New Horizon Mall tenants and unit owners voice concern amid uncertainty

Tenants and investors at the New Horizon Mall had their chance to voice concerns with how the largely empty shopping centre is being run during a "town hall" meeting Wednesday morning.

"I thought it was a very good meeting, but we understand we're all in this together," said Albert Fialkow, an investor with two stores in the mall. "It's not a tug of war no one gets anywhere [unless] we are pulling in the same direction."

More than a year after tenants first began moving into theshopping complexoff Highway 2, just north of Calgary, much of it still remains empty. The mall says 109 out of the nearly 500retail spaces are open.

"Out of the 500 owners, there may have been 50 people in the meeting," Fialkow said. "It's a question of herding cats. If no one is going to take advantage we need people who are actually going to do something."

Many units still empty

Part of the challenge facing the complex is the fact that investors are sitting on hundreds of empty units.

Unlike conventional malls that lease space to stores, New Horizon sells the units, much like a condo complex.

David Chamberlain, who operates a puzzle and gaming shop in the mall,said he expected a different situation when he purchased his unit.

"[I thought] most of the units would have been purchased by people who were going to operate the units," he said. "But as it turns out, most of the units are owned by investors who are not active. They are sitting back hoping that tenants will find them and set up a successful business."

General manager Scott Smith said the town hall was an opportunity for the mall's developer to reiterate that they are committed long-term to the success of the mall.

"The units have been sold. So now we have to work closely with the unit owners to get them to open stores," he said. "They've got to accept some of the responsibility to work on finding a store owner."

Smith said there would soon be an announcement on one of two anchor stores at the mall.

Future strategy

Howard Pounall, who owns two locations in the mall, said the town hall was a chance for investors to voice their concerns with the mall's trajectory.

"There has been progress, but we need it to happen quicker and more efficient," he said. "That's [what] we're hoping will happen from meetings like these."

Fialkow said he saw the mall as a viable alternative to more expensive retail leasing options, such as at the nearby CrossIron Mills mall.

"We're going to be successful when the economy turns around," he said. "But the mall ownership has to learn from their mistakes."