Charlottetown Mall to divide former Target space

Dave Stewart
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Less than three years after this sign went up at the Charlottetown Mall it will be coming down as Target will be closing its store in the mall on April 8.

The Charlottetown Mall is dividing the vacant space left by Target into six smaller locations.

RioCan Real Estate Investment Trust, which owns the mall, is also in negotiations with three undisclosed national tenants, saying talks "are at an advanced stage''.

Target took over as anchor tenant in the mall late in 2013 before closing all of its stores across Canada earlier this year.

That left a big hole for the Charlottetown Mall to fill, 107,800 square feet of space to be specific.

The entire mall is nearly 389,000 square feet.

RELATED: Charlottetown Target store locking the doors Wednesday

While some of the properties in Canada affected by the departure reached agreements with retail giants like Walmart and Canadian Tire to fill the gap as anchor tenants, the Charlottetown market already has both and they already operate as stand-alone locations.

National retail experts said filling 107,000 square feet of space in a mall today would be challenging in a big market, much less in Charlottetown.

It also created a hole in the bottom line.

Target paid RioCan $4.20 per square foot in rent at the Charlottetown Mall.

RioCan announced this week that it has reached a financial settlement with Target Corporation, the U.S. parent of Target Canada Co. in regards to indemnity agreements that were signed.

Christian Green, investor relations for RioCan, referred The Guardian to the group's website when asked what the plans were going forward.

The former Target space will be reconfigured to accommodate four large format tenants ranging in size from approximately 20,000 square feet to 30,000 square feet each, as well as two small shop tenants totalling approximately 5,000 square feet each.

Approximately, 7,000 square feet of the vacant premises will be converted to landlord storage or demolished.

Construction is expected to begin before the end of the year with tenants taking possession and opening in the second half of 2016.

When it's all finished, the redeveloped space is expected to generate base rental revenue of $12.46 per square foot and generate about $1.3 million annually.

Organizations: RioCan, RioCan Real Estate Investment Trust, Walmart Canadian Tire Target Corporation Target Canada Co.

Geographic location: Charlottetown, Canada, U.S.

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Recent comments

  • Fed up
    December 07, 2015 - 17:08

    Doesn't the mall have enough vacant "smaller spaces" already?!? So many smaller stores have left the they think more will come?!? If the mall owners weren't so greedy....they might get some businesses to rent their spaces! A very poorly planned mall. Name one other mall...anywhere...that doesn't have their theatre entrance INSIDE their mall.... We need another LARGE retailer to give Walmart some competition! They are sliding their prices up, up, up. No one to stop them. Red signs all through the store. Red signs inside front entrance.... EVERYDAY LOW PRICE....signs saying "over 1,000 rollbacks"...they must be counting their chocolate bars! Candles? Definitely no big rollbacks! So we need competition....not more clothing stores....not more restaurants!

  • heather
    December 07, 2015 - 10:55

    OK .......Costco usually stands all. How about H&M. A Keg restaurant would be nice. An international deli chain. Or another Giant Tiger !!!

  • The Observer from Stratford
    December 07, 2015 - 08:59

    Hopefully there will be space among the new small tenants for a combined news stand/snack counter (chips, chocolate bars, pop) and most importantly a lotto ticket outlet. I'd bet that the Charlottetown Mall is one of the few malls in Canada that doesn't have such an outlet which can generate a lot of walk-in/impulse business for the larger stores. The mall had such a location before Target took over the Zellers space and ordered all the small kiosks to close effectively turning the mall's entrance and the area outside the Target store into a ghost town devoid of life or interest.

  • James
    December 07, 2015 - 08:37

    this is good news to me, I'd rather see some different smaller stores than one big retailer, the mall needs more variety!

  • Ralph
    December 07, 2015 - 06:00


    • The Observer from Stratford
      December 07, 2015 - 11:04

      Please! No more American carpetbaggers. Haven't we learned anything from the Target fiasco? The Americans will run out as soon as they realize that there's no quick profit to be made.