On Thursday, the S&P 500 was down 0.1% while Toronto was up 0.4%.
Melcor was down 2.6% to $26.22 on good volume (by the standards of this thinly traded stock).
I finally entered an order tonight to sell about 10% of my Melcor shares if they should hit $27.95. This is my biggest position by far and so I think it makes sense to start to trim at some point.
News of Sobeys closing some stores is not much of a surprise given amount of new grocery stores that have been built in Canada in the past decade or so. Where I live in St. Albert, Alberta, I believe the were three or four grocery stores 20 years ago. Now the population is up by a third or maybe 50% but the number of grocery stores has about tripled. Possibly this is a negative sign for certain REITs but it may be more of an isolated incident. Certainly things do not appear to have slowed down in Alberta.