Three retail clothing stores in the Cherry Lane Shopping Centre are closing by the end of this month.
Ricki’s, Cleo and Bootlegger will be leaving by the end of April after the parent organization, Comark Inc., announced on March 26 that it had obtained creditor protection from the Ontario Superior Court.
A total of 56 of the Canadian retail outlets will be closing across the country with an approximate 300 stores remaining open, as well as all online outlets.
Comark said in a press release it will be closing under-performing stores over the next 30 days as part of company-wide restructuring. Cherry Lane Shopping Centre general manager Judy Richards was unable to be reached for comment. Cherry Lane’s marketing director Andrea Davison was reached, but declined to comment.
Economic Development Officer for Penticton, Colleen Pennington, said that the retail market is downsizing Canada-wide.
“I think the whole Canadian retail scene, and retail in general, is getting restructured,” Pennington said. “Obviously the impact of the internet, and the impact of the economy hits retail and I will say as well, there is a lot of competition.”
The closing of the short-lived Target chain in Canada, and Future Shop restructuring and amalgamating with Best Buy are both recent examples of the large-scale Canadian retail market downsizing.
“It’s a very challenging and difficult industry and it always has been,” Pennington said.
However, Pennington notes that Penticton has seen some retail success with independent and local outlets.
“We actually have some interesting retail (in Penticton). We have lots of boutiques and independently-owned stores and they are able to differentiate their merchandise and provide more one-on-one service. That’s part of the secret to keeping customers,” Pennington said.
Pennington added that those aspects of business can become more challenging as companies grow into larger, corporate-style structures.
“In some ways we’re lucky that a lot of our retail is independent and they are able to be a bit more nimble and it’s a challenging industry. (Retail) is demand based and you have to find the niches in the market that exist,” Pennington said.
The harshness of the retail industry can hit large corporations as well as local shops. Dogtown Coffee Co. recently closed its Penticton location on March 19.
“I guess, bottom line, this is small business in our town. There are success stories and there are stories of failure. The Okanagan is a difficult place to be in business,” said Corrie Corfield, owner of Dogtown Coffee Co..
“If I can say one thing to our community it is this; small business is about more than profit and bottom lines. It’s about people and families and dreams and community. Supporting small business means more than clicking a “like” button or being a cheerleader. Consumers have so much power with every dollar they spend. Think wisely about where you spend your dollars. Our community is full of people just like me and they need your real support. Not just for a day or a week. Not just because it makes you feel good for a moment, but real, lasting, genuine support,” Corfield said.
