There’s potentially sad news on the horizon for those living in North York. Centrepoint Mall is most likely getting demolished in the next couple of years, according to reports from blogTO.
Centrepoint Mall first opened in 1966 and has become a popular spot for those in the area.
The owner of the mall, Morguard, submitted a development application for the mall. If this is approved, the entire spot will be demolished within the upcoming years.
Due to the current high demand for housing and the rise of online shopping, it looks like the spot will be turned into living areas instead.
The plan is to capitalize on the future Yonge North Subway extension with buildings up to 50 storeys high.
If this does get approved, it’ll join the rest of the malls that will eventually be under redevelopments and renovations.
These include Square One, Sherway Gardens, and Yorkdale, with Centrepoint Mall being one of the larger changes.
There is no final decision quite yet, but we can expect news in the upcoming weeks.
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We’re sad to be saying farewell to Bowring Brothers and the Bombay Company, along with all their fantastic sales. Apparently, the home decor chains in Canada will be moving into liquidation mode after their Brampton-based parent company filed for creditor protection.
Blogto reported, “Fluid Brands Inc., owned by GTA retail mogul Fred Benitah, is more than $50 million in debt, according to legal filings.”
As of right now, both the Bombay & Bowring website and social channels have been removed until further notice. There are a ton of expected closures — which is why there has been such an influx of warehouse sales happening recently.
Currently, there are 43 Bombay stores in Canada which we don’t expect to stay open long. We will continue to keep you updated.
Source: Blogto.com
In a further sign of retail store problems, Lowe’s just announced the closure of 51 stores in North America. The home improvement chain said these locations were not performing well, and the closings will help them focus on the most profitable stores, which will improve the health of the rest of its store portfolio.
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Lowe’s announced that the stores will be closing before February 1, 2019. The chain will try to relocate employees affected by the closings to nearby stores. Most of the stores to be shuttered are within 10 miles of another Lowe’s store.
“We believe our people are the foundation of our business and essential to our future growth,” said CEO Marvin R. Ellison.
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Lowe’s biggest rival is Home Deport, and the chain is struggling to keep up with them. CEO Ellison, who joined the company in May, has changed the strategy of the company to improve its bottom line. He already closed its Orchard Supply Hardware stores and slashed inventory at Lowe’s stores. Its next earnings report is on November 20, but the company has already cut its sales and profit outlook for the year.
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Source: CNN.com