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Sears Canada announced a deal to develop a 12-acre Sears site in Calgary, Alberta, at the North Hill Shopping Centre.
"Sears has been part of the Calgary landscape since 1958 and we are excited about the possibilities for the North Hill site as conceptualized by Concord and Sears," said Doug Campbell , President and CEO, Sears Canada Inc. "We plan to continue operating our store at North Hill as we have for almost six decades and seeing this new development adding positively to the landscape and economy of Calgary . We look forward to working together with Concord and moving the project forward."
Sears Canada is a multi-channel retailer with a network that includes 176 corporate stores, 229 Hometown stores, over 1,400 catalogue and online merchandise pick-up locations, 96 Sears Travel offices and a nationwide home maintenance, repair, and installation network. The Company also publishes Canada's most extensive general merchandise catalogue.
The vision of the redevelopment is an infill project consisting of residential high-rises, with a potential retail component.
In 2013, Concord entered into a similar agreement with Sears regarding the retailer's land adjacent to its store at Metropolis at Metrotown in Burnaby, British Columbia .
The deal, still in its early stages, involves the sale of a 50% interest in the site for a value of approximately $15 million, subject to adjustments, and the retention of Concord on customary terms to manage most facets of the development. Following the transfer of the 50% interest, the parties would enter into a co-ownership joint arrangement. If third party debt financing cannot be obtained, Concord, and not Sears, will be responsible for providing debt financing to develop the project.