Recession Casualties

[adam c]

There was a keg on 36th?

[Xtrema]

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There was a keg on 36th?

Next to Red Lobster and Olive Garden if I recall. Mostly a expensed lunch kinda place. But I guess those $$ dried up.

[G]

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NE people could afford steak?

Looks like they can't. The Stadium Keg is always packed with line UPS on weekends.

[Maxt]

Ogee closed, furniture supplier to bars and restaurants.

[Gestalt]

Made in china furniture is taking over. I worked at a place similar for 6 months a few years ago. Suppiied restaurants casinos et.. Hard work, solid product, couldn't compete with china.

[rage2]

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Made in china furniture is taking over. I worked at a place similar for 6 months a few years ago. Suppiied restaurants casinos et.. Hard work, solid product, couldn't compete with china.

Already taken over. You’d have to look at the really high end stuff to get anything not from China.

[thetransporter]

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Looks like they can't. The Stadium Keg is always packed with line UPS on weekends.

keg lobster is good

[Kloubek]

So Reidbuilt Homes has become insolvent. They say it is up for sale, but realistically they will probably become bankrupt.

We moved into our Reidbuilt home 8 months ago and are happy with it, but they are denying any repair or listening to any issues with the homes now. Their subcontracts are also refusing to warranty their work. I only have a few minor issues but I know someone who's hot water piping sprung a leak and they needed to bring in their own contractor to resolve.

Alberta new home warranty will cover issues as per their coverage, but we all know how challenging it can be to use such services both from a claims application perspective as well as their willingness to fix things.

While it sucks for us who already moved in, it sucks worse for those who's homes were half complete and are now 100% stalled.

[01RedDX]

.

[mr2mike]

Saw on news The Belvedere is shutting down this weekend.
Business metrics don't make sense anymore with all the new tax changes, food prices, etc.

[adam c]

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Hearing the same about Westview Builders. Guy I know got a sick deal on a nearly finished unit in Nolan Hill and there still are deals to be had on remaining stock.

Can't confirm if they are officially bankrupt or just close to it.

Westview Builders has/is going through a name change and trying to expand into other cities right now, they aren't in great shape (from my knowledge) but I haven't heard anything regarding them shutting down

[Xtrema]

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Saw on news The Belvedere is shutting down this weekend.
Business metrics don't make sense anymore with all the new tax changes, food prices, etc.

And they cater to corporate expense crowd which is gone. Raising cost is last nail. Mainstream like Met or Catus Club are still busy.

[03ozwhip]

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Hearing the same about Westview Builders. Guy I know got a sick deal on a nearly finished unit in Nolan Hill and there still are deals to be had on remaining stock.

Can't confirm if they are officially bankrupt or just close to it.

they were both builders in my neighborhood. I was really surprised reidbuilt lasted this long. westview still hasn't finished houses from about a year and a half ago...

before I took possession of my house July 2016 I was hearing westview went bankrupt.

[HiSpec]

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Northland Village's redevelopment is now on hold.

Do you know where can I find more information on this?

[J-hop]

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you like to post on the internet, people like to shop at malls. To each their own.

Sears still owns the building that they are in... don't believe they own the mall. Definitely a great area to develop into more condos... that's a massive parking lot on that side. Lots of malls are turning into multi-use facilities. It's the only way the smaller malls will survive.

Fairly certain sears doesn’t own the north hill sears building.

[speedog]

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NE people could afford steak?

You obviously do not know all of the NE very well.

[TYMSMNY]

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Fairly certain sears doesn’t own the north hill sears building.

Up until 2.5 years ago. Sears Canada has owned it since they first opened. I guess the term STILL I used is false, but they definitely used to.

"Sears said the arrangement contemplates the sale of a 50 per cent interest in the site for a value of about $15 million, subject to adjustments, .... Following the transfer of the 50 per cent interest, the parties would enter into a co-ownership joint arrangement." -calgary Herald.

This was back in 2014, and in 2015 sold the remaining stake and three other properties for $140 million.

[J-hop]

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Up until 2.5 years ago. Sears Canada has owned it since they first opened. I guess the term STILL I used is false, but they definitely used to.

"Sears said the arrangement contemplates the sale of a 50 per cent interest in the site for a value of about $15 million, subject to adjustments, .... Following the transfer of the 50 per cent interest, the parties would enter into a co-ownership joint arrangement." -calgary Herald.

This was back in 2014, and in 2015 sold the remaining stake and three other properties for $140 million.

Exactly. I used to work there and still keep in contact with several people that work there still.

Owning the building was really the only thing that kept that location above water. Once they sold it was clear it was over

[suntan]

Great article in the G&M about Sears Canada's decline.

Basically it was used as an ATM. They actually had incredible cash flow up until very recently. It was all used for special dividends so that ol' Lampert would make millions. But of course his shares have taken a bath. Dude's an idiot.

[KrisYYC]

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Surely Deerfoot mall will be quite busy once its renovation is complete. Where do NE people even shop - sunridge mall has nothing on the malls in the rest of the city.

Crossiron. That mall is full of NE people and Airdrie hicks.

That being said, I prefer shopping in a traditional indoor mall FAR more than those stupid big box shopping areas like Deerfoot Meadows where you have to drive to each store within the shopping complex. Why that was ever considered a good idea is beyond me. I don't see how outdoor malls are any better than indoor malls considering our climate.

When I was a teenager (90's) malls were a good place for kids to go with their friends and for the most part stay out of trouble. Especially in winter when the weather is garbage. Mortal Kombat and Street Fighter at Lazer Illusions, then hit up the food court for some A&W.

Back on topic: One thing I've noticed since the recession is far fewer large scale renovations going on in my area. Before the recession it seemed like every week another house was being gutted and totally renovated. Now I don't see any, but still plenty of dated houses on huge lots that would be prime for reno/infill.