Two large retail shops in Richmond have “closing” signs on them and they are advertising massive sales.
Toys R Us in Lansdowne will be shuttering its Richmond location, although they will retain some stores, including one in Langley.
Meanwhile, Canada’s oldest store, the Hudson's Bay – established long before Canada was a country – is under creditor protection, and they will be shutting almost all their stores, including the Richmond Centre location. Only a handful in Ontario and Quebec will remain open.
Signs went up at Toys R Us last week announcing its upcoming closure. A date for closing, however, has not yet been set.
“All sales are final – no returns” reads a sign at the entrance to the Bay's Richmond Centre location.
Signs posted at the store say they will honour gift cards and gift certificates until April 6. The last day for returns was Tuesday (March 25) and all sales are final.
It’s always a “shock” when a big box store such as Toys R Us closes, said Richmond Chamber of Commerce president and CEO Shaena Furlong.
But, she noted, many retail outlets such as McArthurGlen, are doing well.
“In general, we haven’t heard greater struggles (in retail) than in other communities,” Furlong told the Richmond News.
What seems to drive retail success is being located near residential developments. In Richmond’s city centre and in Steveston, retail spaces seem to be tenanted and doing well, Furlong said.
Residential development, such as that going up at Richmond Centre, should boost the retail sector, she added.
What is worrisome, however, is the fact that B.C. and Ontario, two provinces with a high cost of living, have the lowest consumer spending, Furlong said, and this is compounded for retailers who also have high labour costs and high carrying costs in B.C.
Furthermore, worries are rippling through the retail sector with the April 2 threat of tariffs coming from the U.S., she added.
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