The new owner of the Village Shopping Centre is looking forward to building the mall’s potential and helping it “flourish.”

The President and CEO of Montreal-based real estate investment and development firm Leyad says they are open to a variety of ideas.

The Village is one of a large number of malls the company has recently acquired across Canada.

Henry Zavriyev says they firmly believe that retail is “coming back.”

He says the No Frills deal was very important in helping to bring foot traffic back to the mall. “We think that people are craving in-person interactions,” says Zavriyev.

He says they’re now actively working on filling the vacant spaces in the mall. He admits, attracting retailers takes time.

Zavriyev says contributing to high vacancy rates were COVID and the traditionally price-restrictive nature of mall rental rates. He says it can take years to see positive changes, referencing the two-year period it took to secure a retailer to one of their properties in Edmonton.