Page 4

newsfront A4

THE VANCOUVER COURIER FRIDAY, NOVEMBER 16, 2012

FROM FRONT PAGE

Retailers sendingmessagetheyare‘competitive’ Others believe the term was coined in Philadelphia in the early 1960s, to describe the throngs of shoppers and vehicles that filled the streets the day after Thanksgiving to take advantage of holiday sales. Black Friday is the busiest shopping day in the U.S. and considered the equivalent of Boxing Day in Canada. Meanwhile, Cyber Monday is the marketing term for the Monday immediately following Black Friday. Cyber Monday is considered the busiest online shopping day of the year in the U.S. and increasingly in Canada. Julian Alphibert, manager of the West Fourth Avenue location of The North Face, famous for its outdoor clothing and equipment, said their sale is timed ideally for shoppers preparing for winter sports and activities. “The merchants on the street are going to be doing their best to drive traffic to their stores. But rather than a one-day venture, the sales are going to last all weekend with some elements of surprise,” said Alphibert, who was reluctant to share those surprises. “They’ll just have to come out and see for themselves. But I promise it will be well worth the trip.” Many Canadian retailers weren’t happy this past summer when as of July 1, the amount of duty-free goods Canadians travelling to the U.S. for more than 24 hours were able to bring back was increased from $50 to $200. For Canadians away for more than 48 hours, the exemption increased from $400 to $800. But shoppers must also factor in the cost of travel and accommodation when deciding whether those U.S. deals are actually worth it. It’s also up to shoppers to ensure warranties for items such as electronics will be honoured in Canada. Mark Startup, president and CEO of Shelfspace, said Canadian retailers are rising to the challenges presented by Black Friday. Shelfspace is an association for retail entrepreneurs throughout Western Canada.

Photo Dan Toulgoet

Julian Alphilbert, manager at the North Face on Fourth Avenue, says its store sale will last all weekend (Nov. 23-25). “Canadian retailers are sharpening their pencils and sending the message they are competitive,” said Startup. “They can’t beat the U.S. on all fronts, but they’re working at it.” Locally, the Bay is also celebrating Black Friday with deep discounts and sales scheduled for Nov. 23 and Cyber Monday, Nov. 26. Now through Nov. 23, the Bay is offering one-

day sales during which one item is deeply discounted to a price comparable to items found at Black Friday sales. An email from Best Buy spokesperson Danielle Jang said the big box store, famous for its electronics, is having a Black Friday sale from Nov. 23 to 25. Jang added all sales will also be available online. No one from Walmart Can-

ada returned phone calls before the Courier’s press deadline. A list of West Fourth Avenue retailers taking part in Black Friday sales will be complete by Tuesday, Nov. 20, and available at shopwest4th.com. sthomas@vancourier.com Twitter: @sthomas10

By end of 2011, debt remaining onVillage was $462 million CONTINUED from page 1

photo Mike Wakefield/North Shore News

The deadline for bids on former Millennium sites now owned by the city , including this one at 131 West Esplanade in North Van, passed Nov. 9.

The deadline for bids on a nineunit commercial/retail building at 1327 Marine Drive in West Vancouver’s Ambleside district was Oct. 5. That property was appraised at $5.5 million in 2011. Last June, the city sold the former Daily Province Building near Victory Square for an undisclosed price. In 2011, it was appraised at $10 million and assessed at $6.996 million. By the end of 2011, the debt remaining on the Village was $462 million. In April 2011, the city estimated a $48 million loss on the project, not counting the $170 million land cost. Meanwhile, owners of 68 units worth an estimated $50 million are proceeding with a lawsuit seeking refunds. No trial date has been set, but the owners’ lawyer, Brian

Baynham, is awaiting a case management hearing with Justice Lauri Ann Fenlon. “I think it can be resolved in a couple of days, it’s not a complicated issue we think,” Baynham said. “The question for the court is whether (City of Vancouver was) a developer, as that term is defined in the act. Also whether or not Millennium SEFC, the company that built the Olympic Village, was a developer. Because all developers we say had to sign a disclosure statement, the failure to do that amounts to a breach of the Real Estate Marketing Act and if there is a breach of the act, my clients are entitled to rescind.” Fenlon, coincidentally, presided over the unsuccessful 2009 application by female ski jumpers to force International Olympic Committee and VANOC to let them compete at

the 2010 Winter Olympics. By late October, 564 of the 737 Village on False Creek units had been sold and Rennie Marketing Systems was projecting sellout by 2014. In May 2010, marketer Bob Rennie told an Urban Development Institute meeting that he hoped to sell-out in two years. The owner of Montreal’s Olympic Village, El Ad Canada, sold the property for $176.5 million to Canadian Apartment Properties Real Estate Trust in early November. Three months before the Montreal 1976 Olympics, the Quebec government took over the 980unit project. Fraud and conspiracy charges against developer Joseph Zappia were dropped in 1988. 2010goldrush@gmail.com twitter.com/bobmackin

Profile for Glacier Digital

Vancouver Courier November 16 2012  

Vancouver Courier November 16 2012

Vancouver Courier November 16 2012  

Vancouver Courier November 16 2012

Advertisement