37 replies to this topic

[weirdie]

In light of cruise ships being re-routed from Mexico to Victoria that are arriving mid-week at noon for the next couple of months, the Bay Centre is extending it's hours to 9:00pm instead of 6:00pm on Wednesdays.

[VicDuck]

Awesome, later night shopping. Why does the Bay close so early?

[Nparker]

Because the city of Victoria orders that the streets be rolled up by 6:30 PM on weeknights...lest some fun break out.

[VicDuck]

Still better than Kelowna where everything closes at 10pm.

[Nparker]

Does that include the bars VicDuck?

[VicDuck]

Not sure because I don't drink, but i would not be surprised.

[weirdie]

Awesome, later night shopping. Why does the Bay close so early?

Because the only time that people shop is between 9:30 and 6pm, while they're all at work. Getting things done after work? Preposterous!

[julienne]

I welcome the extended Wed hours at the Bay centre but what I find strange is the move by nearby Shoppers to open until midnight.

[Nparker]

...what I find strange is the move by nearby Shoppers to open until midnight.

From what I know about Shoppers, I think this may be a corporate initiative, rather than a locally driven one.

[Phil McAvity]

Are the extra cruise ships only coming in Wednesdays? I'm surprised they aren't staying open later every night all summer.

[Phil McAvity]

I welcome the extended Wed hours at the Bay centre but what I find strange is the move by nearby Shoppers to open until midnight.

That's cool that you can now buy drugs downtown late at night without being paranoid.

[Pyroteknik]

It's very quiet for the most part after 6pm on our downtown streets.. I wish that more places would remain open late. I am often looking for places to shop or browse after 6pm as I work during the day. If some stores start this trend, I hope we will see a positive effect and more will follow. I know we won't have a Robson street for some time, but a start in this direction is nice. There are lots of new downtown residents that would enjoy an after 6 street scene in Victoria.

[VicHockeyFan]

So CFAX says. Says it's listed somewhere.

I'm not sure if it's big news or not. I mean, if you are in business, isn't everything always for sale?

[victorian fan]

So CFAX says. Says it's listed somewhere.

I'm not sure if it's big news or not. I mean, if you are in business, isn't everything always for sale?

LANDMARK DOWNTOWN MALL UP FOR SALE
CFAX Jan 4, 2010
http://www.cfax1070....hp?newsId=11869


THE HUDSON BAY CENTRE IN DOWNTOWN VICTORIA IS UP FOR SALE. THE CURRENT OWNER IS REAL ESTATE INVESTMENT COMPANY CADILLAC FAIRVIEW. A SOURCE IN THE COMMERCIAL REAL ESTATE INDUSTRY SAYS THE PROPERTY IS BEING MARKETTED AS A REVENUE-PRODUCING INVESTMENT OPPORTUNITY. THERE IS NO PARTICULAR ASKING PRICE ATTACHED...THE OWNER IS INTERESTED IN HEARING OFFERS.

[Bernard]

Hmmm, I wonder if I can find enough shekels to buy it. I have thought it is horribly underused and could be managed in a better manner to make more money.

[amor de cosmos]

Cadillac Fairview has always had their head up there arse when it came to this mall. I'm surprised they haven't tried to hock it years ago. They have battled w/empty spaces, especially on the 4th floor for years. With such a prime piece of downtown real estate, so much more could be done w/this building.

that's the first thing I thought when I saw this:

LANDMARK DOWNTOWN MALL UP FOR SALE
CFAX Jan 4, 2010
http://www.cfax1070....hp?newsId=11869


.... A SOURCE IN THE COMMERCIAL REAL ESTATE INDUSTRY SAYS THE PROPERTY IS BEING MARKETTED AS A REVENUE-PRODUCING INVESTMENT OPPORTUNITY...

that 4th floor is like a black hole, even though people have to go up there anyway to go to the food court. it's like that iranian restaurant on seinfeld.

[Holden West]

But is it making money or not?

It must be pulling in good revenue after expenses. The only reason I can think of for selling is Cadillac Fairview needs quick cash to prop up their balance sheet. Why else would you sell a money-making venture?

[baconnbits]

it's a 20 year old building that probably requires a significant amount of capital expenditures over the next 5-10 years to get it up to grade in light of new competition from uptown and revamped hillside.
it's woth circa 100m, which for a firm like CF (who have 16bn in assets under managment) the time cost of managing an asset of that size, which probably returns about 8-10% a year total return or 8m - 10m, it's aboslutely not worth it.
they will have other uses for 100m where they can combine it with other equity and get greater scale and greater return.
future capex requirements will lower the total return for them, more competitive other centres will probably result in lower annual traffic to the centre, thus lower income growth and thus reducing the value.
it makes perfect sense for them to sell now coming from someone who works for one of their competitors.
with their size and scale and the opportunities in the U.S and Europe in retail, 100m is better done elsewhere where returns could be 12%-20% depending on the investment.

[VicHockeyFan]

But is it making money or not?

It must be pulling in good revenue after expenses. The only reason I can think of for selling is Cadillac Fairview needs quick cash to prop up their balance sheet. Why else would you sell a money-making venture?

You might sell a money making venture if:

A) you think you can get more for it now that any time in the forseeable future

and/or

B) You need the cash for something else.

or

C) Your property taxes might have to pay a hefty portion of a $63M bridge nearby.