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Toronto Retail

Calloway REIT Already Filling Future Shop Spaces

In the wake of Best Buy’s announcement it’s closing 66 Future Shop stores, Calloway REIT chief Huw Thomas says his team is fielding calls from national retailers interested in the spaces, and is already in negotiations for three. Future Shop (owned by Best Buy) leases 19 stores on Calloway sites; eight of those are closing, with the remainder being converted to Best Buys. Huw notes Future Shop will honour rental payments for the full term of all leases for closing stores. While Calloway is "always sorry" to lose tenants, he says, “the evolution of retail concepts is an inevitable part of the broad retail landscape.”

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