Bed Bath and Beyond will be closing 54 Bed Bath and Beyond stores and 11 BuyBuy Baby stores — 13 of which are tenants of RioCan. Read more.
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According to the REIT’s annual report, Bed Bath and Beyond was its 19th-largest tenant, accounting for .08 per cent of annualized contractual gross rent. It occupied 300,000 square feet of space. The closures come after what Gitlin said was a strong finish to a year that was marked by significant challenges and disruptions, including pandemic related restrictions at the start of the year, extreme inflation and interest rate increases as the year progressed.
RioCan also reached a new tenant retention high of 93.5 per cent, “reflecting strong tenant demand for high quality, well-located retail space that is in short supply,” the report said.
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