Behind the Deal: OslerBrook Sold

Colliers associate VP John Reid tells us the private club had been in receivership. So this was one situation where the late winter conditions worked to everyone's advantage. Colliers won the right to list the property in January, then they had to market it, and shortlist interested parties up to a bidding process. Members of the club were naturally getting a little antsy—"am I going to pay my dues, and will all this get completed by the start of golf season?" (Also "did my work in the gym and the basement fix my slice.") And how is the course being cared for, with all the uncertainty and crappy weather (all you need to do is drive out to many of the area courses and see the condition of the greens to understand their general antsy-ness).

In the end it all got done. Colliers has a dedicated team of four based in Las Vegas (Colliers Golf Course Advisory Services Group, led by the group's US national director Keith Cubba) that does nothing but represent vendors in golf club deals, and John handles Canada for the group. The buyer was a group led by Bill MacWilliam of St. Andrew's Golf. Details were not released but it's in the “millions” John says. In the past 14 months the group has sold 18 golf courses in North America. This was their first foray outside the US. Studies have showed a decline in interest in the game across Canada. (How many clubs can you snap over your knee before you call it a day?) There are “too many holes in the ground” in some markets, John says, so expect more transactions on this front.

The news that Target Canada president Tony Fisher has been ousted certainly adds to the storyline of doom. But one analyst points out the reverse of such a move, which makes it clear that Target is not exiting Canada, “putting to rest that crazy notion,” CIBC World Markets Corp retail analyst Perry Caicco tells us. Expect more aggressive pricing in the second half of 2014, Perry says, because the new company prez is a merchant, and pricing has been identified as a problem. The company also plans to name a non-executive chairman in Canada, who Perry expects to be a big name Canadian. (Is Wayne Gretzky available?)

And he anticipates a focus away from capital investment and further expansion of stores. As for that new Target Canada president, it's Mark Schindele, who was previously SVP of merchandising operations at Target Corp. That other non-executive chairman role will offer "counsel and support to the president" to ensure all strategies and tactics align with the Canadian marketplace, the company said in a statement. The company reported a $1B operating loss the first year up here, as it has aggressively opened 127 stores, with more scheduled to follow. The company yesterday reported a surge in sales in Canada in the first quarter (the colder winter months were a killer, although April was stronger) but an operating loss for Q1 of $211M, up from $205M a year earlier. Sales jumped to $393M from $86M a year earlier, keeping in mind they only had 24 stores open during the same period a year ago.