Richard Baker

speaker

1,143 appearances 2 recordings 2 series first heard May 2026 last heard 7 Jul

Richard Baker’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.

newest first · ▶ plays the moment

You bought the entire company for 1.2 billion two years ago.

How could you possibly want 2.2 billion for this?

I said, well, I'm not selling you an operating company.

I'm selling you a platform of real estate.

So even though Zellers didn't own any real estate, they had lease control at very low rents because it had been so many years.

So I was selling Walmart access to the Zellers leases and their average rent was $5 a foot.

The market rent was $12 a foot.

So if you took the $7, multiplied it by the square foot, used a 6% cap rate, it came to $2.2 billion.

So he's like, well, that's a lot of money.

I said, think how much money you'll lose when target comes to Canada and does $5 billion and takes away all your growth in Canada.

Said, okay.

So I said to him, uh, but I want you to know, I'm gonna have a process.

There's gonna be target in Walmart and there's gonna be one point of one point of contact me, no break brokers, no intermediaries.

I am gonna talk to the head of mergers and acquisitions and the CEO of Walmart Canada.

And I'm going to talk to the guys at Target and there's no one in between us.

And whoever comes in and signs a no outs deal, hard deal for the highest dollar amount gets it.

Okay.

So they leave.

And what do I do next?

I pick up the phone and I call Target because I wasn't working with Target.

Showing 461–480 of 1,143 · page 24 of 58

Heard on

Something wrong?

Each row has a “Not Richard Baker?” link; anything else, tell us.