Market Mall fills vacancy left by Target, announces more changes

Cadillac Fairview has revealed its plans for the empty space at Market Mall once filled by American retailer Target, who liquidated all its Canadian locations two years ago after a failed expansion.

HomeSense is relocating to the upper level of the former Target location in late summer of 2017.

• Target Canada's closure leaves landlords with vacant real estate

Sporting Life will open a new 40,000 square foot store on the main floor and Spanish retailer Zara is opening a two-level, 30,000-square-foot location in the corner by Safeway.

C.F. Market Mall general manager Darren Milne says the changes are a positive sign for the retail sector during a struggling economy.

"It's a great announcement for CF Market Mall, but it's a really good announcement for retail in the city of Calgary as well. I mean, the fact that we have these tenants willing to expand in Calgary at this time I think still says a lot about the future potential of the retail market in Calgary," he said.

Milne acknowledges the mall has been in transition for the last few years,as 10-year leases in the new wing have expired.

"Sometimes the timing for the end date of one lease and the start date for a new lease doesn't always line up, which makes it appear like there's more vacancy than there actually is," he explained.

Saks Off 5th is scheduled to open in 2018 and will move into the space currently occupied by HomeSense.

"Over the last three years I think we have either replaced or had renovations of storefronts happen to 70 different storefronts in the mall," said Milne.

Part of the development deal includes expanding the mall's underground parking by 83 spots which will open by August of this year.

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