Retrocom Mid-Market REIT Announces New Anchor Tennant, $11 Million Investment at Southland Mall
June 30, 2010
Retrocom Mid-Market Real Estate Investment Trust recently announced that Zellers will be backfilling the previous Walmart location, opening a 96,965-square-foot store at Regina’s Southland Mall. In addition to the arrival of Zellers, Retrocom will be investing over $11 million in revitalizing the mall.
The anticipated Zellers opening is April, 2011. Zellers will join the 439,148-square-foot regional mall that also boasts Regina’s only Chapters and Montana’s cookhouse, as well as Saskatchewan’s only Mother Maternity. This will be Zellers’ third store in the market.
“We are excited to be a part of the revitalized Southland Mall,” says Nick Padovano, Senior Vice President, Zellers Store Operations. “This investment will allow us to better serve the Regina market and provide our customers with our latest prototype store layout.”
The $11 million investment from Retrocom will include extensive upgrades to the interior and exterior of the centre. The multi-year project includes a new contemporary food court, upgrades to the lighting, pillars, ceiling and floors, along with new signature entrances and facades. Safeway will also be converting its current store into a new ‘Lifestyle’ format store, designed for customers who want everything in one place. The total investment by Retrocom and its tenants will be approximately $15 million.
“We are very pleased to welcome Zellers to the Southland Mall,” says David Fiume, Chief Executive Officer of Retrocom. “The decision by Zellers to locate at Southland demonstrates their confidence in the continued success of the mall in this market. Along with our multi-million dollar investment in renovations, Safeway’s new Lifestyle redevelopment, and our current and prospective tenants, we are very excited about the future of the Southland Mall.”
Construction for the Zellers store will commence this fall, and the multi-year revitalization project will be fazed in over the next few years.
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