News this week that the remaining tenants of Greentree Mall were given notice to exit next year has led to questions of the mall's future, but Westview Co-op says the building will remain standing once the last businesses leave by March 2019.
The decision was made based on the facts that Greentree Mall was operating at a "significant loss" of approximately $500,000 a year and two of the three remaining tenants had given notice they had plans to relocate, says general manager Dennis Laing.
"It is not sustainable in that way and a decision had to be made that was in the interest of the members of the entire Co-op, not just the tenants of the mall," he says, adding they wanted to "formalize an exit date" for tenants and close the mall in 2019.
"By limiting that half a million dollar loss on the bottom line that will afford us the opportunity to invest in the business units that our members and guest are strongly supporting."
In the short-term future, the mall will remain standing until the Co-op decides what to do with the building. As of now, Westview Co-op isn’t certain they’ll put the mall up for sale immediately once the last tenants move out in March.
