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U.S. retailers look north for opportunity
Six U.S. retailers have announced plans to do business in Canadian malls, trying to take advantage of a recent rough ride for Canadian counterparts.
Target, Marshall’s, J Crew, Bloomingdale’s, Nordstrom and Tanger Outlets all announced plans to head north this year, CBC News reported Thursday.
Target said it plans to open up to 135 locations across Canada, while Marshall’s already opened a dozen locations and plans to add outlets before year’s end. The upscale J Crew, which opened its first Canadian location in August 2011, added three new locations in February.
High-end Bloomingdale’s is working with Hudson’s Bay Co. to bring the Bloomie’s brand into Bay’s retail chain as a “store within a store” concept, which could begin as early as this fall, CBC said.
Nordstrom has been shopping for Canadian space for more than a year, and company officials said they think several shuttered Sears locations could be an opportunity to acquire real estate. Officials said they upscale store preparing to set up shop in four Canadian cities.
Tanger Outlets in early 2011 signed a $1 billion agreement with Canada’s largest REIT (real estate investment trust) and mall-owner RioCan to bring Tanger Outlet centers to Canada.
A recent Colliers International report found the United States has 23 square feet of retail space per person, compared to 14 square feet in Canada.
Copyright 2012 by United Press International