Canadian retailers testing new tech, products

Canadian retailers testing new tech, products

Some of the country’s largest retailers have opened so-called “innovation labs”  to test new technologies, develop products and forecast trends. In so doing, companies such as Lululemon (LULU-Q), Sears Canada (SCC-T) and Canadian Tire (CTC.A-T) are trying to figure out how increasingly technology-enabled customers want to shop as a response to the frequently touted retail maxim “innovate or die.”  

Financial Post

CPPIB faces a challenge with Neiman Marcus

Three plus years on, the US$6 billion purchase of the Neiman Marcus Group by Canada Pension Plan Investment Board and Ares Management, is not exactly looking like a stellar acquisition. In the most recent setback, the luxury retailer has, according to reports, hired a debt restructuring adviser.

Financial Post

Spring Seasons beckons for Winnipeggers

The Seasons mixed-use development is expected to receive a major boost from Outlet Collection Winnipeg‘s May 3 opening. Seasons is set on a 117-acre property in the southwest part of Winnipeg that was purchased by Regina-based Forster Projects and Harvard Developments Inc. four years ago. 

Property Biz Canada

Outlet Collection Winnipeg a first for Central Canada

Outlet Collection Winnipeg will become Central Canada’s only dedicated outlet shopping centre with its official grand opening on May 3. “We think it’s going to be incredibly well-received,” said John Scott, the senior vice-president of development for Ivanhoé Cambridge, which co-owns Outlet Collection Winnipeg with Regina-based Forster Projects and Harvard Developments Inc.

Property Biz Canada

Ottawa CRE landlords blast possible end to tax rebate

Commercial landlords are bashing the City of Ottawa for planning to eliminate property tax breaks. “To suddenly throw a program out when you’ve got a period of time when you want to encourage economic development, you want to encourage growth and you don’t want to impose new taxes on people, that’s not the time to do it,” said Morguard Investment’s (MRC-T) Bernie Myers. 

Ottawa Citizen

Vancouver tech companies worried about zoning changes

Business owners in an increasingly expensive industrial area of Vancouver are fighting a city proposal that they say will destroy its long-established status as a hub for tech and graphic design. For the last couple of decades, tech companies, architects, and other design businesses that gravitate toward old, character industrial buildings have moved into Railtown and flourished.

Globe and Mail

Supreme Court won’t hear appeal by Trump, developers

The Supreme Court of Canada is upholding a lower court ruling in favour of investors who have launched a lawsuit alleging they were misled by U.S. President Donald Trump and Talon International Development and its former executives. The lawsuit is in relation to the Trump International Hotel and Tower in downtown Toronto.

Globe and Mail

Airbnb doesn’t play fair, say Toronto hotels

When it comes to keeping a close eye on the competition, Toronto hoteliers say they have little choice but to watch as the short-term rental business scoops up lodgers right on their downtown doorsteps. Airbnb is making its first forays into the full-service travel industry and possibly prepping for a run at the long-term rental market.

Toronto Star

Victoria’s new office buildings filling quickly

Top-quality office buildings now under construction in Victoria will help meet demand from the booming technology sector and provide new space for hundreds of provincial government employees. The expanding office market unfolds as the capital region basks in a rosy economic climate, where an unemployment rate of 4.7 per cent is one of the lowest in the country.

Victoria Times Colonist

Building design needs to look back to the future

A professor and researcher in building design believes we should be looking for lessons in the past as we head toward the future. In fact, Alan Short, who teaches at the University of Cambridge, feels we need a far-reaching reinvention of how large buildings are designed. Why? He is convinced “the crisis in building design is already here.”

Daily Commercial News

Stage 2 LRT plan wins Ottawa council’s approval

Ottawa city council voted Wednesday to approve the ambitious $3.6-billion Stage 2 rail and road blueprint for expanding the city’s LRT network to the east, west and south, but not before also looking north. Council asked Mayor Jim Watson to formalize talks with Gatineau Mayor Maxime Pedneaud-Jobin aimed at improving the rapid transit connections between the two cities.

Ottawa Citizen – CBC – Ottawa Business Journal

Apotex expands U.S. presence with new Florida HQ

Citing the importance of the United States and Latin American markets, Apotex Inc., the largest Canadian-owned pharmaceutical company, said it will invest $184 million US in a South Florida expansion, developing a new R&D centre and manufacturing and packaging facility. It is the biggest investment the pharmaceutical company has made in the U.S.

CP Executive

Swedish pension fund completes massive portfolio sale

On behalf of Alecta, a Swedish occupational pension fund manager with approximately $85 billion US under management, JLL’s Global Capital Markets experts announced the firm completed the sale of a global portfolio comprised of 47 office, retail, multi-family and industrial assets across the U.S. and U.K.

Marketwired – Property Biz Canada

Fortress, Sansome JV on national retail portfolio

A joint venture between Sansome Pacific and the Fortress Investment Group (FIG-N) has acquired a 63-property retail portfolio located across 15 states from Zurich Alternative Asset Management for $127 million US. The portfolio consists of 62 fast-casual restaurants and an office property in Dallas. 

CP Executive

Defence, infrastructure spending proposals have U.S. CRE execs hopeful,

President Trump sat down with business leaders this week to discuss his proposed $1 trillion infrastructure rebuilding package with commercial property executives and analysts hopeful to learn specifics on the programs. Among the CRE executives attending the meeting were New York City developer Richard LeFrak and Vornado Realty Trust (VNO-N) CEO Steve Roth. 

CoStar Group – NPR – Wall Street Journal,

Market Trends and Research

Investing in the alternative side of CRE

Demand for properties outside of the domain of traditional commercial real estate has seen phenomenal growth in recent years. From car parks to self-storage the combined effect of demographic changes and urbanization is beginning to pay dividends for savvy investors who have spotted potential in the ‘alternative’ properties.

Real Views

U.K. retail has worst February sales dip in eight years

Britain’s shops endured their worst fall in February sales since 2009, a survey showed on Friday, adding to evidence of a Brexit-related consumer slowdown as London gears up for divorce talks with the European Union. British retailers, including department stores chain John Lewis, supermarket Morrisons and Wickes owner Travis Perkins, have said they are bracing for uncertainty.

Reuters – Reuters

Real Estate Companies

Office landlords invest in incubators

The boom in technology start-ups is shaping trends in office space, according to Lawrence Gellerstedt, Southeast leader in the tech practice group of real estate services firm Cushman Wakefield (C&W). Landlords with big traditional office buildings are looking to increase their appeal, so they are taking on hip tech start-ups.

National Real Estate Investor

Ottawa’s SiteCast Construction looks to grow at home

SiteCast Construction has been doing business in Ottawa since it was founded here 25 years ago, but company president Shawn Hickey says it’s become better known internationally than at home. “We’re known in the States as being innovative and forward-thinking and we bring that back home, here to Ottawa,” Hickey says. 

Ottawa Business Journal

Scotiabank in talks to sell Malaysian unit

Bank of Nova Scotia (BNS-T) is in talks with Cathay Financial Holdings Co. to sell its Malaysian operations as the Canadian lender looks to exit a country it’s been in for 44 years. At the end of 2016, Scotiabank valued its Kuala Lumpur-based Malaysian subsidiary, Bank of Nova Scotia Berhad, at $311 million. 

Bloomberg – Globe and Mail (Subscription required)

High hydro prices hurt Ontario factories: Group

A group that represents hundreds of small to medium-sized manufacturers across the province is urging the Ontario government to lower hydro fees for industrial users, or face the prospect of some factories packing up and moving to other jurisdictions where electricity is cheaper. The manufacturers banded together last October under the banner the Concerned Manufacturers of Ontario.

CBC – Globe and Mail

REOC Financial Reports

Latest reports:

* Brookfield Real Estate Services, (BRE-T), Canada Newswire 

* Holloway Lodging Corporation, (HLC-T), Canada Newswire 

* Vail Resorts, (MTN-N), Canada Newswire 

REIT Financial Reports

Latest reports:

* Cominar REIT, (CUF.UN-T), Canada Newswire 

* Inovalis REIT, (INO.UN-T), Canada Newswire 

* Melcor REIT, (MR.UN-T), Marketwired     

* Nobel REIT, (NEL.UN-X), Canada Newswire 

* Northview Apartment REIT, (NVU.UN-T), Marketwired    

* Pure Multi-Family REIT, (RUF.UN-X), Marketwired 

* True North Commercial REIT, (TNT.UN-T), Canada Newswire 

Real Estate Investment Trusts

PIRET appoints Lis Wigmore to Board Of Trustees

The Board of Trustees of Pure Industrial Real Estate Trust (AAR.UN-T) announced the appointment of Lis Wigmore to the Board of Trustees, effective immediately. Wigmore has nearly 30 years of corporate real estate experience in Canada, the U.S., Mexico and the U.K. Wigmore was the COO of Ipc US REIT, a publicly traded REIT. 

Marketwired – Property Biz Canada

Partners appoints Grant Anthony trustee

Partners Real Estate Investment Trust (PAR.UN-T) announced its Board of Trustees has appointed Grant Anthony a trustee. Anthony owns approximately 13.4 per cent of the outstanding units is a more than 35-year commercial real estate veteran with extensive experience owning, managing and developing a broad range of investment properties including industrial, retail plazas, retirement homes and medical buildings. 

Marketwired – Property Biz Canada

Retail

Whole Foods officially nixes Alberta stores

High-end grocer Whole Foods Market (WFM-Q) has confirmed it will not proceed with planned store openings in Calgary and Edmonton. The giant U.S.-based natural and organic foods supermarket chain has a total of 12 Canadian outlets: five each in the Vancouver and Toronto areas, one in Ottawa and a new store that opened in Victoria in November. 

Western Investor

RadioShack files for second bankruptcy in two years

RadioShack has filed for Chapter 11 bankruptcy protection for the second time in just over two years, putting the future of the nearly 100-year-old electronics retailer in doubt. Once known as the place to buy batteries and obscure electronic parts, RadioShack has struggled to hang on to customers as more people shop on Amazon.com and other online retailers.

Montreal Gazette – Reuters – Bloomberg – Business Insider

Sears reports wider fourth-quarter loss

Sears, stung by higher charges, reported a wider fourth-quarter loss on Thursday, but its adjusted loss was smaller than last year and investors were encouraged that the company closely controlled inventory and expenses. Wall Street looked past falling comparable-store sales as well, and Sears Holdings Corp. (SHLD-Q) shares rose five per cent.  

Toronto Star

The Children’s Place hitting it out of the park

Amid a broad-based retail slump, it’s fun and games at The Children’s Place (PLCE-Q) whose profits zoomed 114 per cent higher in its latest quarter and plans to double its dividend and buy back more stock. The Children’s Place has been shuttering hundreds of stores in the U.S., while shifting its focus to online and international operations. 

Forbes

New Development

Hotel X Toronto expected to be complete by fall

Work is moving along on the new Hotel X Toronto at Exhibition Place in Toronto. The LEED designed, 29-storey hotel will feature more than 400 suites and completion is scheduled for fall 2017. The Princes Gate Hotel-owned project will include a sports club and spa, two ballrooms, meeting rooms, two screening rooms and restaurants.

Daily Commercial News

Sports Venues

Rogers Place already in need of repairs

Six months since Rogers Place opened in downtown Edmonton, the city’s new arena is in need of repairs. Nine exhaust fans on the building’s roof have to be replaced after a piece of one of the units broke off and landed in a nearby construction site.

CBC – Edmonton Journal

Las Vegas NFL stadium lease won’t be ready in March

The lease agreement for a proposed Las Vegas NFL stadium will not be ready before league owners meet later this month, when they could potentially vote on whether to approve the relocation of the Oakland Raiders. The board overseeing the proposed stadium said final lease agreement for the proposed $1.9-billion, 65,000-seat domed stadium won’t be reached within weeks. 

Winnipeg Free Press

Infrastructure

B.C. to review commuter rail options for Victoria

The province is taking a closer look at options to bring commuter rail service back in the Victoria area, but Transportation Minister Todd Stone has stopped short of making a commitment to restore train service. Instead Stone said a working group will be formed to complete a business case for commuter rail on an old E&N Rail corridor.

CBC – Victoria Tmes Colonist

BC Hydro abandons underground substation plans

BC Hydro has abandoned a plan to build two underground substations in downtown Vancouver saying the city wanted too much money. However, Vancouver’s city manager Sadhu Johnston described the plan as “innovative,” but said BC Hydro’s March 31 deadline was too tight.

CBC – CBC

Edmonton crosswalks in need of repair

Of the 380 crosswalks in Edmonton needing $45 million in upgrades, 70 crosswalks are considered a high priority. The numbers are set to be presented to the city’s community public services committee Monday, after Coun. Bryan Anderson asked how much can be funded from photo radar.

Edmonton Journal

Human Resources

Future Shop founder a top philanthropist

Hassan Khosrowshahi had the proverbial curse — or maybe it was, ultimately, the good fortune — to be born into “interesting times”. He was born just as the reigning monarchy of Iran was toppled. A year later, its prime minister was assassinated. His successor nationalized Iran’s oil fields, annoying the great powers, which ousted him in a CIA-orchestrated coup.

Vancouver Sun

Technology

AI brings customer service back to real estate

The real estate industry continually comes up short when it comes to marrying technology with real estate. Welcome to the land technology forgot. One particular area that surprisingly falls short is the customer service department. Nowadays, potential home buyers and renters do not walk by a brick and mortar real estate office and view available listings from a printed catalogue or listings on a window. 

Real Estate Magazine

Teams set out to develop marketable AI solutions

A new wave of AI startups is getting their feet under them in NextAI’s inaugural program for entrepreneurs. This first cohort of 20 teams is made up of would-be entrepreneurs and students from across Canada and around the world interested in making their mark on the AI ecosystem – whether it’s in robotics or chasing dreams.

Financial Post

Winkler, Man., to have fastest Internet in Canada

The fastest-growing city in Manitoba may soon have the fastest internet service in the country. The City of Winkler will be at the head of the information superhighway: individual fibre-optic cables to every home and business in the community. The city will go from an average speed of five megabits per second, to 1,000. That will be just the start.

Winnipeg Free Press

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