U.S.-based imited Brands Inc., owner of the Victoria's Secret retail chain, is the only major retailer currently negotiating to lease the 30,000-square-foot former HMV location on Robson Street, according to several sources.
Limited Brands also owns marquee brands Victoria's Secret Pink, La Senza and Bath and Body Works.
Neither the company nor Morguard Investments Ltd. retail asset manager Bob Nicholson would comment on the rumours.
Limited Brands opened its first four Canadian Victoria's Secret stores in 2009, including a Calgary opening that drew a huge crowd. It added four more in 2010 and another eight last year including the first Metro Vancouver location at the Vancouver International Airport in November.
"Based on the success we have experienced in Canada, we plan to open an additional three Bath and Body Works stores, five Victoria's Secret stores and two Victoria's Secret Pink stores in Canada in 2012," Limited Brands noted in its March 23 annual report.
"Victoria's Secret is a major brand that is expected to come to the City of Vancouver," said Thomas Consultants managing principal and retail consultant Michael Penalosa.
Still, he is surprised that Victoria's Secret would want a 30,000-square-foot location given that most of its stores are in the 5,000-square-foot range.
But Penalosa added that leasing the HMV space would make sense if the company wants to make it a flagship store with Victoria's Secret on the main floor and a Victoria's Secret Pink outlet downstairs.
Both he and Dig360 retail analyst David Gray doubt that Limited Brands would also add a La Senza boutique to the location.
– Glen Korstrom/BIV
from Western Investor June 2012
