Cherry Lane Mall

Re: Cherry Lane Mall

Postby twobits » May 22nd, 2018, 6:55 pm

my10cents wrote:
And what about at the other end of the mall - the back entranceway where that gift store used to be. The unit is blocked off by a wall in the mall and there's some kind of stuff in the windows so you can't see in. Would mall security know?



Mall security is sworn to secrecy. The only thing that will save Cherry Lane from being Condo's in 10 yrs would be a secrecy of medical MJ being grown and expanded on as each retailer goes bankrupt.
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Re: Cherry Lane Mall

Postby my10cents » May 22nd, 2018, 9:22 pm

[/quote]

Mall security is sworn to secrecy. The only thing that will save Cherry Lane from being Condo's in 10 yrs would be a secrecy of medical MJ being grown and expanded on as each retailer goes bankrupt.[/quote]

:200: If mall security is sworn to secrecy, then why did they confirm that Ardene is coming to the mall? That doesn't make any sense at all.

Origami is gone yes,but something is is coming in its place - I think the sign says Laschi - not sure what that is.

Also why would that property become condos. Do you have information on that? Wow that would be a shame. So much for shop local.
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Re: Cherry Lane Mall

Postby fluffy » May 23rd, 2018, 4:40 am

my10cents wrote:Origami is gone yes,but something is is coming in its place - I think the sign says Laschi - not sure what that is.


That's an Indian restaurant down town, isn't it?
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Re: Cherry Lane Mall

Postby RupertBear » May 23rd, 2018, 6:38 am

I believe the sign says Lachi Express. That would lead me to believe it's the same owners as the two Indian restaurants downtown. That would be a welcome addition to the food court in my opinion.

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Re: Cherry Lane Mall

Postby twobits » May 25th, 2018, 9:02 pm

my10cents wrote:
:200: If mall security is sworn to secrecy, then why did they confirm that Ardene is coming to the mall? That doesn't make any sense at all.



Suppose I should have made the sarcasm more obvious for ya.
Cherry lane is history. It is just a matter of time. That model, with it's associated common area costs does not work on prime real estate in a market like Penticton.
You don't need a business degree to understand that just the paved parking lot is worth millions in high rise condo profits without the effort of managing and collecting the rent from bangle and east asian restaurants. The owners of Cherry Lane are not in the retail business lol. They are in the real estate business.
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Re: Cherry Lane Mall

Postby Jflem1983 » May 26th, 2018, 7:21 am

twobits wrote:
my10cents wrote:
:200: If mall security is sworn to secrecy, then why did they confirm that Ardene is coming to the mall? That doesn't make any sense at all.



Suppose I should have made the sarcasm more obvious for ya.
Cherry lane is history. It is just a matter of time. That model, with it's associated common area costs does not work on prime real estate in a market like Penticton.
You don't need a business degree to understand that just the paved parking lot is worth millions in high rise condo profits without the effort of managing and collecting the rent from bangle and east asian restaurants. The owners of Cherry Lane are not in the retail business lol. They are in the real estate business.




I agree. Kelowna mall as well should be torn down and made into housing
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Re: Cherry Lane Mall

Postby my10cents » May 28th, 2018, 6:57 am

LOL! Not gonna happen - Cherry Lane will be here for quite some time. Grapevine says a bigger reno is on its way - and that's info from mall security! [icon_lol2.gif]
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Re: Cherry Lane Mall

Postby twobits » May 28th, 2018, 8:27 pm

my10cents wrote:LOL! Not gonna happen - Cherry Lane will be here for quite some time. Grapevine says a bigger reno is on its way - and that's info from mall security! [icon_lol2.gif]


Would that be in effort to compete with the bridge to nowhere property, West Kelowna vacant malls, or Kelowna's retail districts? When Cherry Lane is not renting space to car dealerships when it's cold outside.....I'll buy into 15/hr security employment futures lol.
Penticton is a suburb. Everyone needs to get used to that reality.
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Re: Cherry Lane Mall

Postby Chimera » Jun 1st, 2018, 10:09 pm

And now Grace’s in the food court has closed permanently. Why do I get the feeling this shopping centre will end up on the dead mall series on YouTube?

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Re: Cherry Lane Mall

Postby JagXKR » Jun 2nd, 2018, 11:26 am

The mall is going to stay. 3 large tenants and nowhere for them to move. The smaller tenants may have a hard time surviving but I've never seen a mall where that was not the case.
Was just there on Friday and the mall was busy, as it should be for a Friday. And Starbucks was closed for reno's. I guess they didn't get the memo about the mall's imminent demise.
I think the whole idea is absolutely ridiculous. Actually more like absurd.
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Re: Cherry Lane Mall

Postby my10cents » Jun 5th, 2018, 9:18 pm

Was just there on Friday and the mall was busy, as it should be for a Friday. And Starbucks was closed for reno's. I guess they didn't get the memo about the mall's imminent demise.
I think the whole idea is absolutely ridiculous. Actually more like absurd.


I agree - well said. :130: If the mall was "dying" I don't think the owner would be bringing in new tenants like the Ardene store mentioned in this thread among other things that seem to be going on there. And that is good news for this town.

That souvlaki place is closed, but I was talking to the owner last week and they are moving away from town.Not sure where - he was hard to understand. So stop your "doomsday" attitude and do some research people; before you rant about the mall's so called "demise".

It's not Cherry Lane we should be worried about. It 's the new brand of people who are "hanging out" there with their so called "gear" and all over town. That's what's bringing this city down. But that's another thread.
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Re: Cherry Lane Mall

Postby twobits » Jun 7th, 2018, 7:03 pm

Quite obviously the last two posters did not see the financial results posted by Hudson Bay Corp two days ago. And do not forget that they also owned Zellar's too? And where is the closest Zellar's store now? Probably right next store to the Petcetera store that doesn't exist anymore either.
HBC as a retail entity is history. Same demise as Sears that everyone thought was impossible. Save On and London Drugs will receive enough notice to relocate if they even want to remain in the local market. And if they do, it will be box stores on the other side of the channel without management fee's and common area costs to heat, cool, and clean 100,000 square ft. That model is dead for this market.
As I said in a previous post, the owners of Cherry Lane are in the real estate business......not the retail business. And when the profits from retail rents less operating costs absorbed from vacancy and uncollected rent debt become less attractive than condo's.......guess what happens?
Add to that an 8 million dollar bridge for box store land and you end up with Cherry Lane Condo's.
And in retrospect, the City will glean ten times the amount of property taxes from 8 or 12 story condo's with underground parking than they currently get from Cherry Lane and 5 acres of asphalt free parking.
I have really changed my position on this. Let the bridge to nowhere lands fill up with low rent seeking box stores.
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Re: Cherry Lane Mall

Postby my10cents » Jun 16th, 2018, 9:13 pm

Quite obviously the last two posters did not see the financial results posted by Hudson Bay Corp two days ago. And do not forget that they also owned Zellar's too? And where is the closest Zellar's store now? Probably right next store to the Petcetera store that doesn't exist anymore either.
HBC as a retail entity is history. Same demise as Sears that everyone thought was impossible. Save On and London Drugs will receive enough notice to relocate if they even want to remain in the local market. And if they do, it will be box stores on the other side of the channel without management fee's and common area costs to heat, cool, and clean 100,000 square ft. That model is dead for this market.
As I said in a previous post, the owners of Cherry Lane are in the real estate business......not the retail business. And when the profits from retail rents less operating costs absorbed from vacancy and uncollected rent debt become less attractive than condo's.......guess what happens?
Add to that an 8 million dollar bridge for box store land and you end up with Cherry Lane Condo's.
And in retrospect, the City will glean ten times the amount of property taxes from 8 or 12 story condo's with underground parking than they currently get from Cherry Lane and 5 acres of asphalt free parking.
I have really changed my position on this. Let the bridge to nowhere lands fill up with low rent seeking box stores.


Well twobits - you obviously haven't seen the latest wall that just went up encompassing Graces, The Old Ricky's and that mobile phone case store. Doesn't look like condo buildings to me.. [icon_lol2.gif] [icon_lol2.gif] [icon_lol2.gif]
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Re: Cherry Lane Mall

Postby fluffy » Jun 17th, 2018, 7:47 am

http://deadmalls.com/

Some interesting stories here on a phenomenon that's not quite as rare as one would think. Some common threads are faltering local economies, nearby competition, and loss of big-name anchor stores.

A lot of Penticton's shopping dollars go north, and the money heading south of the line is not insignificant either. Better prices and/or greater selection are big draws, especially for people with money in their pockets and a little time on their hands.
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Re: Cherry Lane Mall

Postby my10cents » Jun 17th, 2018, 2:47 pm

The only people to blame are the locals themselves, especially here - if you don't spend locally you are to blame for killing your own town economically. Our businesses are trying. The mall is changing and yet there is criticism. If you don't like it - move to the place you want to shop in. :biggrin:
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