Two of Canada’s biggest real estate investment trusts are facing shuttered stores as the closing of Best Buy Co.’s Future Shop chain adds to the upheaval facing retail landlords.
RioCan REIT, the country’s No.1 REIT by market value, and Calloway REIT, No. 3, are the among Best Buy Canada’s biggest landlords. Richfield, Minnesota-based Best Buy said on Saturday it would close 66 Future Shops with the loss of 1,500 jobs. A further 65 stores will be kept open and rebranded as Best Buys.