Leyad Acquires Intercity Shopping Centre in Thunder Bay

Major Investment Will Revitalize Northwestern Ontario’s Premier Shopping Destination with New Retailers and Completion of Flagship Sport Chek Development

THUNDER BAY, ON, June 3, 2026 /CNW/ – Leyad today announced the acquisition of Intercity Shopping Centre, a 456,430-square-foot retail asset in Thunder Bay, Ontario, serving as the dominant shopping destination for Northwestern Ontario.

As part of the acquisition, Leyad will immediately move forward with the completion of a brand-new Sport Chek location at the property — one of the top-performing Canadian Tire-owned retail brands in the country. The flagship store will significantly enhance the centre’s retail offering and further strengthen Intercity Shopping Centre’s role as the region’s dominant shopping destination.

Leyad is also actively 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.

“Intercity Shopping Centre is the heart of retail in Thunder Bay and across Northwestern Ontario,” said Henry Zavriyev, President of Leyad. “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.”

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 bring substantial new investment into Thunder Bay, create jobs, and further reinforce the centre’s 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.

SOURCE Leyad