RioCan Real Estate Investment Trust Continues to Innovate With National Roll-Out of RioCan Curbside Collect™ as Businesses Re-Open
TORONTO, May 04, 2020 (GLOBE NEWSWIRE) — RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) announced today its plans to enhance the shopping experience at its centres across Canada by launching RioCan Curbside Collect™ (“Curbside Collect”), a safe and convenient way for retail tenants and consumers to transact as businesses re-open.
Curbside Collect is a new RioCan initiative designed to respond to the evolving retail landscape that offers designated areas for customers to easily access their pre-ordered items from participating stores at applicable RioCan centres in a contactless way. The program is intended to assist businesses to safely ramp back up and serve returning customers as the various levels of government begin to ease restrictions on business closures during the COVID-19 outbreak. Longer term, Curbside Collect is expected to make it easier for merchants and shoppers to coordinate transactions on a regular basis, mitigate the cost of “last mile” logistics for RioCan tenants and drive consumer traffic and repeat visits.“Curbside Collect is another example of RioCan’s strength in working with our tenants to understand and respond to their immediate and long-term needs,” said Edward Sonshine, Chief Executive Officer of RioCan. “The convenience of Curbside Collect will be a permanent feature that perfectly complements the everyday nature of the necessity-based and service-oriented retail that our shopping centres offer. In the immediate term, it will assist our tenants to operate safely and adapt to the current environment as consumers gradually return to their regular shopping routine.”RioCan’s preeminent portfolio of properties, primarily located in the transit corridors of Canada’s most desirable high density urban centers, is ideally suited to capitalize on the growing co-existence of bricks and mortar retail and E-commerce. Recognized as community hubs, RioCan’s centres combine national retailers with diverse independent businesses that provide a local perspective and neighbourhood experience. Approximately 75% of RioCan’s annual rental revenue is generated from necessity-based and service-oriented tenants that consumers rely on. Providing enhanced convenience as well as a formal and turnkey way to expand customer reach, Curbside Collect benefits all participating RioCan tenants.RioCan is committed to finding innovative solutions for its tenants during the current pandemic that adhere to federal and provincial health guidelines. The roll-out of Curbside Collect will comply with local jurisdiction regulations as the various levels of government formalize plans to gradually re-open businesses.About RioCanRioCan is one of Canada’s largest real estate investment trusts. It owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at December 31, 2019, the Trust’s portfolio was comprised of 220 properties with an aggregate net leasable area of approximately 38.4 million square feet (at RioCan’s interest) including office, residential rental and 14 development properties. To learn more about us, please visit www.riocan.com.Contact:Investors:
Vice President, Investor Relations
RioCan Real Estate Investment Trust
Vice President, Marketing & Communications
RioCan Real Estate Investment Trust