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37,000 SQ FT OF LUXURY RETAIL COMING TO TORONTO’S 80 BLOOR STREET WEST

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Retail Insider
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Photo: 80 Bloor Street West

Toronto’s 80 Bloor Street West tower will reportedly be demolished. It could be replaced with over 37,000 square feet of luxury retail, topped by a 66-floor condominium tower. The new retail space in the planned tower could be among Canada’s most expensive retail real estate.

80 Bloor Street West

The current 80 Bloor St. W. tower includes two ground-floor retail spaces. One is occupied by a Banana Republic store, and the other is a Gap Kids store space, now available for lease. A 22,000 sq ft, two-level fitness club is located above the retail and the remainder of the 17-floor building is utilized for office space. 
The proposed replacement retail at the base of the new tower will feature three levels of retail space, including a large concourse level, according to architectural plans submitted to the City of Toronto. The residential tower above would include 565 condominiums. 

Yesterday we reported that over 50,000 square feet of potential luxury retail space was coming available at 100 Bloor Street West. 80 Bloor’s retail could provide the street with much needed new retail space, as some brokers are finding it challenging locating Bloor Street retail space for luxury tenants.
Our source for this article is the Urban Toronto Forum. Click here to read more about the 80 Bloor Street West redevelopment proposal.

We’ll keep you updated on this exciting development. 

BIRKS TO RENOVATE MONTREAL FLAGSHIP

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Retail Insider
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Photo: Maison Birks

Montreal-based Maison Birks is expected to renovate its Montreal flagship store within the next three to four years, according to the company’s president and CEO Jean-Christope Bedos. The Montreal flagship is one of North America’s largest jewellery stores.

The Montreal flagship, located on Phillips Square, has been occupied by the jeweller since 1894. The building comprises of 19,785 square feet of retail space and 58,444 square feet of corporate office space above, according to the company. The handsome flagship store is located along a popular strip of Ste Catherine Street West, alongside retailers such as Hudson’s Bay, La Maison Simons and Les Ailes de la Mode (which will close in a few months).

Currently, Canada’s largest jewellery store is Maison Birks in Downtown Vancouver. It boasts slightly more retail space than the Montreal location, at 20,221 square feet. The third largest is the Maison Birks store at Toronto’s Manulife Centre, measuring in at 15,620 square feet over two levels.

Interior of Montreal’s Maison Birks

Maison Birks recently re-branded and has plans to open stores internationally. Its first Asian store opens next year in Beijing, China. It’s also opening mono-brand Canadian stores selling only Birks-branded products.

Mr. Bedos revealed the Montreal store renovation plans during a talk at The Canadian Club in Montreal. It was subsequently reported by La Presse in this article (in French).

[Maison Birks website]

POSSIBLE SIGNIFICANT ADDITION TO TORONTO’S LUXURY RETAIL SCENE: 100 BLOOR WEST

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Retail Insider
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Image: 100 Bloor

Over 50,000 square feet of potential luxury retail space could become available at 100 Bloor Street West in Toronto. According to the landlord’s website, most of the retail component of 100 Bloor could come up for lease, including spaces currently occupied by Williams Sonoma, Pottery Barn, The Body Shop and Roots.

Roots is already confirmed as leaving its 100 Bloor retail space in early 2014, and there’s no word yet as to whether or not Williams Sonoma and Pottery Barn will vacate. A source tells us that both Williams Sonoma and Pottery Barn may be in talks with Hazelton Lanes to open replacement stores in the mall, though we can’t confirm this beyond saying it is speculation.

In total, over 51,000 square feet of retail space at 100 Bloor could come up for lease. This includes retail space on both the ground floor and the second floor. Looking at its lease plan, we can imagine somewhere in the range of seven two-level flagship stores to occupy space at 100 Bloor, including an Apple Store flagship that we discussed yesterday. Note that this article was only speculation, but some brokers have quietly suggested that Apple might open here.

We would expect 100 Bloor’s retail rents to be among some of the highest in Canada. Bloor Street already boasts Canada’s most expensive street-front retail and 100 Bloor is ‘centre ice’ in the luxury district, being across the street from Harry Rosen’s flagship menswear store and within steps of luxury retailers Chanel, Prada, Mulberry, Gucci, Hermes, Burberry and others.

Ground floor plan for 100 Bloor St. W., including our edits in red (showing 7+ retail spaces)

Before 100 Bloor’s construction in the early 2000’s, the site had multiple proposals that ranged from hotel towers to theatres to department stores.

At one time, Saks Fifth Avenue, Bloomingdale’s and Paris-based department store Printemps were interested in the site, as it offered retail floorplates large enough to accommodate one of these flagships over 4-6 floors.

Before current tenants were secured, 100 Bloor was reportedly in talks with Donna Karan, Fendi and Dries van Noten. According to one source, 100 Bloor’s landlord felt that “Pottery Barn’s money was as good as Fendi’s money” which helps to explain the current configuration of tenants at 100 Bloor.

POSSIBLE APPLE STORE FOR TORONTO’S BLOOR STREET

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Retail Insider
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Rendering: 100 Bloor St. W.

Apple continues to examine possible retail space for a flagship Toronto store, according to sources. We’ve been told that Apple has been in talks for the retail space indicated in the image above. The photo represents a possible Apple Store flagship at 100 Bloor Street West, which would replace a Roots store that currently occupies that corner.

We’ve been told that Roots will vacate its 100 Bloor flagship in early 2014 and that the landlord is looking to replace it with a high-profile retailer. Apple would certainly fit that description. Roots plans to move to a much smaller retail space at 89 Bloor Street West.

We’re not yet sure if Apple will end up at 100 Bloor, as sources also inform us that Apple is considering space at 1 Bloor Street East, another large retail development to eventually be located in the area. 1 Bloor St. E. could be an even more prominent location for Apple than 100 Bloor, given that it stands at the very prominent corner of Yonge and Bloor Streets. A flagship Apple store in the Yonge/Dundas Square area is also a possibility, though we don’t yet have information where. Potential Apple retail space could become available, however, once Sears vacates its Toronto Eaton Centre location in February.

We’ll follow up this article with one outlining the possibility of other retailers moving into 100 Bloor. A substantial amount of retail space may come to market, paving the way for some exciting flagship retailers on Bloor Street.

We’ll also keep you updated on where Toronto’s flagship Apple store will be located. We’ve been told that it’s not a matter of “if” an Apple flagship opens; the real question is “when and where”.

SUITSUPPLY TO OPEN FIRST CANADIAN STORE ON TORONTO’S HAZELTON AVENUE

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Retail Insider
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Rendering of Toronto's new Suitsupply store. We borrowed this image from an article published by Sharp for Men Magazine.

Dutch men’s suit retailer Suitsupply will open its first Canadian store location at 9-11 Hazelton Avenue in Toronto. The store is expected to open in January 2014, according to popular menswear website Sharp for Men. It will be the 47th store location for the retailer.

For those unfamiliar, Suitsupply is a vertically integrated men’s suit retailer that was started in 2000 in Amsterdam. It has received many awards and was voted #1 men’s suit retailer by the Wall Street Journal. Prices start at around $400 and both quality and style are considered to be exceptional.

Suitsupply is known for choosing ‘unconventional’ retail locations. Its Chicago store, which opened over a year ago, is located on the top floor of a former Barney’s New York store and features a penthouse roof garden. 

Suitsupply has 6 American store locations and it’s growing quickly – it expects to have 11 American stores within a few months, according to its website.

The new Hazelton Avenue Suitsupply will be across the street from upscale shopping centre Hazelton Lanes. Hazelton Lanes is slated to see a substantial expansion and renovation as it attempts to secure luxury retail tenants.

We’ll keep you updated as to any other possible Canadian store locations for Suitsupply.

[Article Source: Sharp for Men]

[Suitsupply website]

NORDSTROM WILL SOON BE HIRING CANADIAN DEPARTMENT MANAGERS

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Retail Insider
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Photo: Nordstrom

Nordstrom will be taking a slightly different approach to hiring staff for its Canadian stores. It will hire Canadian department managers, train them at Nordstrom’s Seattle headquarters, then allow these managers to hire Canadian store staff. Nordstrom will begin accepting department manager applications on December 5th, and hiring starts in January 2014 for its first Canadian store in Calgary. 

Normally, Nordstrom seeks out existing “proven leaders” in its stores to become new department managers. For Canadian Nordstorm stores, however, it appears that the company will take a slightly different approach. Instead of promoting its own existing staff, Nordstrom will seek out Canadian talent and then immerse the chosen candidates in Nordstrom’s corporate culture. Between March and May, 2014, these new hires will live in Seattle (housing, food and transportation to Seattle will be covered by Nordstrom) and once trained, department managers may start hiring staff for its new Calgary store. 

We’re not sure if this strategy will be continued for other Canadian Nordstrom store locations, which start opening months after the Calgary store. It may be the case that some Calgary department store managers are appointed to hire for other Canadian Nordstrom stores. Time will tell. 

To apply for a job as a department manager at Nordstrom Canada, visit the company’s Canadian career site. We wish applicants the best of luck. 

The above revelations were made by Brooke White, VP of Corporate Communications at Nordstrom, to the Calgary Herald. For more, you can click here to read our source article. 

[Nordstrom Canada website]

TOPSHOP OPENS TOMORROW AT CALGARY’S CHINOOK CENTRE

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Retail Insider
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Photo: TopShop

TopShop/TopMan opens tomorrow at Calgary’s Chinook Centre. The store will be about 15,000 square feet and will be adjacent to its franchise owner, Hudson’s Bay.

There’s no word yet as to if TopShop/TopMan will open a full-sized store within Downtown Calgary’s Hudson’s Bay store or at any other suburban locations. Downtown Calgary’s Hudson’s Bay carries some collections but does not yet feature the large TopShop stores found within some other Hudson’s Bay flagships.

This is the latest popular retailer to open at Chinook Centre. Other recent additions to the mall have included J. Crew, Hugo Boss and Eileen Fisher. Nordstrom will also open its first Canadian store in the mall next year.

Chinook Centre is one of North America’s most productive malls. It sees sales of almost $1,100/square foot/year and by 2016, it is expected to have annual sales of close to $1 billion with non-anchor sales of about $1200/square foot. In addition to a recent expansion and the opening of Nordstrom, the mall will be undergoing a further expansion that will include an outdoor ‘town centre’ environment.

[Chinook Centre website]

[TopShop/TopMan website]

CANADA’S FIRST JOE’S JEANS OPENS AT VANCOUVER’S OAKRIDGE CENTRE

By
Retail Insider
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Image: Joe's

Joe’s will open its first Canadian store tomorrow at Vancouver’s Oakridge Centre. The popular denim and apparel brand will be located adjacent to the mall’s current Hudson’s Bay store.

The store will be 1,483 square feet according to the mall’s lease plan. A press release describes its offerings as follows:

“The Vancouver location will feature denim and lifestyle collections for men, women and children, along with footwear, jewelry and exclusive handbags made in California. Among the notable Fall 2013 styles are the brand’s new “Tailored by Joe’s” Denim Suit Collection for women featuring tailored jackets and ankle trousers, as well as the new “The Black That Never Fades” Collection featuring an innovative new fabric and wash. Every style in this collection will not fade from its original black shade on day one, regardless of how many times it is washed”.

For those unfamiliar, Joe’s is a Los Angeles-based denim, apparel and accessories brand that retails through 35 free-standing stores in the United States, as well as in various retailers (including department stores). Joe’s is “a casual chic lifestyle brand known for modernized, timeless styles from premium denim and collection pieces to contemporary accessories and footwear”

However, Joe’s won’t always have Hudson’s Bay as its neighbour. As part of Oakridge Mall’s expansion, Hudson’s Bay will be demolished and moved northward.

We’ll keep you updated on future Joe’s locations in Canada.

[Source: Press Release]

[Oakridge Centre website]

[Joe’s website]

LONG-AWAITED ARRIVAL OF H&M IN WINNIPEG

By
Retail Insider
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Image: H&M

After much anticipation, H&M has announced that it will open its first Winnipeg store at the Polo Park Shopping Centre. It will open in October 2014 and will be one of Canada’s largest, spanning approximately 25,000 square feet.

Polo Park’s Facebook page created hype this week by declaring that it had a “HUGE store announcement” to make. Many excited Facebook users guessed correctly and judging by the posted comments, H&M’s Winnipeg entry has been long anticipated.

We can’t confirm where H&M will open within the mall, and the mall’s landlord Cadillac Fairview is being secretive about its eventual location. Upon review of Polo Park’s lease plans and given the size of the new H&M store, we think it will occupy part of a former 97,000 square foot Zellers store on the second level of the mall. We’ve been told that the former Zellers space could be subdivided for between 25 and 30 new retailers, and H&M could be one of these.

Former Zellers space, expected to be subdivided, could include the new H&M store

According to sources, H&M has been searching for the “right space” in Winnipeg for several years. We speculated that H&M could open at Polo Park as part of an article where we discussed the possibility of Nordstrom and La Maison Simons opening in the mall.

H&M’s largest Canadian store is at the Toronto Eaton Centre and it occupies 33,057 square feet, according to landlord Cadillac Fairview. Canada’s second-largest H&M store at Vancouver’s Pacific Centre is almost as large, measuring in at 31,437 square feet.

[Polo Park website]

[H&M website]

SAKS INCORPORATED SHAREHOLDERS APPROVE MERGER WITH HUDSON’S BAY COMPANY; CLOSING PLANNED FOR NOVEMBER 4, 2013

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Retail Insider
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Saks Fifth Avenue
Image: Saks Fifth Avenue

This is good news for those anticipating the completion of Saks Fifth Avenue’s purchase by the Hudson’s Bay Company. Saks shareholders have approved the merger, and the deal is scheduled to close next Monday.

99.4% of Saks shareholders approved the deal. Potential litigation by shareholders has also been settled.

The following is the full press release regarding the Saks sale:

BusinessWire · Oct. 30, 2013 | Last Updated: Oct. 30, 2013 4:06 PM ET
Hudson’s Bay Company (TSX:HBC) (“HBC” or the “Company”) announced that the merger of Saks Incorporated with HBC was approved at a special meeting of Saks Incorporated shareholders held earlier today. Accordingly, HBC plans to complete the merger on November 4, 2013.

The merger will create a premier North American fashion retail business centered on three iconic retail brands – Hudson’s Bay, Lord & Taylor and Saks Fifth Avenue. The combined Company will operate a total of 320 stores, including 179 full-line department stores, 72 outlet stores and 69 home stores in prime retail locations throughout the U.S. and Canada, along with three e-commerce sites. The combined Company would have generated pro forma sales and normalized EBITDA in fiscal 2012 of approximately C$7.2 billion and C$587 million, respectively, before any synergies.

“With the addition of Saks Fifth Avenue, we will begin an exciting new era for HBC,” said Richard Baker, HBC’s Governor and CEO. “By uniting Saks, Hudson’s Bay and Lord & Taylor, we are creating a platform built upon three brands with a rich heritage in retailing. We will be well positioned to serve customers across a range of shopping experiences, including the luxury, mid-tier and outlet categories. We plan to invest in the growth potential of each brand and category. And, we will unlock the tremendous potential of the Company’s world-class real estate assets. As we pursue our strategic growth plans, we look forward to driving increasing value for HBC shareholders.”

Growth Opportunities for Saks Fifth Avenue
HBC has stated that it plans to expand the Saks’ banner to Canada, opening as many as seven full-line Saks Fifth Avenue stores and up to 25 OFF 5TH outlet locations over the next several years. The Company intends to expand Saks’ e-commerce presence in Canada by establishing a Canadian saks.com website. HBC will also continue Saks’ existing plans to further expand the OFF 5TH footprint in the U.S.

As previously announced, HBC expects the merged enterprise to achieve C$100 million of annual synergies within three years through a combination of shared services, operational efficiencies and implementing best practices across banners.

Experienced Retailing Leadership

HBC also announced key executive leadership roles at the corporate and business unit levels. As previously reported, Marigay McKee will become President of Saks Fifth Avenue, effective January 6, 2014, and Liz Rodbell will become President of the HBC Department Store Group (Hudson’s Bay and Lord & Taylor), effective February 1. Both will report to HBC’s Office of the Chairman, which consists of Richard Baker, Governor and CEO, and Don Watros, Chief Operating Officer of HBC.
Saks Fifth Avenue will remain a separate operating unit under the HBC umbrella, maintaining its own merchandising, marketing and store operations teams. Saks’ operations will continue to be headquartered at its existing New York City offices. Additionally, key members of Saks’ senior merchant and store-level leadership teams will remain in place following the merger. The Company also noted that key members of its corporate leadership team, including Chief Operating Officer, Don Watros, and Chief Administrative Officer, Marc Metrick, held senior management positions at Saks prior to joining HBC.
In addition, HBC announced a number of key members of its Corporate Shared Services group, which was created to provide an effective platform for the operation and growth of the Company and its retail brands. The Shared Services group, which reports to the Office of the Chairman, includes: Marc Metrick, Chief Administrative Officer; Mike Culhane, Chief Financial Officer; David Pickwoad, General Counsel; Brian Pall, President-Real Estate; and Kerry Mader, EVP-Store Planning, Design & Construction.
About Hudson’s Bay Company
Hudson’s Bay Company (HBC), founded in 1670, is North America’s longest continually operated company. In Canada, HBC operates Hudson’s Bay, Canada’s largest department store with 90 locations, unsurpassed in its fashion, beauty, home and accessory designers and brands, as well as thebay.com. HBC also operates Home Outfitters, Canada’s largest home specialty superstore with 69 locations across the country. In the United States, HBC operates Lord & Taylor, a department store with 49 full-line store locations throughout the northeastern United States and in two major cities in the Midwest, and lordandtaylor.com. With approximately 29,000 Associates in Canada and the U.S., Hudson’s Bay Company banners provide stylish, quality merchandise at great value, with a dedicated focus on service excellence. Hudson’s Bay Company trades on the Toronto Stock Exchange under the symbol “HBC”.

Forward-Looking Statements
There can be no assurance that the transaction will close or that an equity or debt offering will be undertaken or completed in whole or in part or the timing of any such transaction. No securities will be offered or sold in the United States or to U.S. persons absent registration under the U.S. Securities Act of 1933 or the availability of an applicable exemption from such registration. This press release does not constitute a solicitation of an offer to purchase, or an offer to sell, securities in the United States or elsewhere. Closing of the transaction is not conditional on the completion of any of the foregoing.
Information in this press release that is not current or historical factual information may constitute forward-looking information, including future-oriented financial information and financial outlooks, within the meaning of securities laws, related to the timing and completion of the Saks acquisition (including the financing thereof) and the anticipated benefits of such acquisition, including the timing and value of anticipated synergies, revenue growth potential, unlocking real estate portfolio and reducing HBC’s quarterly dividend. This information is based on certain assumptions regarding expected growth, results of operations, performance, and business prospects and opportunities. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Forward-looking information is subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what the Company currently expects. These risks, uncertainties and other factors include, but are not limited to: credit, market, currency, operational, liquidity and funding risks, including changes in economic conditions, interest rates or tax rates, the timing and market acceptance of future products, competition in the Company’s markets, the growth of certain business categories and market segments and the willingness of customers to shop at the Company’s stores, the Company’s margins and sales and those of the Company’s competitors, the Company’s reliance on customers, risks and uncertainties relating to information management, technology, supply chain, product safety, changes in law, regulations, competition, seasonality, commodity price and business disruption, the Company’s relationships with suppliers and manufacturers, changes to existing accounting pronouncements, the ability of the Company to successfully implement its strategic initiatives, changes in consumer spending, managing our portfolio of brands and our merchandising mix, seasonal weather patterns, economic, social, and political instability in jurisdictions where suppliers are located, increased shipping costs, potential transportation delays and interruptions, the risk of damage to the reputation of brands promoted by the Company and the cost of store network expansion and retrofits, compliance costs associated with environmental laws and regulations, fluctuations in currency and exchange rates, commodity prices, the Company’s ability to maintain good relations with its employees, changes in the law or regulations regarding the environment or other environmental liabilities, the Company’s capital structure, funding strategy, cost management programs and share price, the Company’s ability to integrate acquisitions and the Company’s ability to protect its intellectual property.
For more information on these risks, uncertainties and other factors the reader should refer to the Company’s filings with the securities regulatory authorities, including the Company’s annual information form dated April 30, 2013, which is available on SEDAR at www.sedar.com. To the extent any forward- looking information in this press release constitutes future-oriented financial information or financial outlooks, within the meaning of securities laws, such information is being provided to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are based on assumptions and subject to risks, uncertainties and other factors. Actual results may differ materially from what the Company currently expects. Other than as required under securities laws, the Company does not undertake to update any forward-looking information at any particular time. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement.
E-HBC1670

Contacts
Hudson’s Bay Company
Investors
Lucas Evans, (416) 861-4444
Senior Vice President and Treasurer
investorrelations@hbc.com

or
Media
United States
Lividini & Co.
Andrew Blecher, (212) 252-7504
Andrew@lividini.com

or
Canada
Freda Colbourne, (416) 560-9974
colbournef@gmail.com

[Source]

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