Retail Sector

Sectors We Serve

Commercial  ·  Hospitality  ·  Retail  ·  Industrial  ·  Oil & Gas  ·  Power

Retail Sector

Our efforts and activities supporting retail clients are best described as evolutionary. We were the first advisory firm to deliver results and establish a reputation in support of tenants in an otherwise Landlord dominated world. Rather than being the recipient of news that an appeal was successful (or not), our clients are in the drivers seat and play an active role in minimizing the taxes they pay. We are aligned in the belief that the party responsible for paying the tax needs to own the process of minimizing or managing the tax.

The second phase of this evolution is in creating a means by which tenant’s interests at a number of levels are protected, guided and managed. Canada’s retail environment is much coveted by our US counterparts and one which has seen a consolidation of ownership through securitized real estate entities. The impact to our clients has been great including increased demand for available space and escalating values as institutional money pursues a limited supply of investment grade assets to satisfy retail investors appetite for yield. An increasingly crowded and expensive marketplace for doing business heightens the focus and attention on cost management. Our support in tax allocation and lease arbitration efforts for our clients has resulted in increased protection and peace of mind for our clients.


Case Studies

Big-box tenant in shopping centre changes property manager and tax allocation

Sample Clients

Canadian Tire Corporation
Wal-Mart Canada Inc.
The Home Depot
Shoppers Drug Mart
The Hudson's Bay
Sears Canada Inc.
Winners / TJX Canada
Loblaw Companies Limited
The Brick


Case Study 1: Big-box tenant in Shopping Centre changes Property Management


Large, big box tenant in regional shopping centre

Asset manager appointed a new property manager which resulted in an adjustment in tax allocation methodology.


Change in allocation method was discovered by AEC.

Review of current and prior years indicated substantial over-charge situation.


Analysis was developed with appropriate back-up and support from lease documentation and relevant legislation.

Client Success

Refunds in excess of $800k identified for recovery.