“We’ve had a fair bit of interest on the space and I think at this point we’re just trying to figure out what’s the right fit long term, who’s the right tenant in that space.”
Target closed its doors for the final time Saturday, having opened just over two years earlier, to initial great fanfare here as well as across Canada.
But consumers quickly tired of the higher prices than what they could get at equivalent Targets just across the river.
As well, the product selection was nowhere as varied, and shelves sat empty because of supply chain issues.
Prior to a Target the space had long been a Zellers.
Going further back that south end of the mall featured a supermarket.
The store space is the third largest in the mall.
“Like 133 other landlords across the country we’re all looking for what’s next but there’s lots of interest in the space so we’re fairly comfortable we’ll find something to go there,” Savard said.
The mall is owned by Ivanhoé Cambridge, a real estate subsidiary of the Caisse de dépôt et placement du Québec, a leading Canadian institutional fund manager.
The largest mall in southwestern Ontario, at one time Devonshire had among the highest sales of any mall in the country.
Savard said that isn’t quite the case now, yet the mall has had significant sales growth since the end of the Great Recession.
“Our sales have bene up 35 of the last 36 months,” he said.
“But no question the impact of what went through here in 2008 lowered our sales (but) we’re still a very dominant asset for sure,” he said.