A mall with one purpose: The remodeler
Plans are underway near Toronto for a project called "Improve," described as a home renovation mall with diverse showrooms under one roof.
According to an article in the Globe and Mail, the project is the brainchild of a Ukrainian immigrant who found it difficult to make all the purchases involved in his own home renovation project.
The paper further describes the project as a collection of 401 businesses in 36 categories, and set to open in 2013 in Vaughan.
Sears Canada sheds employees at headquarters
According to an article in Canadian Business, Sears Canada laid off about 70 employees from its Toronto headquarters.
Sears Canada is 92% owned by Hoffman Estates, Ill.-based Sears Holdings, which reported a widened net loss in its recent third-quarter earnings report. Sears Canada comps declined 7.8% in the third quarter.
Pending home sales deliver positive data
The Pending Home Sales Index from the National Association of Realtors (NAR) rose in October on both a month-to-month and year-over-year basis.
The forward-looking indicator based on contract signings jumped 10.4% to an index of 93.3 in October, compared with a reading of 84.5 in September. The latest figure is up 9.2% compared with October 2010.
"Home sales have been plodding along at a subpar level, while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years," said Lawrence Yun, NAR chief economist. "We hope this indicates more buyers are taking advantage of the excellent affordability conditions."
Earlier this week, Consumer Confidence showed a similar, double-digit surge — increasing to 56.0 in November, compared with 40.9 in October.