As many companies, particularly retailers, seek to monetize assets or at least leverage valuable real estate assets, we are witnessing increased popularity of sale leaseback transactions.… Continue Reading
A recent speech at the Quebec City Real Estate Forum by a leading retailer-Peter Simons, highlighted the exponential disruption occurring in numerous sectors such as self-driving cars, car sharing services, clean energy, fintech and the state of preparedness or lack thereof in the real estate sector.… Continue Reading
One of the key recommendations from the 2013 Liquor Policy Review Final Report in BC was that liquor should be made available in grocery stores. Earlier this year, the Liquor Control and Licensing Branch (LCLB) implemented this recommendation by issuing a policy directive, effective April 1, 2015, that describes how grocery stores may sell liquor. However, as readers of this blog in BC will have noticed, very few grocery stores have started selling liquor. In fact, currently only one grocery store is doing so: the Save-On-Foods in Surrey. Why is this? As described below, there are two significant impediments.… Continue Reading
Medical marijuana is becoming big business. Recently, it was announced that two titans in the medical growing sphere have agreed to merge in a $58-million deal expected to close in August. The headlines in Vancouver relate to the recent boom in medical marijuana-related storefront “dispensaries.” Over the last two years, the number of these retail businesses in the City has grown by 100 percent each year. As of April 2015, the City reported that there were over 80 such businesses operating in Vancouver without a business licence.… Continue Reading
Is a beneficial owner of real property affected by a restrictive covenant that was mistakenly removed from title? The BC Supreme Court considered this question in BC Retail Partners (Boitanio Mall) Ltd. v. Overwaitea Food Group, 2015 BCSC 404.
In 2004, BC Retail Partners General Partnership (the “General Partnership”) and BC Retail Partners (Boitanio Mall) Ltd. (“BC Retail”) purchased one of the three lots comprising Boitanio Mall in Williams Lake, British Columbia. BC Retail was the registered owner of the lot, and the trustee, nominee and agent for the General Partnership, which was the beneficial owner of the lot.… Continue Reading
Like the uncertain and seemingly interminable pause after the first dance at senior prom, the Canadian retail landscape is in a state of flux, with the landlords and retailers clasped in each other’s hands anxiously awaiting the next dance. Retailers are contending with new foreign entrants and the bifurcation of consumer preference, especially in the fashion sector, towards luxury retail and value retail, leaving mid-market retailers lonely hearts in the cold dark night. … Continue Reading
One critical factor in the success of a multi-tenant retail centre is the ability to entice tenants occupying different niches in the consumer product market to foster an ecosystem of goods and services attractive to the target consumers. The permitted use provision is a critical tool available to the landlords of multi-tenant retail centres in planning such an ecosystem and reserving certain uses for certain tenants. A recent Ontario Court of Appeal decision reminds us the importance of including explicit exclusions in the permitted use provision of leases if the landlord intends for such uses to be excluded or reserved … Continue Reading
Earlier this year CNN published photographer Seph Lawless’s sad montage of photos depicting the demise of America’s malls in the video “Are America’s malls dying?”.
Just in time to spread some holiday cheer, on December 17 CNN published a rebuttal in the form of a CNNMoney Report entitled “Saving America’s malls from the brink of death”, in which writer Kathryn Vasel maintains, à la Mark Twain, that reports of the death of the American mall may have been slightly exaggerated.
Quoting DJ Busch of Green Street Advisors, Vasel says that in the aggregate, America’s malls are … Continue Reading