Item 2. PROPERTIES

Our principal executive and administrative offices are located at 1818 Cornwall Avenue, Vancouver, British Columbia, Canada, V6J 1C7.

As of January 29, 2017, we operated five distribution centers located in the United States, Canada, and Australia. During fiscal 2016 we began relocating our existing leased distribution center in Vancouver, BC to a new 145,000 square foot leased premises in Vancouver, BC. This was completed in early fiscal 2017. In addition to those distribution centers, we hold inventory at warehouses managed by third-parties in Hong Kong, China, and the Netherlands.

We believe our current administrative offices, distribution centers, and the warehouse space available through our third-party logistics providers will be sufficient for our near term expansion plans.

The general location, use and approximate size of our principal owned properties at January 29, 2017, are set forth below:

The general location, use, approximate size and lease renewal date of our principal non-retail leased properties at January 29, 2017, are set forth below:

As of January 29, 2017, we leased approximately 1.2 million gross square feet relating to 404 of our 406 stores. Our leases generally have initial terms of between five and 10 years, and generally can be extended only in five-year increments, if at all. All of our leases require a fixed annual rent, and the majority require the payment of additional rent if store sales exceed a negotiated amount. Generally, our leases are "net" leases, which require us to pay all of the cost of insurance, taxes, maintenance and utilities. We generally cannot cancel these leases at our option.