HBC is backing out of its plan to operate a store at the redeveloped Oakridge Park in Vancouver.
The Toronto-based retailer says it recently reached an agreement with QuadReal Properties allowing it to exit from the mixed-use project.
Asked what prompted the change of plans, HBC spokesperson Tiffany Bourré said in an email that the company continuously looks at opportunities to optimize its real estate portfolio.
She says the company instead plans to serve the Vancouver community by investing in and redeveloping its flagship location on Granville Street in downtown Vancouver.
HBC announced back in October 2018 that it had amended its lease at the Oakridge Centre, allowing for the retailer to relocate to a new location at the redeveloped site, where it would remain an anchor tenant and pay similar rent.
In exchange for certain concessions and approvals related to the redevelopment of the site, HBC received $151.5 million and used the funds to repay its revolving credit facility.
This report by The Canadian Press was first published Nov. 28, 2024.
Tara Deschamps, The Canadian Press