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Intercity Shopping Centre looks for Sears replacement

Management firm has already spoken to prospective tenants
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Sears opening
Opening day of Simpsons-Sears at Intercity in 1955. Courtesy Thunder Bay Museum/Chronicle Journal.

THUNDER BAY -- The owners of Thunder Bay's Intercity Shopping Centre will consider all options when it comes to filling the floor space being vacated by Sears.

Morguard manages the mall on behalf of the Hospitals of Ontario Pension Plan. 

Director of Asset Management Tony Maduri says Morguard had already been preparing for the possible departure of Sears in light of the company's well-publicized operating challenges.

"Now that we have more clarity in knowing when we're gonna get the space back, it will be helpful. We've had may discussions with prospective tenants. We've looked at a number of different options. We're going to continue to advance those," Maduri said on Wednesday.

He said the options range from a single tenant taking over both floors currently occupied by Sears, to multiple tenants.

"Anchor spaces generally don't come up very often in a mall," Maduri noted. "These are spaces usually committed to long-term tenants with multiple (lease) renewal options. When it does come up you want to make sure you cast your net as wide as you can, and explore all the options."

His management portfolio includes two other northern Ontario malls that will lose their Sears stores, in Sudbury and North Bay.

Sears is scheduled to apply to a court on Friday for permission to begin liquidating its assets. It could take up to three months to complete the liquidation process.



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