The loss of Target could be a major blow to the Westmount Shopping Centre according to a commercial realtor.
Peter Whatmore of CBRE Real Estate Brokerage says the mall may have a hard time filling the vacant space.
"It's pretty devastating I would say for that ownership group. We did a lot of work out there in the last few years and converted the second floor of that place into an office environment, so I could see that happening and maybe an extension of that into the upper floor there. The main floor will be a challenge to figure out what to do with it."
The department store is one of two on the chopping block in London. The other is at Masonville Place.
Whatmore says the space at the north London mall won't stay vacant for long. But for Westmount, the loss of its anchor is a direct hit.
Whatmore adds the loss of Target is not a reflection of London's overall retail industry which he says is pretty strong right now.
One example is the west end Farm Boy that's under construction. It's actually one of two in London being built right now.
According to CBRE Research and Consulting, nearly 50,000 square feet of new retail development is currently under construction.
"People say London is over-retailed. Well, I've been hearing that as long as I've been in the business and you know retailers continue to come. Developers continue to build for them. Retailers generally know what they're doing. This is a real anomaly in the Canadian landscape but I think you know it's still pretty good here," says Whatmore.
