters. This MGM/Cadillac Fairview project would be the third substantial shopping centre announcement for Toronto's central area in only half a year. We question which of these (if any) will actually be built. 
A renovated Stanley Barracks would be part of this proposal. [Image Source]
Toronto City Council is expected to vote on proposed casino projects in April. We'll keep you informed of these projects including their proposed retail components. 

Toronto Eaton Centre information source: http://www.cfretail.com/EN/PropertySearch/Pages/TorontoEatonCentre.aspx

MGM/Cadillac Fairview project proposal website: http://mgmcf.com


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Stunning Oxford Place Renders

Corner of John & Front Streets. [Image Source]
Oxford Properties has provided several optimistic renderings of its proposed Oxford Place in Downtown Toronto.  The development may be contingent on the project securing a casino component. After yesterday's announcement that Cadillac Fairview has partnered with MGM Resorts for a Greater Toronto Area casino, Oxford Place's development may be downscaled. We cannot confirm anything yet so we are instead posting these stunning renders of a project that we hope is built.
Front Street, looking south towards Lake Ontario. [Image Source]
We previously reported that Oxford Place could include a 1million square foot retail component, housing such department stores as La Maison Simons and Nordstrom. Again we have no updates at this time, given the preliminary nature of this proposal.

Toronto City Counsel votes on the future of city casino proposals in April. Retail Insider will be watching closely to see if Oxford Place will become a reality one way or another. 
Rendering of the proposed retail component. [Image Source]
Thank you to 'toforumer' at urbantoronto.ca for posting these fabulous photos, extracted from the .pdf provided by Oxford Properties, link below. 


Oxford Properties website: www.oxfordproperties.com


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Will Nordstrom and Simons Open at Winnipeg's Polo Park?

Image: http://www.wattintl.com
Nordstrom and La Maison Simons could open at Winnipeg's Polo Park Shopping Centre. A Winnipeg-based retail insider (who is a commercial real estate broker) informs us that Polo Park landlord Cadillac Fairview, along with Winnipeg-based real estate company Shindico, are finalizing a deal to purchase real estate formerly occupied by a sports stadium North of the mall to build a multi-use commercial project including a two-level, 170,000 sq ft Target store.

This would free-up the current 97,200 square foot Zellers space, the right size for a Simons store. Our insider also says Cadillac Fairview wants to buy-out Sears' 260,000 square foot lease at the South-End of Polo Park for redevelopment. Nordstrom could possibly take 120,000-140,000 square feet of the Sears space, while the rest would be redeveloped to house new retailers including, among others, Winnipeg's first H&M store.
Floorplan: Cadillac Fairview. 
Winnipeg currently lacks an upscale large-format/department store. Holt Renfrew once had a smaller store in Downtown Winnipeg (roughly 20,000 square feet) which has since replaced with a tiny Holt Renfrew boutique carrying some cosmetics and a few accessories.

Polo Park once had a Nordstrom-esq retailer called Bretton's, partially located in the current Zellers space (see floorplan below - click on it to expand so it's readable).
Image: Winnipeg Skyscraper Forum, trebor204. Floorplan from 1986. Also Notice Eaton's where Hudson's Bay is now located.
We're excited to be reporting on a potential retail boom in Winnipeg. We're expanding Retail Insider's coverage across Canada. If you've got any retail insider information in your Canadian community, please feel free to email us: insider@retail-insider.com 

Polo Park Mall website: www.polopark.ca

Nordstrom website: www.nordstrom.com

La Maison Simons website: www.simons.ca


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La Maison Simons in Talks to Open in Suburban Ottawa After Rideau Centre Deal Falls Through

Image: http://www.image-architectural-illustration.com
La Maison Simons is in talks with Oxford Properties to open a new store at Les Promenades Gatineau in Gatineau, Quebec. This mall is in suburban Ottawa. Discussions are only preliminiary and a source tells us Simons wants space between 80,000 and 100,000 square feet.

Simons originally planned to open at Cadillac Fairview's Rideau Centre. Talks broke down after Nordstrom secured Rideau Centre space. Peter Simons, President and CEO of La Maison Simons, expressed disappointment that the deal fell through after five yeears of planning, negotiation and design of a Simons planned for an eastward Rideau Centre expansion.

Negotiations for a Simons store at Ottawa's St. Laurent Shopping Centre have also been unsuccesful. Landlord Morguard Investments was unable to release a non-competition clause from a large-format retail competitor, thus impeding Simon's possible St. Laurent tenancy.

Les Promenades Gatineau/Oxford Properties will be announcing a major mall expansion that will include a food-court relocation, the elimination of government offices on-site, and a substantial retail expansion that will include at least one new anchor store.

Our Toronto-based retail analyst speculates that La Maison Simons will try to secure a second Ottawa-area store after securing space in Gatineau. We will continue to keep you updated on La Maison Simon's exciting Canada-wide expansion plans.

La Maison Simons website:www.simons.ca



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Top Canadian Malls Court Top International Tenants

Mall of the Emirates, Dubai. Image: F+A Architects
Today we spoke with a real estate broker who gave us the lowdown on what retailers are looking to expand stores across Canada, and what retailers top malls want. Top malls continue to develop and evolve under such landlords as Cadillac Fairview, Oxford and Ivanhoe Cambridge.

Some retailers looking for Canada-wide expansion include (in no particular order):

-Kate Spade
-Burberry
-Tiffany & Co.
-Scotch & Soda
-Thomas Sabo
-Free People
-7 For All Mankind
-Ann Taylor
-Ted Baker
-Microsoft
-Apple (duh)
-Armani Exchange
-Scotch & Soda
-Kiehl's
-Little Burgundy
-J. Crew
-Wilfred (by Aritzia - we had to look that up)
-Tory Burch
-Tumi
-Massimo Dutti 
-Henri Bendel
And others... this list was getting a bit long. 

These retailers only want space in the 'best' malls. Best malls include such centres as Chinook Centre in Calgary, Vancouver's Pacific Centre and (after renovations) Oakridge Centre, Toronto's Eaton Centre, Yorkdale and Sherway Gardens, Winnipeg's Polo Park, and a few others. Expect massive mall renovations/expansions with plenty of new tenants at these and other A-level malls. 

Which leads us to another question: What will happen to the 'lesser' Canadian malls with a future of online shopping and increased international travel? Retail Darwinism might mean that only a few 'supermalls' survive. 
Robinson Mall, Manila. Image: Travel-cities.com

Next week we will go more in-depth, exploring Canada's top malls and why only the 'fittest' will survive while others may fail and ultimately be re-developed. 


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More Details on the $350million Sherway Gardens Expansion

Rendering of Sherway Gardens Expansion. Image: Cadillac Fairview

We are re-posting details of the Sherway Gardens mall expansion in Toronto. Yesterday we noted that this announcement would happen today, and will be a major project in a total $1.6billion to be spent by Cadillac Fairview in the next 3-5 years to update and expand its retail real estate holdings. 
TORONTO, ONTARIO -- (Marketwire) -- 10/23/12 -- The Cadillac Fairview Corporation Limited is pleased to announce today a $350 million revitalization and expansion of Sherway Gardens, an investment that will reinforce the 41-year-old shopping centre's position as west-end Toronto's most popular retail destination.
The redevelopment will provide for an additional 210,000 square feet of retail space and a remerchandising of 90,000 square feet of existing space. The project is scheduled to begin in January 2013 and will take approximately 45 months to complete.
"Sherway Gardens is one of our best-performing shopping centres, and this revitalization will amplify everything that has made it such a favourite with shoppers," said Clive Baxter, Cadillac Fairview's Senior Vice President, Ontario Portfolio. "By making room for new best-in-class retailers and enhancing our overall shopping and dining environments, we are extending the mall's appeal to the increasingly affluent, discerning shopper that Sherway Gardens attracts."
The full renovation will include new flooring, new ceilings throughout common areas, new lighting and a new set of public washrooms. A new three-level parkade will provide customers with 1,200 parking spaces in close proximity to the mall. In addition, the expansion will allow for a significant change to the merchandise mix, increasing the retail area to 1.3 million square feet, including the GTA's first Nordstrom store and four new full-service restaurants.
"Food is going to play a much more important role, helping to establish and extend the Sherway Gardens experience as an attractive dining destination, day or night," said Andy Traynor, General Manager, Sherway Gardens. "We are making room for four new full-service restaurants, while literally elevating the prominence of our food court," he said, referring to its relocation within the mall.
JOEY and P.F. Chang's are among the new restaurant brands that will open in Sherway Gardens. The mall transformation will also encompass the expansion of both Harry Rosen and Sporting Life, and is designed to continue to attract popular brands, with the recent opening of Tiffany & Co., and Forever 21 slated to open in November.
About Cadillac Fairview
The Cadillac Fairview Corporation Limited is one of North America's largest investors, owners and managers of commercial real estate. For more than 50 years Cadillac Fairview has been leading the way in commercial real estate with innovative design, development and management.
Cadillac Fairview focuses on developing and managing high quality office properties and regional shopping centres in Canada and the United States, as well as international investments in real estate companies and investment funds. With a portfolio valued at more than $20 billion, Cadillac Fairview and its affiliates own and manage nearly 47 million square feet of leasable space at 83 properties across North America, including some of Canada's landmark developments, such as Toronto-Dominion Centre, Toronto Eaton Centre, Pacific Centre and Chinook Centre.
Contacts:
Media contact: MAVERICK Public Relations
Kelly Olive
(416) 640-5525 x230
kellyo@maverickpr.com
Sherway Gardens website: http://www.sherwaygardens.ca

Cadillac Fairview website: www.cadillacfairview.com


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$350million Expansion/Renovation for Toronto's Sherway Gardens

Image: Sherway Gardens (Cadillac Fairview)
Tomorrow morning (Tuesday, October 23rd) Cadillac Fairview will announce a $350million expansion and renovation of its Sherway Gardens mall in West Toronto. We previously reported on this renovation/expansion, which will include a vastly expanded Holt Renfrew store, new Harry Rosen and Sporting Life Stores, and boutiques for Louis Vuitton, Burberry, Kate Spade and others. 

We don't have much else to report on this expansion except we appear to have beat Cadillac Fairview's announcement by a few weeks. We'll continue to update you on commercial real estate news from retail insiders. 

Sherway Gardens website: http://www.sherwaygardens.ca

Cadillac Fairview website: www.cadillacfairview.com


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Nordstrom Continues Canadian Location Search For Six-to-Nine Stores

Nordstrom is working with Cadillac Fairview to secure a total of between six and nine Canadian locations. As we previously reported, Nordstrom will open four Canadian stores in conjunction with Cadillac Fairview in Vancouver, Calgary, Ottawa and Toronto. A second-wave of searching and negotiating for further Canadian Nordstroms is now underway.

Cadillac Fairview has several top-performing Canadian malls and importantly, many include Sears stores. Nordstrom has the opportunity to open several more Canadian stores via Sears' leases. We'll give a quick rundown of some potential locations...

1) Fairview Mall in Toronto: Cadillac Fairview's Fairview Mall in Toronto includes a 149,552 sq ft Sears store. The mall is one of the most productive in Canada with a sales of $829/sq ft (as of September 27 2012), and Sears is well-positioned as per the floorplan below:
Fairview Mall Floorplan: Cadillac Fairview
A Fairview Mall Nordstrom could coincide with a mall expansion to make it more competitive with Yorkdale Shopping Centre.

2) Toronto Eaton Centre: Sears Canada currently occupies over 800,000 sq ft of space at The Toronto Eaton Centre. Nordstrom would like somewhere between 225,000 sq ft and 270,000 sq ft of retail in this space. If the deal goes through, some Sears space may be converted to Nordstrom's Canadian headquarters, or office space may be leased in an adjacent office tower.

3) Polo Park Shopping Centre in Winnipeg: This mall achieves sales of $753/sq ft and has a 263,243 sq ft Sears store. If converted to Nordstrom, some space would become multi-tenant retail while the rest would be Nordstrom (about 130-160,000 sq ft). Floorplan:
Polo Park Shopping Centre: Cadillac Fairview
4) Richmond Centre, Richmond BC: This suburban Vancouver shopping centre has seen numerous popular retailers introduced, with considerable success. The mall includes a 122,021 sq ft Sears location that could be converted to Nordstrom. Floorplan: 

Richmond Centre: Cadillac Fairview
Several non-Cadillac-Fairview mall locations are also being considered by Nordstrom, including:

-Metrotown Centre in surburban Vancouver, BC (in either a current Sears location or a new-build)
-Southgate Shopping Centre in Edmonton, AB (possibly in a current Sears location)
-West Edmonton Mall in Edmonton, AB (possibly in a current Sears location or a new-build)
-Yorkdale Shopping Centre (possibly in a current Sears location or part of another proposed mall expansion)

As always, we'll keep you updated. Nordstrom is also seeking locations for its discount retail format, Nordstrom Rack.

Nordstrom website: www.nordstrom.com

Cadillac Fairview website: www.cadillacfairview.com


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Pacific Centre Nordstrom Expansion Floorplans Revealed

Pacific Centre Lease Plan: 48K expansion below Nordstrom. Image: www.725Granville.com - Cadillac Fairview
Today Cadillac Fairview revealed the floorplan for the retail level located directly below the new Nordstrom store. The retail will be one level and will keep with the aesthetic of the rest of the Pacific Centre mall level. Escalators from the mall will rise to the corner of Granville and Robson Streets as per the floorplan above...

Image: www.725Granville.com - Cadillac Fairview
Don'e expect an exciting looking mall-level retail expansion. It appears the ceilings will be as low as in the rest of the mall, and it doesn't appear there will be any sort of skylight to Nordstrom/the office building above.

Robson/Granville rendering. Nordstrom's entrance will be 725 Granville Street, and a Pacific Centre's mall entrance will be directly on the corner, accessible via escalators from the street
The new mall retail will be about 48,000 square feet. The office building above Nordstrom will be accessible via an entrance off West Georgia Street. If you are interested, office floorplate floorplans for this project are also online. The address for this new project will be 725 Granville Street, and this is its website: http://www.725granville.com.
The offices over Nordstrom have their own entrance lobby on the Granville/Georgia Plaza. Image: www.725Granville.com - Cadillac Fairview

Nordstrom website: www.nordstrom.com

Cadillac Fairview website: www.cadillacfairview.com

Nordstrom Expansion Project website: www.725Granville.com


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Nordstrom's Canadian Headquarters will be in Toronto

Looking up Dundas St. W from Yonge Street in Toronto. 
We have received confirmation that Nordstrom's Canadian headquarters will be located in Toronto. Nordstrom and Cadillac Fairview are working out an office tenancy agreement in an office tower connected to the Toronto Eaton Centre.

***Update*** Feburary 1, 2013. Retail Insider cannot confirm at this time if any deals have been reached for Toronto office space for Nordstrom (we received a request for information from a reader).

We initially speculated that Nordstrom's Canadian headquarters would be located above its 228,000 sq ft Vancouver, BC location. Instead, the 280,000 sq ft of office space will be leased externally.

Nordstrom website: www.nordstrom.com


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