Dive Summary:

• Sears Canada has plans for a $1 billion expansion into an office and condominium tower complex located on 3.6 hectares in Burnaby, British Columbia.
• The company intends to release the full details of the project within the next few weeks, according to comments made in an interview with CEO Calvin McDonald.
• The plans are part of a broad strategy among retail merchants in an attempt to cash in on positive real estate values, according to a source.

From the article:

“We can participate in the development of that land and the value which it creates,” he said. “There are areas in the business that we believe we can do more of this. There are other properties we own that could potentially be developed in a similar fashion.”