Leyad has announced the acquisition of Intercity Shopping Centre, a 456,430-square-foot retail property in Thunder Bay, Ontario, which serves as the dominant shopping destination for Northwestern Ontario. The deal, announced on June 3, 2026, marks a major investment aimed at revitalizing the region's premier retail hub.
Flagship Sport Chek Development
As part of the acquisition, Leyad will immediately proceed with the completion of a new Sport Chek location at the centre. Sport Chek is one of the top-performing brands owned by Canadian Tire Corporation. The flagship store is expected to significantly enhance the centre's retail offerings and reinforce its position as the leading shopping destination in the region.
Redevelopment of Former Sears Space
Leyad is also finalizing agreements with several new national and international retailers to redevelop and backfill portions of the former Sears space, which has remained vacant since Sears Canada ceased operations in 2015. This redevelopment is expected to bring substantial new investment into Thunder Bay and create jobs.
Henry Zavriyev, President of Leyad, stated: "Intercity Shopping Centre is the heart of retail in Thunder Bay and across Northwestern Ontario. This investment reflects our confidence in the strength of the market, the community, and the long-term future of the centre. We see tremendous opportunity to modernize the property, attract exciting new retailers, and create a best-in-class shopping experience for the region."
Strategic Location and Market Impact
Located at the intersection of Thunder Bay's major commercial corridors, Intercity Shopping Centre serves as the city's primary retail hub and draws shoppers from across Northwestern Ontario. The centre is home to many of Canada's leading national retailers and remains one of the most important commercial assets in the region. The redevelopment plans are expected to further reinforce its position as the leading retail destination in Northwestern Ontario.
About Leyad
Leyad is a real estate investment and development firm focused on acquiring and operating high-quality retail, commercial, and residential assets across Canada, with an emphasis on necessity-based real estate. The company's acquisition of Intercity Shopping Centre underscores its commitment to investing in key markets and revitalizing important community assets.
