Cherry Lane Mall

Re: Cherry Lane Mall

Postby twobits » Jun 17th, 2018, 7:09 pm

my10cents wrote: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:


You know what......I didn't see that new mobile phone store or the wall being built that you speak of because I have no need to go the the failed model of Cherry Lane mall. Correct me if I am wrong but is there not already two mobile phone retailers in Cherry Lane?? Penticton needs one more?? Or did oneof the two that were already there go broke? Is Hudson Bay making money? Nope. Big anchor about to pull out within......my guess.....3 yrs..

Ya, you bet 10 cents.....cherry lane is tower Condo's within 10 yrs with a retail strip on main. Bring some business acumen to the table to suggest otherwise in this retail market and I will gladly defer to your opinion.
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Re: Cherry Lane Mall

Postby JagXKR » Jun 18th, 2018, 10:13 am

twobits wrote:..... because I have no need to go the the failed model of Cherry Lane mall.


So if you don't go there the how do you know it's not doing well? Rhetorical.

I think that The Bay will be gone in the future as most Bay's in the country will be gone, if not all. How about the idea of making a condo tower there? Great selling point is you can buy virtually everything at the mall. Most of the day to day items needed are there and also the once a year type stuff as well, like insurance.

Ripping a mall down for condos might work in larger centers where multiple malls compete but when this is basically the only one, it's going to stay. I would agree that the current configuration may change, but totally gone....no way.
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Re: Cherry Lane Mall

Postby twobits » Jun 20th, 2018, 7:40 pm

JagXKR wrote:So if you don't go there the how do you know it's not doing well? Rhetorical.

I think that The Bay will be gone in the future as most Bay's in the country will be gone, if not all. How about the idea of making a condo tower there? Great selling point is you can buy virtually everything at the mall. Most of the day to day items needed are there and also the once a year type stuff as well, like insurance.

Ripping a mall down for condos might work in larger centers where multiple malls compete but when this is basically the only one, it's going to stay. I would agree that the current configuration may change, but totally gone....no way.


I will stand by my opinion. I see a Peach Tree model where main street frontage, maybe...possibly.....plausibly....remains a commercial strip but only if Save On signs on as an anchor to a strip mall. And that will be determined by what happens for grocery across the Green Ave bridge.
I see eight 10 story condo's on all of that asphalt in 10-15 years and it will be good for Penticton cuz the taxes to the City will exceed what is realized from mall parking lot and the box store that displaces it across the bridge.PIB can have those taxes.
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Re: Cherry Lane Mall

Postby fluffy » Jun 21st, 2018, 5:09 am

I think that the success of both of the big condo projects immediately east of the mall is due in part to their proximity to the services available in the area. That, and all the other residential properties nearby, is in itself a good case for survival of the mall. Still, should The Bay pack their bags who would replace them? It seems the larger department store chains are among those hardest hit by the shift to internet shopping and I can't think offhand of any similar chains actively investing in mid size shopping mall properties. The condo idea may not be as far fetched as some would think, at least on some scale.
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Re: Cherry Lane Mall

Postby pentona » Jun 21st, 2018, 9:06 am

fluffy wrote:I think that the success of both of the big condo projects immediately east of the mall is due in part to their proximity to the services available in the area. That, and all the other residential properties nearby, is in itself a good case for survival of the mall. Still, should The Bay pack their bags who would replace them? It seems the larger department store chains are among those hardest hit by the shift to internet shopping and I can't think offhand of any similar chains actively investing in mid size shopping mall properties. The condo idea may not be as far fetched as some would think, at least on some scale.


Better check your compass, Fluffy. The only things East of the Mall is Main Street and another Strip Mall. Maybe "West" is what you meant to say?
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Re: Cherry Lane Mall

Postby fluffy » Jun 21st, 2018, 10:59 am

Must have been spell check. :)
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Re: Cherry Lane Mall

Postby twobits » Jun 21st, 2018, 3:35 pm

fluffy wrote:Must have been spell check. :)


At our age fluff, it's called brain fart. The remaining commercial viability of the Cherry Lane lands lays only on the Main St frontage. When the Bay pulls the plug, the dominoes will start to fall. There are vacancies in the Mall as it is. What is the Bay space to become? Perhaps a mega sized food court for seniors with floor tile chess boards, shuffle boards, pickle ball courts and Geritol shooter bars.
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Re: Cherry Lane Mall

Postby Jflem1983 » Jun 21st, 2018, 3:38 pm

twobits wrote:
fluffy wrote:Must have been spell check. :)


At our age fluff, it's called brain fart. The remaining commercial viability of the Cherry Lane lands lays only on the Main St frontage. When the Bay pulls the plug, the dominoes will start to fall. There are vacancies in the Mall as it is. What is the Bay space to become? Perhaps a mega sized food court for seniors with floor tile chess boards, shuffle boards, pickle ball courts and Geritol shooter bars.



Sounds like a solid plan .
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Re: Cherry Lane Mall

Postby RupertBear » Jun 21st, 2018, 6:45 pm

twobits wrote:
fluffy wrote:Must have been spell check. :)


At our age fluff, it's called brain fart. The remaining commercial viability of the Cherry Lane lands lays only on the Main St frontage. When the Bay pulls the plug, the dominoes will start to fall. There are vacancies in the Mall as it is. What is the Bay space to become? Perhaps a mega sized food court for seniors with floor tile chess boards, shuffle boards, pickle ball courts and Geritol shooter bars.


I was thinking more along the lines of a giant dollar store, with a pawn shop, payday loan store and a tattoo parlour in the back. But if that happens, downtown is dead.

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Re: Cherry Lane Mall

Postby twobits » Jun 22nd, 2018, 8:04 pm

RupertBear wrote:I was thinking more along the lines of a giant dollar store, with a pawn shop, payday loan store and a tattoo parlour in the back. But if that happens, downtown is dead.

You must be kidding right?? With the millions spent downtown, it will be a vibrant retail area. Until it never happens. And never will until private investment moves in and tears down the 100 plus yr old buildings and actually redevelopes downtown.

I have actually been here long enough now to witness three downtown revites. Not one of them has ever changed the retail success of 100 thru 600 blk. How many times do our City Fathers need to be hit on the head with a hammer to realize that until the value of the property becomes attractive to investment, no investment in buildings will happen! It can't be coerced with sidewalk bricks and planters. It will never happen while taxpayers keep propping up a false model of downtown prosperity.
Greyback Construction actually tried and I give them kudo's for trying with the City Center building. Where is that now? Being gutted again. And for what use?
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Re: Cherry Lane Mall

Postby fluffy » Jun 23rd, 2018, 4:50 am

So if downtown shopping is dead, and mall shopping is dead then we're pretty much doomed.
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Re: Cherry Lane Mall

Postby southy » Jun 23rd, 2018, 7:26 am

fluffy wrote:So if downtown shopping is dead, and mall shopping is dead then we're pretty much doomed.


Nahhh .. we've got Kelowna, Spokane, Seattle, Omak, Vancouver, Calgary ... Need I say more!
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Re: Cherry Lane Mall

Postby twobits » Jun 23rd, 2018, 5:40 pm

fluffy wrote:So if downtown shopping is dead, and mall shopping is dead then we're pretty much doomed.


Except for Walmart and whatever box stores show up.......a few specialty retail outlets with a heavy emphasis on service......yup, the small store retail market in Penticton is doomed. People should just get used to the reality that we are a suburb of the Central Okanagan. The sooner that is realized the better. And the realization should be that Penticton does have a strong position in the entire Okanagan economy but it is not in retail or Industrial. It is time to admit that this is just an awesome place to live and cater to being a place of residence and lifestyle. The jobs that come with that are pretty damn good too.
I fail to understand why there such a negative connotation to retirement community?? You can buy jeans and frozen yoghurt everywhere and the margins are pretty crappy. The Retirement community margins are way better. They have money, steady income that does not follow cyclical economy highs and lows. They attract trained workers from Doctors and their support staff all the way down to support stocking trained people at the pharmacy. They buy new vehicles, furniture and appliances cuz they can afford to. They also don't change their own oil or tires, cut their own grass, or shovel their own driveways. And all of these last mentioned "blue collared" jobs, pay at least double what a retail clerk at Bootlegger in a mall makes.

Penticton needs to embrace it's position in the regional economy and exploit it instead of chasing a failed model.
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Re: Cherry Lane Mall

Postby twobits » Jun 24th, 2018, 6:21 pm

What? A full 24 hrs and no one calls BS on my synopsis of the position of the South Okanagan economy within the larger Okanagan economy and how Cherry Lane as it is not a part of that future economy. And occupying 10 acres of valuable real estate that provides few full time and mostly on call jobs at minimum wage?
5 friggen acres of parking lot to support mostly corporate businesses that have to pay the cost of real estate value to another investment company that owns the property.
When the revenues received from "bootlegger" become less than liquidation of the real estate they occupy and simple bond market returns they will receive exceed that, it makes no sense for the investment company to stay invested other than play an increasing property value play for equity return.

Real estate values have already surpassed that point here for uses better than retail mall models.
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Re: Cherry Lane Mall

Postby seewood » Jun 24th, 2018, 9:21 pm

OK I'll bite, but not calling BS.
I agree in that the Cherry Lane model is a bit tired in Penticton. I suspect the lease rates are partly what they are because of the taxes paid for non revenue parking.
Some time ago I read 67% of Penticton's economy is either government or retirement. Some wonderful industrial business's but retirement and government is the primary revenue producer for Penticton..
Penticton cannot expand. Penticton cannot increase industrial land and very limited in residential expansion for the future. ( unless as mentioned, one goes up )Where else is there to build? Who would be the target purchasers of new homes? The cost of wages and running the city just goes up so will the taxes.
As there are very few jobs available outside government that can provide an income to live in Penticton comfortably, I suspect Penticton will continue to evolve to a retirement destination.
Retirement condos on Cherry lane property could very well happen in my lifetime, that being sooner than later. Especially if there is a revolving door of tenants in the mall. A real pain then to keep the store fronts occupied and generating revenue and perhaps the owners could get a better return with money in the bank. ( sell )
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