Shoppers won't be seeing an empty space in the Exploits Valley Mall, even though Bargain Giant, a major tenant in the building, is scheduled to close down.
The Bargain Giant marquee will change to Rossy, a Canadian family retail chain. They will be taking over the stores in Grand Falls-Windsor, Lewisporte, Bay Roberts, Marystown and Port aux Basques.
These stores were tenants of Econo-Malls Management Corporation, Bargain Giant's largest landlord in Newfoundland.
"It wasn't a really well-kept secret," said Econo-Malls president Robert Wiseman. "A lot of people in the community kind of knew they were coming."
He explained that Bargain Giant would continue to sell off its inventory until the end of February.
"We expect that Rossy will take around two to three months to get their store ready, so it will be somewhere around the beginning of May and the end of June."
The Quebec-based Rossy currently has 68 current stores in Quebec, Ontario and New Brunswick.
The Newfoundland stores being taken over by Rossy each comprise of more than 20,000 square feet. All are expected to be open in the spring and summer of 2012.
The Rossy chain includes mid-sized department stores, carrying a variety of inventory from clothing and footwear to kitchenware and other household items, furniture and electronics.
"There was a lot of interest in that particular store in Grand Falls-Windsor," said Wiseman. "We were never in doubt. We just wanted to make sure we picked the right thing, because we had a certain type of mix in the property, and we wanted to do our best to maintain it. We think with Rossy, we've been able to do that."
The current store employs between 20-25 people.
"On the record, we're extremely pleased to be able to find the replacement so quickly," he said.
Rossy's vice-president of finance, Richard Lanoue, said employees at the former Bargain Giant will be staying on.
"Nobody is going to lose their jobs," he said. "In fact, offers have already been made offer to all the managers, and they've already been accepted."
He added Rossy's intention is to open up between eight and 12 stores in the province. The openings are scheduled from March to July, he said.
Another individual pleased with the news that a major business wasn't closing its doors after all was Grand Falls-Windsor Mayor Al Hawkins, who said the move demonstrates confidence in the town's economy.
"It's another positive sign, and it's another opportunity that was availed and these people took advantage of that," he said.
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