French luxury conglomerate Richemont is investing heavily in the Canadian market with three significant store announcements. Two involve renovations/expansions and one involves an entirely new location.
At The Colonnade at 131 Bloor Street West in Toronto, Cartier is completely rebuilding its 4,300 square foot storefront which will reopen to the public in November of this year. The store will feature the brand’s most updated design and will be a showpiece for the prestigious street. Top clients have been privately invited to a suite at the nearby Hazelton Hotel in the meantime as construction to the Bloor Street flagship is ongoing.
At Toronto’s Yorkdale Shopping Centre, Cartier will temporarily shut its 3,500 square foot store for a complete overhaul next year that will include a new look as well as an expansion. UK-based luxury brand Mulberry, which shut its two Toronto stores last year, had a 2,250 square foot storefront next to Cartier — half of the Mulberry space has been leased to Cartier which will unveil the expanded location in 2022. Italian luxury jeweller Bulgari, located on the other side of the former Mulberry space, will also expand its 1,930 square foot store by annexing the other half of the Mulberry space for its own store expansion.
In Vancouver, Cartier confirmed with Retail Insider that the retailer will be opening a new storefront at 755 Burrard Street with frontage onto Alberni Street. Richemont bought the 3,200 square foot commercial strata several years ago and construction on the new Cartier store is expected to begin soon with a store opening expected for 2022. The opening of the corporate store will coincide with the shuttering of the licensed Cartier boutique at 456 Howe Street in the city’s ‘Heritage District’ which has lost most of its luxury stores following a shift to the Alberni Street ‘Luxury Zone’ where Cartier will be relocating.
Richemont’s investments in Canada signal confidence in this market as well as confidence in the future of brick-and-mortar retail following challenging times during the pandemic.