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TORONTO PREMIUM OUTLETS FLOORPLAN AND TENANT LIST REVEALED

July 24, 2013, 10:12 pm
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FORMER MAC SPACE, 89 BLOOR ST. W. (TORONTO) IS FINALLY LEASED

July 24, 2013, 10:30 pm
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Photo: Google Streetview screenshot
MAC Cosmetics' former space at 89 Bloor Street West, Toronto, has sat empty for over 2 years. It is located on what is arguably Canada's most upscale retail strip. Speculation has been rampant as to who might lease the space. ACT7 of Urban Toronto has discovered which tenant has finally secured the space, and we'll announce who the tenant is tomorrow.

The space is narrow and under 1,700 square feet. This poses a challenge for merchandising, especially for a clothing retailer. And in fact, we've been informed that the new tenant at 89 Bloor Street will sell clothing.

The vacant retail space has gained plenty of online attention. Jacob Ritka of The Grid (Toronto) wrote on its continued vacancy last year, and it has been discussed at length on the discussion forum at Urban Toronto.

Speculated tenants have included Links of London, Jimmy Choo, Breitling, Roberto Coin (to be run by Birks Jewelers) and others. We can confirm that the tenant will be none of these.

Check back tomorrow when we'll announce who the new retail tenant will be for 89 Bloor Street West.


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ROOTS WILL OPEN AT 89 BLOOR ST. W. IN TORONTO

July 25, 2013, 9:05 pm
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Readers may be disappointed to learn that Roots has leased the retail space at 89 Bloor St. W. in Toronto. The space had sat vacant since early 2011. We've been told that Roots will be vacating their 100 Bloor St. W. retail space.

The narrow retail space at 89 Bloor will be difficult to merchandise for an apparel retailer. 89 Bloor is not even 1,700 square feet, while Root's current 100 Bloor store is about 15,000 square feet. We're not sure if the 89 Bloor Roots will be for a limited collection of Roots products, such as childrenswear or accessories.

Thank you, again, to our Toronto Retail Insider ACT7 of Urban Toronto for researching and locating the name of this new tenant. 

Yesterday we reported on the rampant speculation regarding what tenant was moving into 89 Bloor. We were informed that talks with Links of London had initially been fruitful but that a lease agreement subsequently was unsuccessful.


Current Roots flagship store at 100 Bloor St. W. [Image Source]

Roots once occupied neighboring retail space 95A Bloor Street West until 2002. The space is now occupied by Victorinox.

We'll update you when we find who will replace the current Roots flagship store at 100 Bloor Street West.

[Roots website]
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DE BEERS AND TORY BURCH VANCOUVER LOCATION FLOORPLANS (AT 'THE CARLYLE')

July 25, 2013, 10:00 pm
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The Carlyle. Image: Concord Pacific/CBRE

We've located lease plans for Vancouver's Carlyle retail podium, including recently announced tenants De Beers and Tory Burch. The complex is currently under construction, and there is room for more potential luxury stores.


Ground Floor, close-up, The Carlyle. Image: Concord Pacific/CBRE

De Beers will occupy two floors and be about 3,000 square feet according to the plans. It will have two small staircases that will rise from its street-level entrance. Retail Insider Jal Baltz informs us that De Beers will also have offices on the store's second level.

Tory Burch will be a bit larger than De Beers and will have stairs from the street to its front entrance. The two-level Tory Burch will have an open ceiling beside its stairway, providing views between floors.
Ground Floor, The Carlyle. Image: Concord Pacific/CBRE

Two more commercial spaces are available for lease on the Alberni Street side of the complex. The two-level corner retail space ('CRU 2') is currently available, totalling 4,738 square feet. It will include a substantial opening between the first and second levels. Space 'CRU 3' is also available. It is two floors and totals 3,164 square feet, according to lease plans.

At present, rents appear to be the highest on Alberni Street. The corner space, 'CRU 2', is asking a base rent of $165 per square foot (per year) for its 2,221 square foot main floor and $45 per square foot for its 2,517 square foot second level. Retail space 'CRU 3' is asking $140 per square foot for its 1,615 square foot ground floor space, and $40 per square foot for its 1,549 square foot second level. Additional rent per square foot is estimated at $17 per square foot (per year) for all spaces.


Second Floor, The Carlyle. Image: Concord Pacific/CBRE

Despite the article we published in March, we can't confirm the location of a Christian Dior store, nor can we confirm if it will arrive in Vancouver at all.  Due to conflicting information, we're retracting our Vancouver Dior tip, at least for now.

This retail space is being marketed by CBRE. All images and floorplans are from CBRE listings, and were provided by landlord Concord Pacific.

What luxury retailers would you like to see at Vancouver's Carlyle complex? Feel free to reply below, or on this link to our Facebook page which includes The Carlyle's floorplan.

[Concord Pacific website]

[CBRE website]


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SAKS FIFTH AVENUE TO OPEN IN CANADA. HBC PURCHASE FINALIZED

July 28, 2013, 5:34 pm
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[Image Source]
The Hudson's Bay Company (HBC) has just purchased American luxury retailer Saks Fifth Avenue. This paves the way for Canadian Saks Fifth Avenue store locations, as well as its discount chain Off 5th to open Canada-wide.

Hudson's Bay will pay about $2.9 billion, including taking on Saks debt. Hudson's Bay could open as many as 7 full-line Saks stores in Canada, as well as up to 25 Off 5th discount locations. It could also create a real estate investment trust from Saks real estate assets, valued at about $1.5 billion. 

Last week we reported that Barry Sternlicht of Starwood Capital was bidding on Saks, and that he was the frontrunner. Sternlicht since dropped his bid after his business partner decided against the deal. 

We reported on the three potential Saks buyers, including Hudson's Bay, Sternlicht and an unknown Middle-Eastern purchaser. With Sternlicht out of the race, only two potential purchasers remained. 


Hudson's Bay Company Chairman Richard Baker [Image Source]
Last year HBC was in negotiations with American retailer Bloomingdale's to open stores in Canada. The deal fell through and HBC subsequently went after Saks. 

Hudson's Bay may find it difficult to make Saks succeed in Canada. Holt Renfrew achieves substantial sales per square foot. Excluding Saks' Manhattan and San Francisco flagships, Holt Renfrew stores achieve considerably higher sales per-square-foot than most Saks stores. Not to mention, Holt Renfrew has exclusive distribution agreements with many designers already carried at Saks' American stores. 

With Nordstrom on the way, Harry Rosen in expansion mode and La Maison Simons looking to expand its Canadian base, opening Saks Fifth Avenue in Canada could prove to be challenging for HBC. At the same time, an HBC-owned Saks Fifth Avenue may lend substantial credibility and economies of scale to HBC. 

Saks' outlet concept 'Off 5th' is also expected to come to Canada. Off 5th carries both discounted merchandise from Saks' full-priced stores, as well as products purchased specifically for the outlet store. Off 5th stores will compete with Nordstrom Rack and Holt Renfrew's recently opened hr2 concept. 

Saks' purchase by HBC will lead to Saks stores opening in Canada, either free-standing or within existing Hudson's Bay store space. Last month we first reported on HBC's potential purchase of Saks. We subsequently discussed possible Canadian Saks locations. HBC has been contemplating a potential Saks purchase for months and we're re-posting our analysis of some possible locations for Saks in Canada.

Newer American Saks Fifth Avenue stores are generally in the 80,000-120,000 square foot range. Hudson's Bay has 90 Canadian stores. Several are in Saks-worthy locations. Although we'd only expect Toronto, Calgary and Vancouver to get Saks stores, we've do a more comprehensive metro-area breakdown of possible full-line or shop-in-store Saks Fifth Avenue locations via HBC.



Hudson's Bay, Bloor Street, Toronto [Image Source]

Greater Toronto Area

Yorkville: Hudson's Bay's 342,000 square foot store at Toronto's Yonge and Bloor intersection could be at least partially converted into a flagship Saks Fifth Avenue store. The store's current low ceilings might be remedied by a demolition and reconfiguration of the interior retail space, though this would certainly be an expensive challenge. A Saks Fifth Avenue store on Toronto's Bloor Street would compete with neighbouring Holt Renfrew, which will see a substantial expansion in the next few years.

Downtown Toronto: Hudson's Bay's 851,000 square foot flagship 'Queen Street' store has room for a Saks store, though it would require an awkward reconfiguration of the store's current setup. We're not sure if a Saks would be preferable up at the Yorkville Hudson's Bay while the Queen Street location remains as the primary flagship location for Hudson's Bay and its related concessions (including a 19,000 square foot TopShop/TopMan and a 20,000 square foot Kleinfeld Bridal, which opens on the store's seventh floor next year). 

Yorkdale Shopping Centre: The 303,000 square foot Hudson's Bay store at Yorkdale has recently seen extensive renovations including Canada's first full-sized TopShop/TopMan store. If Saks were to carve out, say, a 100,000 square foot portion of Yorkdale's Bay, that would still leave 200,000 square feet for the primary tenant. Saks would see significant competition at Yorkdale with a world-class renovation/expansion of the mall's Holt Renfrew store, the addition of a 188,000 square foot Nordstrom store and possibly the arrival of anchor La Maison Simons. 

Sherway Gardens: The 223,000 square foot Sherway Gardens Hudson's Bay could see a Saks shop-in-store. A full-sized Saks is less likely because of Hudson's Bay's smaller size. Sherway would be a good move for Saks, as competitor Holt Renfrew will exit Sherway when it opens its Mississauga store in 2016. Nordstrom's 2016 Sherway Gardens arrival will boost the mall's popularity and Saks will more likely compliment Nordstrom than provide outright competition, given their limited brand cross-over. 

Square One Shopping Centre, Mississauga: The 201,000 square foot Hudson's Bay could see a Saks shop-in-store similar to Sherway Gardens, as discussed above. Despite Square One's having Target and Walmart as anchors, Saks could actually fit in the mall now that it will include a 120,000 square foot Holt Renfrew store and possibly a branch of La Maison Simons. 

Hudson's Bay, Downtown Calgary [Image Source]

Calgary

Downtown Calgary: Downtown Calgary's 450,000 square foot Hudson's Bay store could see a subdivision to include a Saks Fifth Avenue store. Downtown Calgary already includes a 147,000 square foot Holt Renfrew store that will soon expand. One major disadvantage to locating within Downtown Calgary's Hudson's Bay is the insufficient pedestrian access to the neighbouring Core Shopping Centre that houses Holt's, Harry Rosen and a substantial number of other retailers. Downtown Calgary's Hudson's Bay suffers as a result and won't see the same renovations, TopShop/TopMan and 'The Room' concepts as seen in Toronto and Vancouver. 

Chinook Centre: Hudson's Bay's 203,000 square foot Chinook Centre store could possibly see some sort of smaller Saks Fifth Avenue shop-in-store. At its present size and with the inclusion of a soon-to-open 15,000 square foot TopShop store, Chinook Centre's Bay would be too small for a full-sized Saks. It is possible that a Saks could open as part of Chinook Centre's newest expansion proposal, though the expansion appears to lack an additional anchor tenant. A bonus to a Chinook Centre Saks, however, would be less competition from the downtown Holt Renfrew store and increased shoppers drawn to the 140,000 square foot Nordstrom store that will open next year. 

Hudson's Bay, Downtown Vancouver [Image Source]

Vancouver

Downtown Vancouver: The 637,000 square foot Hudson's Bay store in Downtown Vancouver could see a Saks Fifth Avenue store somehow carved out of its existing store space. Vancouver's Hudson's Bay has already seen its space reduced with the opening of one of the world's largest TopShop/TopMan stores as well as the eventual elimination of the entire sub-basement retail space for one or more tenants (likely not Saks, given its low ceilings and awkward location). A Downtown Vancouver Saks would be in close proximity to an existing 137,000 square foot Holt Renfrew and a 230,000 square foot Nordstrom which will open in 2015. 

Oakridge Centre: Saks has already been inquiring into space at Oakridge Centre (as has Bloomingdale's). Anchor space at Oakridge could be somewhat flexible and as far as we're aware, Hudson's Bay will occupy a newly-built north-anchor space at Oakridge. A new Saks could be included if proposed Oakridge retail space is reconfigured, or if it secures a new third anchor space at the south end of the mall.

Hudson's Bay, Rideau Street, Ottawa [Image Source]


Ottawa

Rideau Centre: A Saks Shop-in-store (or even a smaller full-line Saks) carved out of the 335,000 square foot Ottawa Rideau Street Hudson's Bay store would compliment Rideau Centre's Nordstrom store (which will open in 2015) as well as La Maison Simons, also in 2015. Competitor Holt Renfrew, located way over at 240 Sparks Street in Downtown Ottawa, could see an uncertain future as a result of a Saks opening in Ottawa.

Edmonton

Finding a suitable location for Saks in Edmonton might be a challenge, though some sort of Saks shop-in-store might work within Hudson's Bay's 237,000 square foot Southgate Shopping Centre store. The West Edmonton Mall Hudson's Bay, at only 164,000 square feet, would likely be too small for any Saks configuration. Downtown Edmonton's Holt Renfrew, one of the chain's lesser-performing stores, could see a reduction in sales with a Saks opening in one of Edmonton's suburban malls.


Montreal

We've consulted with a retail analyst who says they're not sure if Montreal's economy or language laws would welcome Saks Fifth Avenue to the city at the moment. Downtown Montreal has a 655,000 square foot Hudson's Bay store that is currently undergoing renovations to include luxury department 'The Room'.

We'll keep you updated on HBC's possible Saks purchase. As we mentioned, an announcement could be made as early as this week.

***Update (8:00pm PST, July 28 2013) The New York Post also reports Saks has been bought by HBC. Update: 8:18pm PST The Globe & Mail reports HBC is expected to pay about $16 (U.S.) a share for Saks, making a purchase price of about $2.4 billion.***


[HBC Press Release]

[Saks Fifth Avenue website]

[Hudson's Bay Company website]

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HARRY ROSEN: NEW STORE LOCATION LAUNCH AND NEW DESIGNERS ON THE WAY

July 29, 2013, 11:47 pm
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Harry Rosen Opening, Carrefour Laval. Photo: Artistic Agitators

Menswear retailer Harry Rosen has just opened its new store at Carrefour Laval, and it's expanding and renovating several stores as it prepares for its 60th anniversary in 2014. New designer labels will also be introduced to Harry Rosen as competition in Canada's menswear retail market intensifies.

Harry Rosen's Carrefour Laval store opened Monday, July 29th. We first reported on this store in April. The store replaces Rosen's Rockland Centre store. The new Laval store includes a shoe department at its centre. The store's interior is similar to that of the Toronto Eaton Centre Harry Rosen store which opened in August 2012. Harry Rosen is also celebrating its 30th anniversary in Montreal, having created an anniversary logo and shopping bags for the occasion.


Harry Rosen, Carrefour Laval. Photo: Artistic Agitators

According to CEO Larry Rosen, Harry Rosen has finalized negotiations for extensive renovations at three existing Harry Rosen locations: West Edmonton Mall, Sherway Gardens (in suburban Toronto) and the Rideau Centre in Ottawa. Rosen says there are other properties in discussion for upgrades as well as expansion.

Fashion Insider Angela Krewenchuk attended a Harry Rosen fashion presentation on July 18th. We received updates on what will be carried in-store this fall. Harry Rosen will bring in new designers as part of its fall collections, including American designer Polo Ralph Lauren. The Polo collection will mirror the selection available at 'Polo mansions' worldwide. Expanded collections will be available for brands Versace, Just Cavalli and Dolce & Gabbana, and new brands to our Vancouver Harry Rosen store include Peutery, To Boot New York and Canadian label Makage.


Harry Rosen, Carrefour Laval. Photo: Artistic Agitators

Angela Krewenchuk was especially impressed when it was mentioned that Harry Rosen's J.P. Tilford by Samuelsohn Performance suits are priced at under $1,000. The suits are stylish and durable. The fashion presentation was very informative and we learned about the renewed popularity of the boutonniere as well as the pocket square. Angela will write more about this on her new website launching next month called FASHION INSIDER BY RETAIL INSIDER.

[Press Release]

[Harry Rosen website]

Harry Rosen, Carrefour Laval. Photo: Artistic Agitators

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SAKS FIFTH AVENUE'S CANADIAN STORES WILL MOSTLY BE WITHIN EXISTING HBC STORE SPACE

July 29, 2013, 11:47 pm
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[Image Source]

Hudson's Bay Company CEO Richard Baker says that he expects up to 7 Saks Fifth Avenue stores to open in Canada. He also says he wants them to open quickly. The quickest and most cost effective way to do this would be to open Saks within existing Hudson's Bay store space. 

Despite having possibly paid too much for Saks, Richard Baker is a shrewd businessman who knows real estate. Given this, we expect his vision for a Saks rollout will involve configuring some existing Canadian Hudson's Bay store space into space for Saks. It remains to be seen how, exactly, this configuration will take place. 

Furthermore, it would make less financial sense to build entirely new Saks store space. Hudson's Bay already has millions of square feet in Canada, some of which it owns outright. It would make more sense to utilize existing underperforming space rather than create new spaces that would be expensive to build and would take time to plan, design and construct. 

Recently renovated designer floor at Saks, Manhattan. [Image Source]

Existing Hudson's Bay stores generally earn less than $200 per square foot. Saks' Canadian stores could generate triple that amount, or even more, if successful. Utilizing some existing HBC real estate would involve gutting and re-fitting space for which the retailer either pays minimal or no rent. We would be surprised to see many, if any, newly built Saks stores in the short term. 

Over the longer term, if Saks is successful in Canada, it could possibly see some newly built, free standing Canadian stores. With competition from Holt Renfrew and Nordstrom, however, we think Saks Fifth Avenue's Canadian business will be challenged.

Yesterday we reported on our initial speculation as to where we think Saks stores could open in Canada. We'll periodically update our opinions. 

We will be regularly analyzing Saks Fifth Avenue's opening in Canada from various angles, especially in the coming weeks. Please check back regularly, as we'll also be keeping an ear to the ground to see what management has planned for new Canadian Saks stores. 


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DOLCE & GABBANA'S CANADIAN STORES COULD CLOSE IF THE COMPANY SHUTTERS

July 30, 2013, 11:22 pm
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Dolce & Gabbana Toronto store, 111 Bloor St. W., nearly finished.

Milan-based fashion house Dolce & Gabbana could shutter if tax fraud convictions against its designers aren't overturned. A Dolce & Gabbana flagship store just opened on Toronto's Bloor Street, and Dolce & Gabbana shops-in-store are located across Canada at selected Holt Renfrew and Harry Rosen stores. 

In June, Dolce & Gabbana's designers were found guilty of tax evasion and were ordered to pay a fine of about $440 million, as well as serve 20 months in jail. The designers are appealing the verdict. 

Last week the designers temporarily closed all of their Milan stores out of "indignation". 

In December we first reported that Dolce & Gabbana was opening its first free-standing Canadian location at 111 Bloor Street West in Toronto, replacing a Louis Vuitton store that has moved up the street. The Bloor Street Dolce & Gabbana store opened on the weekend. News of the label's potential shuttering is very untimely.

Dolce & Gabbana is one of the top-performing fashion labels for Holt Renfrew, we've been told. The label does so well, in fact, that it includes some dedicated shops-in-store within selected Holts stores for men and women. The men's version of the label is also carried at selected Harry Rosen locations.

Thank you to Cynthia Cheng Mintz, owner of website DelectablyChic! for directing us to this [Partial article source]

[Dolce & Gabbana website]
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MANOLO BLAHNIK, JIMMY CHOO AND GUCCI SHOE BOUTIQUES OPENING AT YORKDALE'S HOLT RENFREW

July 30, 2013, 11:22 pm
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[Image Source]

Women's shoe boutiques for Manolo Blahnik, Jimmy Choo and Gucci will open this fall at Holt Renfrew's Yorkdale Shopping Centre location. They will join the previously reported Christian Louboutin 'apartment', modelled after the residence of shoe designer Christian Louboutin. These will be housed in Holt Renfrew's largest women's shoe department, at almost 10,000 square feet. 

Holt Renfrew is taking a page from its sister store Selfridge's in London. Selfridge's enormous women's shoe hall includes shops-in-store for various designers including Chanel, Jimmy Choo, Louboutin, and at the lower end, TopShop.

[Image Source]


Yorkdale's Holt Renfrew is being designed as the prototype store for future Holt Renfrew store expansions and renovations. The Yorkdale Holts recently opened a new 10,000 square foot beauty hall and it will debut an expanded menswear department, accessories area and women's designer floor. New women's ready-to-wear boutiques will include the likes of Gucci, Prada, and a major score - a Chanel Boutique. 

Given that the Yorkdale Holt Renfrew is being used a prototype, we can expect Holt Renfrew to roll out similar shoe floors and updated departments at Holt Renfrew stores nation-wide. 

[Image Source]

Now that Saks Fifth Avenue will open in Canada, Holt Renfrew will find itself facing increased competition. Holts and Saks carry many of the same shoe designers. Adding to the competition will be Nordstrom, opening its first Canadian location next year in Calgary.

Jimmy Choo has 27 free-standing American stores, 2 outlet stores and 3 boutiques within Bloomingdale's stores. It is also carried at Holt Renfrew stores across Canada. Manolo Blahnik has 2 American boutiques and is available at selected Saks Fifth Avenue, Neiman Marcus, Nordstrom and Barneys New York stores in the U.S. It is carried at selected Holt Renfrew and Browns Shoes stores in Canada. 

Thank you, again, to our Retail Insider ACT7 of Urban Toronto for providing us these tips. Leads were found by investigating the City of Toronto's Building Application Status website.

[Holt Renfrew website]
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RETAIL INSIDER GOES ON VACATION: WE'LL RETURN TUESDAY AUGUST 6TH

July 31, 2013, 9:26 pm
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We're taking a brief holiday to continue researching Canadian retail. We'll have new articles up for the morning of Tuesday, August 6th. We're working on some ground-breaking stories, including:
  • Research relating to Saks Fifth Avenue's opening stores in Canada, including full-sized stores as well as its discount concept 'Off 5th',
  • The expansion of Toronto's Hazelton Lanes to include luxury retailers,
  • The potential addition of further luxury retail on Toronto's Bloor Street,
  • New additions to Montreal's retail scene, and
  • A significant expansion of luxury retail at three Downtown Vancouver locations
These are exciting times for Canadian retail, largely due to American retailers expanding north of the border. Be it budget or luxury, Target or Saks Fifth Avenue, our shopping choices in Canada will be unparallelled to any time in our history. 

Have an excellent long weekend, everyone, and thank you for reading Retail Insider.

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HAZELTON LANES TO RENOVATE FOR LUXURY RETAIL

August 5, 2013, 11:22 pm
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Image: Kasian/First Capital

Toronto's Hazelton Lanes shopping centre is looking to get back into the luxury retail game. Landlord First Capital Realty is said to be negotiating with some of the world's top luxury retailers (rumours include Salvator Ferragamo, among others). If successful, Hazelton Lanes could once again rival neighbouring Bloor Street as one of Toronto's luxury shopping addresses.


Image: Kasian/First Capital

For those unfamiliar, Hazelton Lanes is an upscale retail complex located in Toronto's affluent Yorkville neighbourhood. Hazelton Lanes' first phase (55 Avenue Road) was built in 1976 and was constructed specifically to be a small (60,000 square foot) luxury mall. Because it opened before the Toronto Eaton Centre, it managed to secure perhaps more upscale retailers than it otherwise would have. At the time, Toronto lacked luxury retail, save for Holt Renfrew (in a 60,000 square foot store at 144 Bloor Street West, now Burberry), womenswear retailer Creeds, and The St. Regis Room (now 'The Room' at Hudson's Bay) at Simpsons, Queen Street.


Image: Kasian/First Capital

We've got Hazelton Lanes renderings, a video presentation and lease plans. We'll post the renderings and video today and the lease plans tomorrow, to keep this article relatively brief.



Above is a video provided by First Capital showing their vision for the new Hazelton Lanes. Thank you to pw20 of Urban Toronto for locating the video.


Image: Kasian/First Capital

Hazelton Lanes almost tripled in size in 1988 (adding address '87 Avenue Road' as its north portion) and became host to even more luxury retailers. The recession that hit Toronto a couple of years later resulted in many luxury stores closing at Hazelton Lanes. The mall's awkward configuration, low ceilings and inconveniently-located entrances didn't help things, either.


Image: Kasian/First Capital

Hazelton Lanes eventually became more of a neighbourhood shopping centre (albeit an upscale one) of almost 237,000 square feet with anchors including Whole Foods, Andrews department store, an 18,000 square foot fashion retailer called TNT, Equinox Fitness and Rexall Drugs.


Image: First Capital. Click to enlarge. [Image Source]

Things are about to change in a big way for Hazelton Lanes. First Capital will renovate the entire Hazelton lanes and modernize the complex to include an oval-shaped central atrium as well as reconfigured entrances. An entirely new entrance will be located on Yorkville Avenue, providing better pedestrian access to the mall from affluent Yorkville.

We'll post and discuss Hazelton Lanes' lease plans tomorrow. Thank you to a source who wishes not to be named for providing us with renderings and lease plans for Hazelton Lanes.

[Hazelton Lanes website]

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SAKS FIFTH AVENUE'S DISCOUNT 'OFF 5TH' TO OPEN UP TO 25 CANADIAN LOCATIONS

August 6, 2013, 11:06 pm
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[Image Source]
Saks Fifth Avenue's discount retail concept 'Off 5th' will open up to 25 Canadian locations, according to Hudson's Bay Company CEO Richard Baker. Saks' Off 5th concept will likely follow the opening of Canadian Saks Fifth Avenue stores, which we expect to happen within the next 12-18 months. 

Existing Hudson's Bay real estate will likely be utilized for Off 5th stores, including some Home Outfitters and former Zellers real estate still held by The Hudson's Bay Company. Existing store space within Hudson's Bay stores could also be utilized for Off 5th. 

Off 5th carries both discounted merchandise from Saks Fifth Avenue's full-priced stores, as well as products purchased specifically for the store. Off 5th will therefore compete with the likes of Nordstrom Rack and Holt Renfrew's recently opened hr2 concept. 

Off 5th stores are generally 20,000-35,000 square feet, with a recent focus on stores in the 25,000-28,000 square foot range, according to an article describing the chain's expansion strategy. It would be relatively easy for Hudson's Bay to open Off 5th stores within existing Hudson's Bay real estate, including possibly the sub-basement of Hudson's Bay's Downtown Vancouver store, which currently has over 43,000 square feet of space for lease. 

We'll update you when we start learning of Off 5th Saks Fifth Avenue Canadian locations. 

[Off 5th website]

[Saks Fifth Avenue website]
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HAZELTON LANES RENOVATION FLOORPLANS

August 6, 2013, 11:06 pm
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Proposed street level plan, Hazelton Lanes. Source: Kasian/First Capital

These are the proposed lease plans for Toronto's Hazelton Lanes renovation (see above and second-to-last image). Yesterday we reported that Hazelton Lanes will undergo extensive renovations to attract more luxury tenants. From the looks of the plans, most of the mall will see an overhaul. The future of anchors Andrews (department store) and Equinox Fitness are in question, as they appear to possibly be absent from the new plans. However some anchors, including Whole Foods, will stay.


Current street-level plan of Hazelton Lanes [Image: First Capital Realty]

The current Hazelton Lanes floorplan (above) includes department store Andrews, which has two retail levels. We're not sure if Andrews will be part of the mall, though it's possible it could be relocated to two larger retail spaces, one above the other, near the new oval atrium area. Noticeably absent from the new plans is Equinox Fitness, as its current space appears to be dedicated to retail in the new plans. 

136-138 Yorkville Avenue, to be demolished for Hazelton Lane's Yorkville Avenue Entrance

Proposed Yorkville Avenue entrance, to replace 136-138 Yorkville Avenue

First Capital recently purchased 136-138 Hazelton Avenue with the intention of demolishing structures for the mall's southward expansion. However, we don't yet have modified lease plans for a southward expansion of Hazelton Lanes to include an entrance on Yorkville Avenue.

Proposed street level plan, Hazelton Lanes. Source: Kasian/First Capital

We're hoping to soon learn of which luxury retailers will sign up for space at Hazelton Lanes. Given the challenges of finding space on Bloor Street, some luxury stores may see Hazelton Lanes as a viable alternative to Bloor. And having one landlord could give Hazelton Lanes an edge in securing tenants over Bloor Street, where retail space is owned by multiple parties.

Current lower-level plan of Hazelton Lanes [Image: First Capital Realty]


We encourage commercial real estate professionals involved with the Hazelton Lanes project to keep us updated on the mall's possible tenants. We'll keep sources confidential. 

[Hazelton Lanes website]

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FOLLI FOLLIE TO OPEN IN CALGARY MID-AUGUST

August 7, 2013, 11:59 pm
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[Image Source]
Greek accessories and jewellery company Folli Follie will continue to open more Canadian shops. The latest will be a location on the 2nd floor of Holt Renfrew's Calgary store, according to a source at the Vancouver store. The Calgary shop will be located in the women's 'contemporary' department, and is expected to open mid-August.

Its first Canadian location opened within Vancouver's Holt Renfrew store in October 2011. Concessions have followed at Holt Renfrew's Bloor Street and Sherway Gardens stores in Toronto, as well as a location at the Vancouver International Airport.

Folli Follie's prices are considered relatively 'affordable' by designer-goods standards. We enquired why the concession was at Holt Renfrew rather than Hudson's Bay. Were informed it is because Folli Follie is owned by the same company as Links of London which already has concessions at Holt's stores across Canada.

[Folli Follie website] 

[Holt Renfrew website] 


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SAKS FIFTH AVENUE COULD OPEN IN EDMONTON

August 7, 2013, 11:59 pm
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[Image Source]

Saks Fifth Avenue could open at West Edmonton Mall. The mall is actively courting upscale retailers and it is reported that Saks could be next.

We previously reported that West Edmonton Mall could get a Saks store, though possibly not within its Hudson's Bay department store. West Edmonton Mall's Hudson's Bay is only about 164,000 square feet, and a full-sized Saks would ideally be in the 75,000-130,000 square foot range. We're not yet sure if Saks will open smaller boutiques within existing Hudson's Bay stores.

The Globe & Mail reports that West Edmonton Mall president David Ghermezian intends to approach Hudson's Bay Company CEO Richard Baker about opening Saks in the mall. Ghermezian has successfully secured other upscale tenants for West Edmonton Mall, including Hugo Boss, Tiffany & Co. and a 118,000 square foot La Maison Simons store. He is also spending over $100 million to upgrade the mall. 

West Edmonton Mall is a family owned shopping centre. It therefore may have the flexibility to make deals with retailers that others malls might not. Ghermezian made concessions to open La Maison Simons and we're told that Simons is doing gangbusters sales. Given the flexibility and previous efforts to secure tenants like Simons, we might see similar efforts put forth for Saks.

The Globe & Mail reports that West Edmonton Mall now achieves sales of about $745 per square foot, up from $450 five years ago. Ghermezian expects sales of $1,000 per square foot within the next few years. Given these numbers and the efforts of its owners, West Edmonton Mall could see new and exciting retailers including Saks Fifth Avenue and possibly Nordstrom.

[Saks Fifth Avenue website]

[West Edmonton Mall website]
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AZZEDINE ALAÏA BOUTIQUE OPENING IN THE ROOM AT HUDSON'S BAY, TORONTO

August 8, 2013, 10:46 pm
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[Image Source]
A dedicated Azzedine Alaïa boutique will open next week within The Room at the flagship Hudson's Bay store in Toronto. The shop will carry Alaïa's collection of ready-to-wear as well as handbags. Alaïa's footwear will be carried in The Room along with these items, as well as in The Room shoe department in the new, massive women's shoe floor located on the ground floor of Hudson's Bay. 

For those unfamiliar, Azzedine Alaïa is a Paris-based premium designer brand with women's ready-to-wear priced well into the thousands. Its distribution is limited to selected retailers worldwide. It is available in Canada only in The Room at Hudson's Bay in Toronto and Vancouver. 

This will be the third shop-in-store in The Room. Alaïa joins shops for Ralph Lauren Black Label and Armani Collezioni. 

The Room is in expansion mode, and will open next month at Lord & Taylor in NYC and at Hudson's Bay in Montreal next year (Lord & Taylor is a the American sister store to Hudson's Bay).

With Saks Fifth Avenue opening within Hudson's Bay stores, it remains to be seen what role The Room will play at Hudson's Bay. 

An email to The Room's creative director, Nicholas Mellamphy, was unfortunately not returned. 

[Azzedine Alaïa website]

[Hudson's Bay 'The Room' website]
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NORTH AMERICA'S SECOND-LARGEST VICTORIA'S SECRET STORE OPENS AUGUST 27TH IN VANCOUVER

August 8, 2013, 10:47 pm
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[Image Source]

North America's second-largest Victoria's Secret store reportedly opens August 27th in Vancouver. It will be 34,814 square feet and will occupy two levels in the Robson Central complex at the northeast corner of Robson and Burrard Streets.

Lower and ground floors of Robson Central, to be occupied by Victoria's Secret. 

We have located lease plans through Robson Central's landlord, Morguard Investments. The basement level of the store will be 20,815 square feet, while the ground floor will be 13,999 square feet. The space was previously home to an HMV store and its second-level mezzanine has been removed to accommodate higher ceilings for Victoria's Secret.

Robson Central, pre-Victoria's Secret. [Image Source]

Robson Central was built in 1957 as the main branch of the Vancouver Public Library. It served this purpose until 1995 when it was converted to retail and other commercial uses. The first retail tenant for the Victoria's Secret space was a Virgin Megastore. 

The largest Victoria's Secret store in North America (as well as in the world) is its Herald Square store in New York City. It is about 60,000 square feet. 

[Victoria's Secret website]





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SAMSUNG WILL OPEN ITS 2nd CANADIAN STORE AT TORONTO'S YORKDALE SHOPPING CENTRE

August 11, 2013, 10:07 pm
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[Image Source]

Canada's second Samsung store will open at Toronto's Yorkdale Shopping Centre. It will be 2,160 square feet and will carry a wide variety of Samsung products including mobile, computing and consumer electronic products.

Canada's first Samsung store opened in July 2012 at the Metropolis at Metrotown in Burnaby, BC. It is 1,603 square feet.

Samsung is the latest technology retailer to open multiple brick-and-mortar retail locations, similar to the likes of Apple Store and Microsoft Store concepts. 

Thank you to our Toronto Retail Insider ACT7 of Urban Toronto for forwarding us this article's tip. 

[Samsung website]
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WILL SAKS FIFTH AVENUE OPEN IN CALGARY?

August 11, 2013, 10:15 pm
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Hudson's Bay, Downtown Calgary. Photo: Google Streetview screenshot

Saks Fifth Avenue could open in Calgary, and it could open either downtown or at the Chinook Centre. A Calgary store could follow Saks openings in Vancouver and Toronto, which are expected to open first according to HBC CEO Richard Baker.

Calgary cold be considered a prime city for Saks Fifth Avenue. It has over 1 million people. Salaries are high and income and other taxes are relatively low compared to the rest of Canada.

We would expect a Calgary Saks store to be, at least initially, located within existing Hudson's Bay store space. More specifically, we'd likely see Saks either within the flagship Downtown Calgary Hudson's Bay store, or somehow integrated into the current Hudson's Bay store, now under renovation, at Chinook Centre. Locating within existing Hudson's Bay space would be much more cost-effective for Saks as HBC owns its Downtown Calgary store and has an excellent long-term lease at its Chinook Centre store. 

As an aside, we're not sure if Hudson's Bay's opening one or more "Saks departments" within its existing stores would be a good idea. Saks stores are noted for their customer service and attractive store interiors. Hudson's Bay stores have not traditionally been known for either. The Saks brand could be damaged if it is placed too commonly within existing Bay stores, and we think segregating the two would be better for the Saks brand. With Richard Baker's recent assertions that Hudson's Bay would become "Canada's Harrod's" with the inclusion of Saks, we're concerned that random Saks spaces within Hudson's Bay stores could seriously harm Saks Fifth Avenue's image both to Canadian shoppers as well as internationally. 


Hudson's Bay, Downtown Calgary. Photo: Google Streetview screenshot

Saks Fifth Avenue, Downtown Calgary:

The Downtown Calgary Hudson's Bay store is about 450,000 square feet over six levels. Its 75,000 square foot floorplates allow for some flexibility with the possible inclusion of Saks occupying one or more floors. Saks could also possibly occupy some of several floors or even include smaller "Saks departments" throughout the downtown store. 

The Bay store faces several challenges for Saks. It's separated from Downtown Calgary's main shopping Centre, The Core, by an adjacent shopping plaza called Scotia Centre. Scotia lacks the attractive interiors of the neighbouring Core, and its connection to Hudson's Bay lacks both attractiveness and convenience of entry. Calgary's downtown retail is dominated by above-ground pedestrian walkways and because of this, a Saks within the downtown Bay could be less than ideal. 

On the flip side, bringing Saks into the Downtown Calgary Bay could bring more shoppers eastward from The Core. A benefit to the location of Downtown Calgary's Bay is that it is located across the street from the upscale shopping strip called Fashion Central, which includes upscale retailers such as Wolford. Saks could be an interesting addition if located across from Wolford at the corner of 8th Avenue Southwest and 1st Street Southwest. Furthermore, Saks could also increase the demand to remodel Scotia Centre to include better retailing, services, access and interiors.

Wolford at Fashion Central, Calgary. Hudson's Bay is visible in the right of the photo. Photo: Google Streetview screenshot

A Saks in Downtown Calgary would join a 147,000 square foot Holt Renfrew store and would compete with a 31,000 square foot Harry Rosen store in the menswear category.


Saks Fifth Avenue, Chinook Centre: 

Hudson's Bay's Chinook Centre store is about 203,000 square feet. A full-sized Saks store would ideally be in the 75,000-130,000 square foot range. Given this, we would expect a smaller Saks shop-in-store at the Chinook Hudson's Bay store, if at all. Chinook Centre will be expanding near the current Hudson's Bay store and from the plans we have reviewed, we don't see an allowance for another anchor store. 

Chinook Centre is one of Canada's top malls, and next year it will open Canada's first Nordstrom store. The 140,000 square foot Nordstrom will be a huge draw to the mall, and Saks could be a welcome addition as a fourth anchor store for Chinook (joining Hudson's Bay, Nordstrom and a recently opened Target store). 



Hudson's Bay, Chinook Centre. Photo: Google Streetview screenshot

There would be at least two benefits to opening Saks at Chinook. One is the availability of ample parking in a city that loves its cars and has expensive downtown parking. The other is the lack of competition from Downtown Calgary's Holt Renfrew store, which includes some of the same concessions carried at Saks, ie. Louis Vuitton, Chanel, Dolce & Gabbana, and Prada, among others.

Given the affluence, population and low taxes in Alberta, we'd be surprised if Calgary didn't see a Saks location either downtown or at Chinook Centre. Please feel free to share your opinions below or on our Facebook Page.


[Hudson's Bay website]

[Saks Fifth Avenue website] 

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SEARS WEBSITE SELLS $32,000 ROLEX WATCHES AND CHANEL BOOTS

August 12, 2013, 9:40 pm
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[Product Link]


Sears' American website is selling a $32,000 Rolex watch and a pair of Chanel boots marked down to 'only' $897. It's an interesting strategy for Sears, as the retailer struggles to maintain customer interest. 

Items are listed on the website's 'Marketplace'. It should be noted, however, that these items are sold by third-party vendors who pay Sears a commission of up to 20% on items sold, plus a $40 per month fee. These items are not technically in Sears' own inventory.

Some shoppers might question if these items are real or counterfeit. If we were in the market for Rolex or Chanel, we're not sure if we'd buy it online from Sears. 


[Product Link]

Nevertheless, the appearance of Rolex and Chanel products on Sears' website is a far cry from what's actually in store. We're not sure if this marketing tactic is smart or misguided, and we'd hope Sears doesn't let anything 'slip by' like, say, pornographic material or something else potentially controversial.

Our source for this article is this Wall Street Journal article.

[Sears website]

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