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MICHAEL STRONGER, Senior VP Retail and Investment with Shindico Realty, talked
with BOMA about the retail industry in Winnipeg. One of Shindico’s top producers, Michael
is also a regular panelist at BOMA’s State of the Industry Luncheon in November.

What were some of the noteworthy deals done in retail over the past 12 months?

MS: The deals that stood out in 2019 involved backfilling large format vacancies, most notably the former Sears boxes.

At Garden City Shopping Centre, Seafood City and Michael’s Crafts are anchoring the exciting redevelopment of a Sears building
that had been weighing down an important retail node (Leila & McPhillips) for 20 years. At Kildonan Place, the Sears anchor
position is in the process of being redeveloped for Save-On Foods and a major expansion of Cineplex’s theatres. These are major
investments in key Winnipeg malls and I believe we can look forward to equally impressive announcements from CF Polo Park
and St. Vital Centre in the near future.

Another company that has been able to capitalize on the recent uptick in “big box” vacancy is Planet Fitness. They opened their
second location earlier this year in the Polo Park area and have since secured 2 additional locations where they are under construction:
Garden City Square in a former Future Shop and on Regent Avenue adjacent to Toys R Us. Their average club is 20,000 square feet
so this tenant alone will have absorbed 80,000+ square feet of vacancy in a 2-year period, which is not insignificant.

On the new development front, Cineplex is in the process of developing a 40,000 square foot “Rec Room” entertainment
venue on Sterling Lyon Parkway, west of Ikea. Winnipeg will also be getting the first P.F. Chang’s restaurant in Western Canada
when they open later this year at the Plaza at Polo Park in a new freestanding building.

8 Manitoba 2019 Commercial Building Directory