HomeIrving spends $10 million to build new, bigger Kent store

Irving spends $10 million to build new, bigger Kent store

Sep 19 2012

Tim Banks hints another major retail announcement coming next spring

West Royalty will soon dominate the retail market in the greater Charlottetown area, says a Charlottetown developer.

Tim Banks, CEO of APM, said Wednesday work has already begun on a $10-million project to relocate Kent Building Supplies from Allen Street to the new Royalty Power Centre on Malpeque Road (across from Sears).

Banks also added that another major retail announcement will follow next spring.

“Next year will be another significant retailer coming on to the site as well. We will, at that particular point, be dominating the marketplace in terms of where the retail centre will be in the greater Charlottetown marketplace,’’ Banks said.

The Irving-owned Kent is not only moving, it is essentially doubling in size to 100,000 square feet.

“I would have to say it would be double the size and will certainly provide a lot more jobs and more selection and more choice for people,’’ Banks said. “We’ve done some of (Kent’s) new stores in other markets. We’re quite excited about this new one because it will be one of their major stores so it will be in keeping with some of their properties in Halifax, Moncton and Saint John.’’

Banks said the new location includes a “massive retail warehouse".

“They will compete head on with Home Depot. They do that today but more from a contractor’s perspective. This will be geared towards a major contractor’s store but it will also be a major retail store.’’

As for the ‘major’ announcement next spring, Banks wouldn’t reveal who the retailer is. The Guardian was told earlier this year by a source that Costco was looking at coming for 2014.

Banks said he won’t comment on rumours but he did say “it will be bigger than what Kent is doing and it will be bigger than Sears is.’’

“I’ll suggest that (Islanders) are going to see another significant investment come to Prince Edward Island in that neighbourhood and I just think people will be further excited when that (announcement) happens,’’ Banks said, referring to the mystery news that awaits the new Royalty Power Centre on Malpeque Road

Media Contact: MediaReleases@apm.ca