Montreal, Quebec – Ivanhoe Cambridge is pleased to announce that Rockland Centre, located in the borough of Mount Royal in Montreal, will be modernized in the coming months. The Company will invest some $35 million as part of a major redevelopment project to revitalize several sections of the mall. Construction work is scheduled to begin in January 2005 and will be completed by the summer of 2006. Four well-known retailers – Tristan & America, L’Officiel, Mango and StyleXchange – have already signed leasing agreements for a total of 30,000 square feet.
“This large-scale redevelopment project is aligned with our strategy to improve our properties on an ongoing basis, in order to strengthen their positioning, customer traffic and market share. Rockland Centre has a twofold advantage: it occupies an exceptional geographic location and enjoys high visibility. These two factors, taken together, have impelled us to move forward with this project and invest in the mall in order to ensure an optimal shopping experience for consumers and an enhanced operating environment for retailers,” declared Jean Laramée, Senior Vice President, Eastern Region of Ivanhoe Cambridge.
The project will enable Rockland Centre to re-energize its commercial offering by attracting new retailers that will reinforce its positioning in the mid-high to upscale market. Mr. Laramée indicated that the project has already elicited interest among several leading retailers with whom Ivanhoe Cambridge is actively pursuing negotiations.
Among these, Tristan & America and L’Officiel, which are already present in Rockland Centre, have signed new leasing agreements and will occupy new premises (8,000 and 3,000 square feet respectively) as of the fall of 2005.
Mango and StyleXchange to make their debut at Rockland Centre
Mango, Spain’s second largest exporter of women’s fashions, will make its long-awaited entrance into the North American market. Starting in the fall of 2005, Rockland’s 4,000-squarefoot store will showcase Mango’s retail concept, which combines quality, trendy fashions and affordable prices.
“The quality of the project, the appeal of Rockland's retail mix and its client profile: these are three elements that have provided us with excellent reasons to maintain our presence in Rockland, expand our current stores and launch the Mango Banner, ” said Gilles Fortin, President and Founder of Tristan & America, who has secured the rights to develop the first Mango franchise in Canada.
Fashion retailer StyleXchange, where trend-conscious shoppers can stock up on the latest clothing, footwear and accessories, will open at Rockland Centre in the spring of 2005. The 15,000-square-foot store will feature high-profile brands such as Diesel, Miss Sixty, Energie, Numero, Ecko Red, Seven, Citizens of Humanity, G-Star and Juicy Couture for men and women.
“We felt it was very important for us to maintain a presence in the area in order to continue serving our current customer base, while reinforcing our presence in our market. Rockland Centre’s positioning and client mix, which are a perfect fit for StyleXchange, will help us achieve our strategic and branding objectives,” said Mark Batchoun, president of StyleXchange.
An upgrade with a focus on functionality
The key aspects of the project include redevelopment of three sections of the shopping centre.
Level 1 will be reconfigured and welcome several sought-after service centres designed to complement Rockland’s retail mix. As a result, the food court currently located on Level 1 will be moved to the east wing of Level 3, in the former Eaton premises. This shift, which has been hailed enthusiastically by many retailers, will increase shopping traffic on this level. Finally, a significant retail section in the north wing of Level 3 will be redesigned in order to accommodate new anchor tenants and several new stores.
“This project is excellent news for Rockland Centre, for shoppers and for retailers. Light and comfort are the primary focus in this concept. The new design will enhance the center’s appearance and endow it with a contemporary elegance and a warm and inviting atmosphere!" said Jacques Gladu, General Manager of Rockland Centre. He also mentioned that the renovation work will be planned in such a way as to minimize inconvenience to tenants and to continue to provide a shopper-friendly environment to consumers.
About Rockland Centre
Rockland Centre, which opened in 1959, enjoys a number of distinctive advantages: its remarkable strategic location, its easy access by vehicle and its upmarket retail mix. Rockland Centre is home to some 180 stores, shops, services and restaurants, and includes anchor stores such as Chapters, The Bay, Linen Chest and Sports Experts.
About Ivanhoe Cambridge
One of Canada’s leading property owners, managers, developers and investors, Ivanhoe Cambridge, headquartered in Montreal, Quebec, focuses on high quality shopping centres located in urban areas. Its real estate portfolio of more than 39 million square feet of retail space consists mainly of 50 regional and super-regional shopping centres. As at December 31, 2003, the fair market value of Ivanhoe Cambridge’s assets was over $6.8 billion.
Ivanhoe Cambridge is a member of CDP Capital, the asset manager for the Caisse de dépôt et placement du Québec (CDP). Amongst its shareholders, the Company also counts four Canadian pension funds.