Cherry Lane losing three stores

User avatar
fluffy
Admiral HMS Castanet
Posts: 25083
Joined: Jun 1st, 2006, 5:42 pm

Cherry Lane losing three stores

Post by fluffy »

That's a big hit for a relatively small shopping mall. Empty store-fronts are not good for business. I was in the Bay to look at men's shoes a couple weeks back and the empty or sparsely populated shelves had the same effect, it looked like trouble was afoot. Makes me wonder about the timing for this new development on PIB land with the new bridge and all.

I was party to a discussion here a while back about local businesses struggling in Summerland because they were loosing their shopping dollar to other towns, chiefly Penticton. Now I'm wondering just how much Penticton is losing to the greater Kelowna area, or south of the border.
Denial is based on one very specific desire – for something to not be true.
Static
Guru
Posts: 6808
Joined: Nov 11th, 2008, 4:47 pm

Re: Cherry Lane losing three stores

Post by Static »

The consumer is at fault for not supporting their own community. This is nothing new in Penticton though.
User avatar
madmudder
Board Meister
Posts: 558
Joined: Jan 1st, 2009, 6:32 pm

Re: Cherry Lane losing three stores

Post by madmudder »

Static wrote:The consumer is at fault for not supporting their own community. This is nothing new in Penticton though.


Would the same be said if you were doing thousands of dollars worth of renovations to your house?
I have shopped local and with a limited amount of disposable income I'll go where the cheapest prices are.
Tony
Übergod
Posts: 1285
Joined: Aug 11th, 2005, 6:43 am

Re: Cherry Lane losing three stores

Post by Tony »

Static wrote:The consumer is at fault for not supporting their own community. This is nothing new in Penticton though.


Not really since the three stores are part of a chain that is in credit protection NATIONALLY. I don't think Penticton had that devastating effect on them. It's funny how as soon as something like this happens, people automatically blame the locals. I suppose they're to blame for Future Shop closing as well......
GEW
Fledgling
Posts: 134
Joined: Sep 20th, 2010, 11:15 pm

Re: Cherry Lane losing three stores

Post by GEW »

It wasn't one of their anchor stores, so really it's not that bad. It's a lot worse when one of the big spaces is empty like an old Zellers or soon to be vacant Target.
In hindsight, it's good that Target didn't come to Penticton; Superstore won't be going anywhere soon.
Keep calm and wear your tinfoil hat.
Quixote
Fledgling
Posts: 245
Joined: Jul 15th, 2008, 10:31 am

Re: Cherry Lane losing three stores

Post by Quixote »

It's not as if the closures are limited to Penticton - the parent company is closing 56 of their stores and filed for creditor protection, so clearly they were doing something wrong that wasn't limited to the Penticton area. Retail in Canada in general doesn't seem to be doing great, just recently we've seen BestBuy shut down the Future Shop brand in addition to these Comark closures, Target pull out of Canada, Sony close down their retail stores, Staples will be closing 225 stores in the US & Canada, Sears are selling a few of their stores, etc.

I'm sure a lot of the sales are going online, but at the same time the costs of living have been steadily increasing, meaning that there's less disposable income to spend at retail.
User avatar
Anonymous123
Lord of the Board
Posts: 4012
Joined: Feb 8th, 2013, 4:02 pm

Re: Cherry Lane losing three stores

Post by Anonymous123 »

The spokesman said since then they have identified 56 under performing stores, and that includes the three at Cherry Lane.
We See
We Judge
We Get Muzzled
User avatar
Hmmm
Lord of the Board
Posts: 3041
Joined: Jan 6th, 2012, 6:27 pm

Re: Cherry Lane losing three stores

Post by Hmmm »

The local spending boom is winding down folks. Much of those local dollars buying expensive toys and clothing were being bought on credit. Now many of these same people have either grown up or are in or approaching bankruptcy. The housewives that are drowning their depression buy purchasing stuff they don't need are shifting their focus to selfies and social media.

Fashion has always been a driving force for retail and a few years back, teens were buying $200-$300 denims and men (grown ones) were buying them along with shirts that cost the same. These trends have faded rapidly (thank goodness). That being the case, Penticton as well as many areas of Canada are not exactly fashion forward places. Many people wear practical clothing thats neutral, trend wise. That is not good for the retail machine.

These social issues and demographics are just one reason the local economies are suffering, of course there are other major factors.
I thought you said your dog doesn't bite....That's not my dog.
User avatar
fluffy
Admiral HMS Castanet
Posts: 25083
Joined: Jun 1st, 2006, 5:42 pm

Re: Cherry Lane losing three stores

Post by fluffy »

I tend to agree, what we're seeing here is a local reaction to a national or even continental trend. Things have cooled off economy-wise and the amount of disposable income has shrunk considerably. It's not entirely a matter of people spending elsewhere to chase the deals, it's partly a matter that people are not spending as much. And practicality is the name of the game for many as well, trading in their silk shirts for flannel. Still it's sad to see it happening so close to home, and it does tend to become a self-fulfilling prophecy for places like malls as empty store fronts say "money trouble" which is not conducive to the shop-till-you-drop mindset that retailers love.
Denial is based on one very specific desire – for something to not be true.
User avatar
Corneliousrooster
Grand Pooh-bah
Posts: 2630
Joined: Oct 14th, 2008, 10:20 am

Re: Cherry Lane losing three stores

Post by Corneliousrooster »

This is not an issue isolated to Penticton or the Okanagan. For the most part, people prioritize their personal "savings" over the community benefits of shopping locally. In my opinion, the biggest competition nowadays is the internet. I get people in my store all the time wanting me to price match the internet. They can find items for a fraction more than my cost price and get it shipped free to their door. Hard to compete with that.....

Unless peoples buying habits change, headlines like the cherry lane mall story will be more and more frequent.
I am Canadian
Banned
Posts: 326
Joined: Feb 25th, 2015, 2:53 pm

Re: Cherry Lane losing three stores

Post by I am Canadian »

They're happily pocketing profits when they make money and cry when losing it? lol. Suck it up buttercup, it's part of the game and it has a name: Capitalism.
biggoofball
Newbie
Posts: 59
Joined: Mar 20th, 2015, 4:55 pm

Re: Cherry Lane losing three stores

Post by biggoofball »

fluffy wrote:That's a big hit for a relatively small shopping mall. Empty store-fronts are not good for business. I was in the Bay to look at men's shoes a couple weeks back and the empty or sparsely populated shelves had the same effect, it looked like trouble was afoot. Makes me wonder about the timing for this new development on PIB land with the new bridge and all.

I was party to a discussion here a while back about local businesses struggling in Summerland because they were loosing their shopping dollar to other towns, chiefly Penticton. Now I'm wondering just how much Penticton is losing to the greater Kelowna area, or south of the border.


No big loss The three stores operate under the umbrella of parent organization Comark, a Canadian specialty fashion retailer. Comark announced it was seeking creditor protection last week.

I been around 64 years and have never set foot in any of these stores. specialty fashion is a thing of the past
your speculation above about the Hudson Bay is badley misguided the Bay will be stronger than ever after this deal
biggoofball
Newbie
Posts: 59
Joined: Mar 20th, 2015, 4:55 pm

Re: Cherry Lane losing three stores

Post by biggoofball »

Corneliousrooster wrote:This is not an issue isolated to Penticton or the Okanagan. For the most part, people prioritize their personal "savings" over the community benefits of shopping locally. In my opinion, the biggest competition nowadays is the internet. I get people in my store all the time wanting me to price match the internet. They can find items for a fraction more than my cost price and get it shipped free to their door. Hard to compete with that.....

Unless peoples buying habits change, headlines like the cherry lane mall story will be more and more frequent.


I needed a Panasonic 80CFPM lighted bathroom fan? HD.rona.HH etc want 275$ cdn plus tax? I bought it online through Amazon.com $140.00 USD plus 22% exchange and no tax???????????

what would you do? !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
biggoofball
Newbie
Posts: 59
Joined: Mar 20th, 2015, 4:55 pm

Re: Cherry Lane losing three stores

Post by biggoofball »

A few years back I rebuilt a chevy truck 2007 model I priced out my best deal parts prices at Bannisters in Vernon
the total was over $6000
I priced out in belingham at chevy dealer $2900 and dollar exchange then was about 11%
I drove to Bellingham and back in 12 hours total
the dumbest part of this deal was the boxside, rear spring, and some other parts were made in Oshawa Ont
but shipped to the us and retailed for almost 1/2 what a cdn dealer wanted
and people wonder why we shop online and cross border???????????????????????????????????????????????????????????????????????
another pefect example I needed two articulating TV LCD mounts for 32 inch units.Future shop,HD,Costco etc etc all were in the 69$ ++++ range plus tax
I bought them on amazon.ca landed at my door step no tax at $38.95 each delivered
mrmagoo
Fledgling
Posts: 235
Joined: Jul 26th, 2014, 9:35 am

Re: Cherry Lane losing three stores

Post by mrmagoo »

In my view the national retail decline is directly correlated to the rise of online shopping. I bought lots of interesting things for the garden online this year - free shipping, well-priced and not available locally. I don't see the trend reversing.

Return to “North Okanagan”