Since Hudson’s Bay shut down in June amid financial ruin, there’s been little progress on figuring out what will become of all those empty stores. The future of Calgary’s downtown location is especially uncertain, without anyone stepping up to cover maintenance costs for the aging building, according to the Calgary Downtown Association (CDA). “How do we look at this amount of retail space and meet the current demands with our focus on intensification? We want more people living downtown. What are the amenities that are needed in a building like this that should be repurposed?” said Mark Garner, CDA executive director. Garner says he’s worried the building will need costly repairs as it sits empty. “If RioCan is not going to invest any dollars, then how do we, as the city and our engagement together with our partners, preserve and maintain it so it doesn’t get dilapidated (or eventually) torn down?” he said. RioCan Real Estate Investment Trust announced Friday it wouldn’t spend any more money on its asset on Calgary’s Stephen Avenue, citing renewal costs and current debt. Garner wants a new occupant in quickly. In a statement, RioCan said, “This site is currently under a court-supervised receivership process, overseen by an appointed receiver. We are not in a position to provide further comment at this time.” Mall locations As for Calgary’s shopping mall locations, retail experts say there’s no immediate answer. “We don’t have an heir-apparent retailer—a large retailer who’s going to replace all this,” said Bruce Winder, a Toronto-based retail analyst. He says online shopping has hurt department stores and shopping centres, especially over the past decade. As well, market conditions were already rough for retailers in malls before Hudson’s Bay liquidated on June 1. “Even though the Bay on paper was an anchor, they really weren’t acting like an anchor for several years. One could argue The Bay certainly did not drive traffic to the mall,” said Winder. The Ontario Superior Court is considering whether to transfer several Hudson’s Bay leases to a B.C. billionaire mall owner. One of the properties includes the location at Calgary’s Southcentre Mall. The property manager, Oxford Properties Group, has submitted opposition to the sale in a court filing.
