| Oxford muses on makeover for malls But firm delays launch of e-retail depots in city The Edmonton Journal / Nov 15, 2000 By Mairi MacLean, File Photo / Oxford Properties owns Edmonton Centre (shown) and Eaton Centre.Oxford Properties Group Inc. hopes to revitalize its downtown flagship properties Edmonton Centre and Eaton Centre sometime next year. John Smith, senior vice-president for Western Canada, said Oxford is looking at plans to integrate the two shopping centres in the same way it did with two major Calgary properties, Calgary Eaton Centre and TD Square. In Calgary, Oxford used the concept of "fat bridges" -- wider-than-average pedways -- that feature a "seamless" path of retailers to connect the two buildings, Smith said in an interview after the company announced its third-quarter results on Tuesday. "Straightening out the pedway, widening it and potentially having retail on it is one concept. We're still developing them at this stage," he said. In early 1999, Oxford announced it would spend $20 million renovating Eaton Centre and Edmonton Centre. Those plans were shelved last November after Eaton's closed its doors, leaving behind a major anchor vacancy. Oxford is also delaying the Edmonton and Calgary launches of its new delivery depot concept geared to online shoppers. Empori.com -- a business and consumer Web portal/distribution format where shoppers can order online and pick up their items from strategically placed depots -- made its debut in Toronto this summer and there were plans to expand into Alberta this fall. Now Oxford will focus on Greater Toronto, where it will have seven outlets by the end of the year. Those will be evaluated, said Smith, "and once we've gone through that we'll be able to launch. We're hoping to be in Edmonton and Calgary next spring, perhaps." The company reported a big drop in third-quarter earnings as a special one-time loss and rising e-commerce development costs dragged profits down to $3.6 million. The profit for the three months ended Sept. 30 compared with net earnings of just over $33 million for the same period last year. Per share profits fell to five cents from 52 cents. Operating revenues increased to $149.8 million from $140.8 million. For the nine-month period, profits rose to nearly $59 million from just under $56 million, while revenues jumped to $439 million from $393 million. Oxford said stronger office rental markets in Toronto, Montreal and Calgary produced higher occupancy rates in its office buildings and helped the real estate company boost its bottom line. With files from The Canadian Press |