While London city council is considering whether to approve a massive retail complex on Wellington Road, south of the 401, some say the city cannot support any more retail stores and wonder why a major developer, PenEquity Realty Corporation, would consider the area.
It is proposing a $200 million retail and cinema complex
Commercial retail expert, GeorgeGeorgopoulos, says PenEquity has its work cut out for it with the location and so much vacant retail space.
“Once you try to pass over that overpass over the 401, it's almost as if you're in St. Thomas. They tried putting a superstore in there. I think it was one of the first that you could save money. It wasn't feasible and it didn't stay long.”
With its location so easily accessible to highway 401, PenEquity may be seeking customers from around the region.
London Chamber of Commerce President Bob Hammersley sees the potential development as a benefit to the area.
“As we add more services and more choice and more opportunity to the area, I don’t see it so much as competition, but opportunity. It makes the quality of life in our market that much more attractive.”
Council will vote on the PenEquity plan Tuesday night.
