Rio.Can says it’s monitoring the long-term impact of Target’s closure of its Canadian stores. The real estate trust is owner of local properties at Sunnybrook Plaza, 1860 Bayview at Broadway (the new Whole Foods) Rio.Can Centre at Laird Drive and Eglinton Ave. E. as well its huge complex at Yonge and Eglinton. The only Target store locally was at the East York Town Centre owned by Morguard Invesmtent. But Rio.can has Target as a tenant at 26 locations across Ontario and Canada. The property manager and developer said Friday it’s not sure how other tenants and prospective customers will react to Target’s closure of 133 stores across Canada. “Demand from tenants in the near term is expected to remain steady with continued upward pressure on rental rates within Canada’s major markets. It remains uncertain, however, what the full impact of Target’s announcement to discontinue its operations in Canada will have on rental rates and tenant demand,” the company told Canadian Press said.
