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Retailer ‘Century 21’ Eyes Canadian Expansion Following Summer Bankruptcy​


Popular New York City-based off-price retailer Century 21 is reportedly looking to enter the Canadian market amid a global store expansion following its bankruptcy over the summer and the shuttering of all stores. The timeline for the Canadian expansion is unclear as the retailer prepares to open its first new store following the filing in Busan, South Korea.

The Busan Century 21 store will span nine floors and about 100,000 square feet, according to an exclusive report this week in WWD. The store will open in August with a branded facade. It is unclear if Canadian luxury vintage accessory retailer LXRandCo will be part of the mix as was the case with the former Century 21 stores.

Entrepreneurs Al, Ralph, and Sonny Gindi founded Century 21 in New York City in 1961 and the company expanded to multiple locations. After failing to recover disaster insurance, the company filed for bankruptcy over the summer and its remaining stores shut in early December (Century 21 will litigate). The Gindi family and a silent partner bought the intellectual property rights for Century 21 in November for USD $9 million with plans to revive the concept. Industry veteran, Marc Benitez, has been appointed President of the new company and will spearhead the expansion.

According to the WWD report, Mr. Benitez said that Century 21 is targeting Canada, China, Hong Kong, Europe, Australia, and South America for stores in the coming years. An expansion into the United States is also planned at the “right time” with a Manhattan flagship being part of the mix, either on 34th Street or in the Times Square area. It has not yet been established what the company’s real estate strategy might be in terms of choosing locations for Canadian storefronts.

 
ca.finance.yahoo.com

Goodbye downtown, hello suburbs: What the new Second Cup owner has in store

“We’re going to be looking to open smaller locations, with drive-thrus, in suburban markets,” said the CEO of Foodtastic.
ca.finance.yahoo.com ca.finance.yahoo.com


The new owner of the Second Cup Coffee has set its sights on an expansion in suburban Canada, the latest turnaround plan aimed at bringing the struggling coffee chain to its former glory.

Last week, Aegis Brands announced it had reached a deal to sell its Second Cup Coffee Co. chain to Foodtastic, a Quebec-based restaurant franchising company. Aegis Brands did not disclose the sale price of the deal, but said it includes a $14 million cash payment and a post-closing earn-out.

While the immediate focus for the new owners of the chain will be making it through the pandemic, Foodtastic chief executive Peter Mammas said that the company has set its sights on expanding the brand in a few years time. The goal is to have 300 locations by 2025, up from the existing store count of 190.

“We’re going to be looking to open smaller locations, with drive-thrus, in suburban markets,” Mammas said in an interview.

“Right now, a lot of these Second Cup locations in malls, downtowns and transit locations – all three parts of the business that have been extremely hurt by the COVID-19 pandemic. We want to diversify the exposure of Second Cup and move it more into the suburbs.”

----------
“We have a plan, but it’s not going to be done overnight,” he said. “It will be done over 18 months, but that’s how we’ll proceed.”

Mammas said the first priority for Second Cup will be to evaluate the company’s existing staff. Foodtastic’s leasing team will then look at the company’s existing store agreements and analyze operations at all Second Cup locations. After that will come marketing and strategies around modernizing and improving the offerings, as well as renovating outdated stores.

“Our messaging is going to be: we have better coffee, we have a great atmosphere, we have better service, and we’re Canadian,” he said. “We’re going to play on on all those four points. It’s not something that’s going to be done overnight, but I think that’s what we’re going to strive for.”
 
AlbertC said:

Retailer ‘Century 21’ Eyes Canadian Expansion Following Summer Bankruptcy​


Popular New York City-based off-price retailer Century 21 is reportedly looking to enter the Canadian market amid a global store expansion following its bankruptcy over the summer and the shuttering of all stores. The timeline for the Canadian expansion is unclear as the retailer prepares to open its first new store following the filing in Busan, South KoreaWsbx
Click to expand...
Clearly, I'm not a finance person, so don't quite understand how they are expanding globally while shuttering in their home. Still, I'd welcome Century21 in Canada.

Perhaps a good use for some of the Hudson's Bay carcass at Yonge & Bloor.
 
Flight Centre at the Scarborough Town Centre has bitten the dust.

This was not one of the locations noted as closing earlier this year/late 2020. It makes me wonder what the future of the chain is like.

20210220_105905.jpg
 

Estee Lauder to buy Canadian skincare company Deciem at US$2.2-billion valuation​


February 23, 2021

The Estee Lauder Cos Inc. has struck a deal to buy Canadian skincare company Deciem Beauty Group Inc. at a valuation of US$2.2 billion

The agreement will see Estee Lauder purchase the Toronto-based company behind the popular skin care brand The Ordinary in two phases.

Estee Lauder said the first phase of the deal, which is expected to close by June 30, will see the company increase its stake in Deciem to 76 per cent from 29 per cent for US$1 billion.

The American multinational manufacturer of skincare, makeup, fragrance and hair care products said it has agreed to buy the remaining interests after a three-year period at an amount to be determined based on Deciem's future performance.

It said Deciem, which calls itself The Abnormal Beauty Company, is an "industry disruptor with a consumer-focused approach."

ca.finance.yahoo.com

Estee Lauder to buy Canadian skincare company Deciem at US$2.2-billion valuation

The Estee Lauder Cos Inc. has struck a deal to buy Canadian skincare company Deciem Beauty Group Inc. at a valuation of US$2.2 billion The agreement will see Estee Lauder purchase the Toronto-based company behind the popular skin care brand The Ordinary in two phases. Estee Lauder said the first...
ca.finance.yahoo.com ca.finance.yahoo.com
 
Australian skin care brand, Aesop, continuing to expand in the Canadian market. Their new Yorkdale and 2579 Yonge Street (Yonge & Eg area) locations are expected to open following the current lockdowns. They've also leased a new space at the 94 Cumberland Street (Minto Yorkville Park condos).

www.retail-insider.com

Aesop Expanding Canadian Store Operations with Multiple Storefronts Over 12 Months

The brand could open as many as five Canadian boutiques this year amid an ongoing expansion that includes new markets.
www.retail-insider.com www.retail-insider.com
 
I read on RedFlagDeals that Bed, Bath & Beyond at Aura (382 Yonge) is closing.
So 50,000 sq ft plus that of Scaddabush, Reds and Duke’s Refresher...hopefully somthing good is planned for all that space!
 
Coffee Concept ‘Good Earth Cafe’ Acquiring Abandoned Starbucks Locations in Canada for Expansion

March 10, 2021

Calgary-based Good Earth Cafes Ltd. is setting its sights on acquiring a number of spaces recently abandoned in Canada by Starbucks which has announced the closure of about 300 coffee shops in the country.

Michael Going, Founder and CEO of Good Earth, said the company has retained Stan Boniferro, Managing Director of Stabon Enterprises, to work with landlords and developers in identifying sites suitable for conversion to Good Earth Coffeehouses.

He said the focus will be on sites with proven performance, in-place infrastructure, and opportunity for future growth.

“With their (Starbucks) announcement to close so many stores, obviously we look at that as an opportunity for us to step in and infill in some of the locations that they’re leaving behind. Certainly we’re not looking for 300 locations – and I think Starbucks will end up closing probably more than 300 and we’re hearing that now — we know that out of those there are a number of locations that we would be very interested in and we’re already starting to move on a few of those,” added Going.

“We don’t have an exact number. It will really be driven by the quality of the real estate as we see it and then very importantly by the interest that we have from franchise prospects, franchise partners. We’re very interested in partnering up with groups that want to open multi locations especially in bigger markets in proven real estate. We feel there’s an opportunity rather than going in one cafe at a time to work instead with groups that want to open a number of cafes.”

www.retail-insider.com

Coffee Concept 'Good Earth Cafe' Acquiring Abandoned Starbucks Locations in Canada for Expansion

Good Earth is looking at the 300 shuttered Starbucks locations as an opportunity for significant and rapid growth in Canada.
www.retail-insider.com www.retail-insider.com
 
gregv said:
I read on RedFlagDeals that Bed, Bath & Beyond at Aura (382 Yonge) is closing.
So 50,000 sq ft plus that of Scaddabush, Reds and Duke’s Refresher...hopefully somthing good is planned for all that space!
Click to expand...

I am honestly not surprised. Bed, Bath and Beyond is not really much to write home about.

Aura is a death sentence for retail outlets and I can't see any chain worth its own even attempting to open up shop there. They would be better off converting the retail space to lofts and be done with it.

Speaking of Aura... what ever happened with all the basement retail stands? Have any of them ever had lasting retail in them?
 
Richard White said:
I am honestly not surprised. Bed, Bath and Beyond is not really much to write home about.

Aura is a death sentence for retail outlets and I can't see any chain worth its own even attempting to open up shop there. They would be better off converting the retail space to lofts and be done with it.

Speaking of Aura... what ever happened with all the basement retail stands? Have any of them ever had lasting retail in them?
Click to expand...

The "Shops at Aura" basement is still deader than a doorknob, even more so now with COVID. There's a video tour on YouTube from someone who was there in the fall.

With the 3 SIR Corp restaurants closed, along with Bed Bath and Beyond, is there some physical way to combine all the spaces? The press release seemed to imply that some kind of better retail option was being planned by the landlord, which gave them the option to voluntarily leave. Isn't the gym up on the 4th floor (formerly Hard Candy/Crunch/Aura Fitness) also closed? If so, there's only the 2 banks, the Marshalls and the haunted basement left.
 
soundmuseum said:
The "Shops at Aura" basement is still deader than a doorknob, even more so now with COVID. There's a video tour on YouTube from someone who was there in the fall.

With the 3 SIR Corp restaurants closed, along with Bed Bath and Beyond, is there some physical way to combine all the spaces? The press release seemed to imply that some kind of better retail option was being planned by the landlord, which gave them the option to voluntarily leave. Isn't the gym up on the 4th floor (formerly Hard Candy/Crunch/Aura Fitness) also closed? If so, there's only the 2 banks, the Marshalls and the haunted basement left.
Click to expand...

Without saying anything I should not...................

Yes.

****

and Yes.
 
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