New owners for Truro Mall
TRURO — The Truro Mall has new owners and will soon be the site of Home Hardware and other new tenants.
Arnold Hagen, who owns Home Hardware Building Centres in Truro and Bible Hill, and Doug Doucet, owner and CEO of rcs Construction, acquired the mall on June 30.
“I think that the economy is really strong in the area,” said Doucet. “I think the growth mode is very obvious. So, I think the timing to purchase the mall is perfect. We have a vision to build the mall very quickly with Class A tenants.”
The Home Hardware Building Centre on Willow Street in Truro is moving to the former Sears location on the west end of the mall. Some tenants will be moved so the current front entrance will open directly into the Home Hardware, said Hagen. A 15,000 sq.-ft warehouse will be built on the rear of mall by Marshland Drive.
A "significant” tenant is confirmed to be moving into the east end of the mall, next to Michaels and Rossy, and will be announced later this month. Conversations are currently ongoing with two other national retailers, with other inquiries just starting. This is projected to bring occupancy up to 95 per cent over the next 12 to 18 months, said Doucet. Vacancy is currently at 25 to 30 per cent.
The pair said a lot of exciting conversations are underway, with ideas still being floated around and things moving very quickly. The goal is to “revamp” the place and attract young people, starting with upgrades being planned for the exterior façade, the food court and Wifi. Along with the upgrade they hope to obtain a major restaurant.
“The good thing about that mall is it has got good bones, it’s very strong, wellmaintained, in good shape,” said Hagen. “So structurally, it’s very sound. We want to spruce up the food court, look at ways to entice more activity there … it's no secret Montana's had been looking at that location a while back. We haven't started up conversations with them yet, they're certainly interested, but we want something that we can bring into the mall to add to that whole experience.”
The partners envision a community space. This could include adding things such as locally owned businesses, medical offices, a playground and enhancing the social aspect, particularly in the food court and with community events. It all depends on what people want, they say.
“Make it more than just a shopping place and make it more a community-based place,” said Hagen. “You look at where things need to evolve to be competitive, you're obviously competing with online shopping. So, you’ve got to find a way to entice people to get off the couch, to come to your facility … we got to make find a way to get people to come experience what you're offering.”
Current tenants have been notified by the mall’s management agency, Strathallen.
Doucet and Hagen said they look forward to meeting with tenants themselves and want to help bring foot traffic to their businesses.
“We want to get in there and we want to meet the tenants, we want to meet the community,” said Doucet. “We want to meet the politicians and show them our vision and then we can pivot, we can change … we're very nimble. We're a small company and Arnold and I both share the same vision. So, once we figure out what's important to the community, then we'll adapt.”
Doucet has experience as a contractor and developer. He is originally from Sydney and sees opportunities in getting creative with malls, which he said have often have not kept up with the times. He first looked at acquiring the mall nearly three years ago from the previous owners, who he said are “good clients” of his.
“I loved what kind of shape it was in – very well taken care of from the previous owners," said Doucet. “And I just kind of really kind of fell in love with it – kind of a cool project.”
Once Hagen saw the opportunity to relocate the existing Home Hardware on Willow Street, the two entered a partnership a few months ago.
Hagen is a long-time resident of Truro, originally from
Prince Edward Island.
Mayor Bill Mills said the acquisition is “fantastic,” and he is looking forward to hearing more about their plans.
“I've known Arnold for a number of years, and I know that he has a pretty good success rate,” said Mills. “(He's) a former banker, so we understand trends. I'm very confident that we're going to see something there that I think that the community will be very proud of, and certainly, that it will be a great boost to our community.”
He said it will certainly help the community keep its market share, not losing people to the city.
“I think they do their due diligence,” said Mills. “I think that rather than the decision being made in Toronto, or Montreal, or elsewhere, decisions will be based here on what the market needs and perhaps from the buzz on the street.”
The acquisition does bring at least an immediate halt to proposed plans to construct a multi-unit residential development at the west end of the mall, which would have meant the demolition of the former Sears portion. The development agreement is transferable, however, and while Hagen said the project is currently "off the table,” he did not rule out consideration of residential opportunities down the road.
“I was a little bit surprised, because I would have thought, him being in the building supply business, if these structures were to be built, he probably owning that mall, probably would have benefited from it,” said Mills. “But he's a better man at the numbers than I am, so obviously it's not something that's in the foreseeable future.”
Demolition workers were in the location Thursday, with construction expected to start immediately. Hagen said Home Hardware hopes to relocate as soon as possible, but with the supply chain exacerbated by COVID, it might take until the spring of 2022.