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TIFFANY’S NEW TORONTO FLAGSHIP IS NOW OPEN

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Retail Insider
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Photo: androiduk, UrbanToronto

Tiffany & Co.’s new Toronto flagship store is now open. The two-floor, 11,100 square foot store at 150 Bloor Street West replaces a four-floor, 13,450 space at 85 Bloor Street West. Despite its smaller size, the new store features more useable space as well as a more open, modern interior. It is the largest Tiffany & Co. store in Canada, and one of the highest-selling in North America. 

The store is about 3,000 square feet at the street level and 8,100 square feet on its second floor. Tiffany is located next door to a flagship Louis Vuitton Maison, which opened last year. The Vuitton Maison is also the largest in Canada. 

Tiffany & Co.’s first Canadian store opened in 1991 at 85 Bloor Street West. Tiffany signed a 15-year lease, which it extended by 7 years in 2006. The space is empty and is now for lease.

Since opening its first Toronto store, Tiffany has opened stores Canada-wide. Its second Canadian store opened in 1993 within Vancouver’s Holt Renfrew and at 700 square feet, it was tiny compared the Bloor Street flagship. Tiffany has since opened free-standing stores across Canada including 3 in Toronto, 2 in Vancouver and one in each of Calgary and Montreal. A Tiffany store will open this fall at West Edmonton Mall. Smaller Tiffany boutiques, averaging 600-1,500 square feet, are also located within Holt Renfrew stores in Calgary, Ottawa, Montreal and Vancouver.

Photo: androiduk, Urban Toronto

[Tiffany & Co. website]

POSSIBLE SAKS FIFTH AVENUE LOCATION(S) FOR TORONTO

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Retail Insider
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[Image Source]



It’s confirmed that Toronto will be host to at least one Saks Fifth Avenue store, if no several. Toronto’s first Saks store(s) will be located within existing Hudson’s Bay store space, and purpose-built Saks stores could follow.


The following is our analysis both on potential shorter-term Saks Fifth Avenue store opening(s) in Toronto and some potential longer-term store locations. Longer-term stores could be newly built, including the possibility of one such Saks Fifth Avenue at the Yorkdale Shopping Centre.


So far, we know that Hudson’s Bay intends to open two Canadian Saks stores towards the end of 2014. One will be in Toronto, the other in Vancouver. We expect both to be located downtown, with the possibility of one or more suburban stores to immediately follow. 


This is our analysis of possible Saks Fifth Avenue locations in the Toronto area:



Hudson’s Bay, Queen Street, Toronto [Image Source]

1) Saks Fifth Avenue Within Hudson’s Bay, Downtown Toronto, 176 Yonge Street (aka “Queen Street” store): We initially expected Toronto’s Saks to replace Hudson’s Bay’s 342,000 square foot Yonge and Bloor store. Management we’ve spoken to are suggesting otherwise, meaning we could see Saks within Hudson’s Bay’s 851,000 square foot flagship ‘Queen Street’ store. It has room for a Saks store, though it would require an awkward reconfiguration of the store’s current layout. Recently, the Queen Street flagship has added various concessions including a 19,000 square foot TopShop/TopMan, one of the world’s largest women’s shoe floors, and an outpost of the Drake General Store. In addition, it also recently announced that a 20,000 square foot Kleinfeld Bridal store will open next year on its 7th floor. Finding a contiguous 100,000-150,000 square feet for Saks within the Queen Street Bay may be challenging given the store’s layout. In light of this, Hudson’s Bay could create a series of “Saks departments” throughout its store, or Saks could occupy one or more entire floors at Hudson’s Bay.

 
Hudson’s Bay, Coquitlam BC. Uneven, dirty carpet and duct tape.
Hudson’s Bay, Coquitlam BC. Broken glass, uneven/stained carpet and duct tape.

However, we think opening several “Saks departments” within any Hudson’s Bay stores would be bad for the Saks brand. Saks’ stores are famous for their customer service and upscale interiors, while Hudson’s Bay is known for the opposite. The entire Saks brand could be devalued both for Canadians and Americans if Saks departments open in existing Hudson’s Bay stores. Hudson’s Bay Company CEO Richard Baker says that he’d like Hudson’s Bay to be “Canada’s Harrod’s“, indicating that he might consider merging the stores by opening Saks departments within Hudson’s Bay stores. We think this would cause confusion for Canadian shoppers. We recently visited a Hudson’s Bay store in Coquitlam, BC, where carpet was held together by duct tape, customer service was essentially non-existent, and mirrored pillars were broken (see images above). Hudson’s Bay has a lot of work to do before Canadians can accept it as an upscale label in its own right, even if it inserts upscale Saks departments at several of its better stores.


Occupying one or more upper floors at the Queen Street flagship is possible but could also be a challenge. If located on an upper floor, Saks would lack a street-front entrance. We think it would be a disservice to Saks Fifth Avenue to deprive it of a glamorous street-front entrance, even if the store is only considered to be a “temporary” location before the opening a flagship further up Yonge Street.

Hudson’s Bay, Yonge and Bloor, Toronto [Image Source]


2) Saks Fifth Avenue, Yonge and Bloor Streets: As mentioned above, Hudson’s Bay’s 342,000 square foot store at Toronto’s Yonge and Bloor intersection could be converted into Toronto’s flagship Saks Fifth Avenue store. If this happens, it’s likely that the store’s current concrete exterior would have to be substantially modified. Its bunker-like exterior and low ceilings might be remedied by selected demolition, though this would be expensive and challenging.  As we mentioned, Hudson’s Bay wants Saks in Toronto by the end of 2014. A substantial remodelling of the Yonge/Bloor Bay would likely take longer. In the short term, a “temporary” Saks could open within the Queen Street Bay while the Yonge and Bloor store is properly renovated. Opening Saks at Yonge and Bloor would be strategic as it would go head-to-head with neighbouring Holt Renfrew, which will see a substantial expansion in the next few years. The area is also more “prestigious” than the areas near the Queen Street flagship. 

Hudson’s Bay, Yorkdale (note: last week new ‘Hudson’s Bay’ signage replaced the yellow logos in this photo) [Image Source]
3) Saks Fifth Avenue, Yorkdale Shopping Centre: The 303,000 square foot Hudson’s Bay 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. However, Saks would be up for 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.


One or more “Saks departments” could be located within Yorkdale’s Hudson’s Bay on a more temporary basis while it secures space occupied by neighbouring Sears, which will close in a few months. Some have speculated that Saks could replace the entire Yorkdale Hudson’s Bay store itself, though we think it’s too large – there are no suburban Saks stores even close to 300,000 square feet in size.

Hudson’s Bay, Square One Shopping Centre. Image: Google Streetview screenshot.
4) Saks Fifth Avenue, Sherway Gardens: The 223,000 square foot Sherway Gardens Hudson’s Bay could see the inclusion of a Saks shop-in-store. A full-sized Saks is less likely here because even taking 75,000 square feet for a Sherway Saks would likely render Hudson’s Bay too small. Opening Saks in Sherway could be a good move for Hudson’s Bay, as competitor Holt Renfrew is expected to 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.


Some are speculating that Saks could take over the entire Sherway Hudson’s Bay store. We don’t think this will happen, as 223,000 square feet is likely too large for a suburban Saks. Some also speculate that Saks could take over the 225,665 square foot Sears at Sherway and, again, we think it’s too big. Subdividing Sherway’s Sears for Saks and others is possible, though we’re not aware of any such plans. 
 
5) Saks Fifth Aveneue, Square One Shopping Centre, Mississauga: The 201,000 square foot Square One Hudson’s Bay could see a Saks shop-in-store. Despite Square One having Target and Walmart as anchors, Saks could actually fit in the mall now that Square One will include a 120,000 square foot Holt Renfrew store and possibly La Maison Simons. We’re not sure how Saks could be configured into existing or new space, and we think Square One is the least likely of all locations discussed above to open Saks Fifth Avenue.


Our next Saks Fifth Avenue article will be on its Vancouver store opening(s).


[Hudson’s Bay website]


[Saks Fifth Avenue website]

TORONTO PEARSON AIRPORT LUXURY RETAIL UPDATE

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Retail Insider
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Photo: Bernadette Morra, Fashion Magazine (via twitter)

Construction is underway for the luxury shops at Toronto’s Pearson International Airport, Terminal 1. Last month we reported that the airport’s duty-free concession was opening a luxury area with shops for various designers.

Bernadette Morra, Editor-in-Chief of Fashion Magazine (Canada), posted to twitter the above photo of a Bulgari shop currently under construction at the airport. It will join shops for Burberry, Salvator Ferragamo and others. 

Toronto’s airport will finally include the luxury retail found in major international airports around the world. We’ll keep you updated on its progress, as well as its expected opening date. 

[Nuance Duty Free website]

[Pearson International Airport website]

HMV RE-OPENS ON VANCOUVER’S ROBSON STREET. TEMPORARILY.

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Retail Insider
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Photo: HMV

Music retailer HMV opens a temporary location on Vancouver’s Robson Street today. It closed its enormous store across the street in early 2012, now occupied by a 35,000 square foot Victoria’s Secret store which opened this week.

We’re not sure of the length of HMV’s temporary lease, but its space will eventually be amalgamated with adjacent retail stores to create a flagship Lululemon store. 

The temporary HMV space, at 970 Robson Street, was until recently occupied by an Energie/Miss Sixty store. 

[HMV website]

STUART WEITZMAN: WEST EDMONTON MALL’S LATEST UPSCALE RETAILER

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Retail Insider
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Stuart Weitzman at West Edmonton Mall (Photo: Katie Dadswell)

Footwear retailer Stuart Weitzman will open a 1,500 square foot store at West Edmonton Mall before the 2013/2014 holiday season. Weitzman is the latest upscale tenant to open in the mall. It will be the 10th Stuart Weitzman store in Canada.

The Stuart Weitzman store replaces footwear retailer SoftMoc on the second level of the mall’s ‘Phase III’. It will be located next to a new Tiffany & Co. (which we recently announced will open in the mall). West Edmonton Mall is also undergoing interior renovations that will see it become more upscale.

For those unfamiliar, Stuart Weitzman is an upscale American shoe designer/retailer which sells at Canadian retailers including Holt Renfrew and Browns Shoes. It also has nine Canadian stores: Four in Toronto, two in Montreal, two in Vancouver, and one in Calgary. Store locations can be found here.

Thank you to our source Katie Dadswell for providing the tip and photo for this article.

[West Edmonton Mall website]

[Stuart Weitzman website]

LATEST CANADIAN MALL EXPANSION/RENOVATION: $280 MILLION GUILDFORD TOWN CENTRE OPENS TODAY

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Retail Insider
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[Photo: Ivanhoe Cambridge]

Surrey BC’s Guildford Town Centre reveals its $280 million renovation/expansion today, amid increasing competition amongst Canadian malls. Guildford’s expansion adds over 200,000 square feet of retail space for about 70 retailers. New stores include H&M, Forever 21, Browns Shoes, iehl’s, Sephora and a LEGO Store, among others. The expansion also includes a new food court with over 1,000 seats, new washrooms, and an overall modernized mall interior.

The mall will also see further redevelopment, scheduled for completion in 2014. We’ll periodically provide updates as we receive them.

In addition, a 10,000 square foot ‘living wall’ will adorn the mall. It’s one of the largest of its kind in North America and features more than 120 species of plants.

1.5 minute mall renovation/expansion ‘fly-through’

Landlord Ivanhoe Cambridge will continue to spend a fortune renovating and expanding its retail properties across the country. One of its largest projects is Vancouver’s Oakridge Shopping Centre, set to expand to more than double its current retail square footage while adding a third luxury department store. Ivanhoe Cambridge will also beef up the retail offerings at several Canadian hotel properties that it plans to eventually sell, including the Fairmont Hotel Vancouver.

Other Canadian shopping malls are also seeing significant expansions and renovations. One of the largest is at Toronto’s Yorkdale Shopping Centre, which recently underwent an expansion before announcing another addition/expansion that will include a Nordstrom store.

Mississauga’s Square One will see the addition of a 120,000 square foot Holt Renfrew as well as other retailers. West Edmonton Mall is spending hundreds of millions while adding luxury tenants and courting Nordstrom and Saks Fifth Avenue, while Calgary’s Chinook Centre looks to, again, expand its premises.

We’ll soon be writing an article on the expansion of West Vancouver’s Park Royal Shopping Centre, which will feature an outdoor ‘town-centre’ concept as well as the addition of a new retail anchor.

Guildford Town Centre’s doors open at 10:00 am today, after a 9:30 am grand opening celebration.

[Press Release]

[Guildford Town Centre website]

DOWNTOWN VANCOUVER’S OLD NAVY STORE NEARS COMPLETION

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Retail Insider
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Photo: Retail-Insider.com

*****Update: This store opens on Wednesday, November 13th 2013 at 5:00pm Pacific Standard Time*****

Construction of a two level Old Navy store in Downtown Vancouver is nearing completion. It’s located at one of the most prominent retail addresses in the city: The south-west corner of Granville and Robson Streets. There will be office space above the building’s retail component. 

We’ve been told that Old Navy will span both main floor as well as the second floor retail space. We previously reported that Old Navy had leased the second floor of this building, and it now appears it has decided to occupy valuable ground-floor retail as well. 

The building is directly across the street from Vancouver’s future Nordstrom store, set to open in 2015. 

[Old Navy website]

HAZELTON LANES UPDATE: COULD IT INCLUDE AN UPSCALE DEPARTMENT STORE?

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Retail Insider
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New Hazelton Lanes renderings, including the Avenue Road/Yorkville Avenue corner. Photo: Greybrook Realty Partners

Toronto’s Hazelton Lanes will grow even larger than anticipated, and it could include an upscale department store. We previously reported that Hazelton Lanes’ landlord was seeking to renovate the mall for luxury tenants, and we posted the originally proposed lease plans for the project. The mall’s owner has since secured space for further development. Hazelton Lanes will therefore become even larger than we expected, expanding to the corner of Yorkville Avenue and Avenue Road. 

Originally, that corner site was to be developed by landlords Empire Communities and Greybrook Realty Parnters. It would have included some retail underneath a luxury residential highrise. Empire/Greybrook have decided to align with Hazelton Lane’s landlord First Capital Realty to create a substantially larger Hazelton Lanes with a corner retail presence. This development was first mentioned in a Toronto Star interview, which was published on website Urban Toronto. 

This latest expansion will create a substantial amount of new retail space for the Yorkville area. However, being about two blocks north of popular Bloor Street, the expanded Hazelton Lanes may have difficulty attracting desired luxury tenants. A possible solution would be securing an upscale anchor which would attract more shoppers to Hazelton Lanes, thereby setting the stage for the luxury retail it desires. One such anchor would be a department store like Bloomingdale’s. This would be a score for the mall’s landlords. 

Bloomingdale’s stores have traditionally been over 200,000 square feet. Lately, though, Bloomingdale’s has been opening smaller stores. Its new Glendale and Palo Alto California stores will be about 120,000 square feet, and its Honolulu store will be 167,000 square feet. An expanded Hazelton Lanes could possibly offer space for such an anchor.

We would like to be clear that Bloomingdale’s at Hazelton Lanes is speculation. At the same time, we’ve been told that there are rumours that Bloomingdale’s may be part of the retail assortment being proposed to brokers seeking to fill Hazelton Lanes with luxury retailers. We doubt Bloomingdale’s would move in, though we’re keeping an open mind. We’ll keep you updated on the expansion and renovation of Hazelton Lanes. 

[Hazelton Lanes website]

VANCOUVER’S OAKRIDGE WANTS BLOOMINGDALE’S, SAKS FIFTH AVENUE OR NORDSTROM AS ITS 3RD ANCHOR

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Retail Insider
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Floorplan: Henriquez Partners Architects. Red Lettering by Retail-Insider.com

The landlord for Vancouver’s Oakridge Centre is courting high-end American department stores including Bloomingdale’s, Saks Fifth Avenue and Nordstrom. We’ve highlighted part of a report noting this, in a new space estimated to be about 155,000 square feet. 

The image below is part of page 51 of the 74-page Oakridge Centre Retail Impact Assessment, prepared for the City of Vancouver by Coriolis Consulting Corporation. Oakridge Centre will substantially expand and is seeking the City’s permission to add new retail space, including three newly built anchor stores (and an adjacent grocery store).

These three department stores aren’t just random examples chosen for the report, according to source Van23H of Vancouver Skyscraper Forum. Oakridge wants one of these stores. We’ll do a quick analysis of the three possible anchors: 

Saks Fifth Avenue at Oakridge Centre: 

Saks Fifth Avenue will open its first Vancouver store within the current downtown Hudson’s Bay store. A second location at Oakridge might seem redundant, given its close proximity to Downtown Vancouver. It should be noted, though, that Oakridge’s expansion won’t be finished until after 2020 and Saks wants to be in Vancouver by late 2014. Given competition in Downtown Vancouver from Nordstrom and Holt Renfrew, it is possible that Saks could eventually exit Downtown Vancouver’s Bay to open a large Oakridge store by 2021. 

Nordstrom at Oakridge Centre: 

In our opinion, Nordstrom is the least likely of the three potential department stores to move into Oakridge. Nordstrom’s Downtown Vancouver store is simply too close to Oakridge, despite the somewhat differing demographic that shops at Oakridge versus Downtown Vancouver. We’re not saying ‘no’ to Nordstrom at Oakridge, but we’d be surprised if Nordstrom opened two stores within a few minute drive/Skytrain ride from eachother. 

Bloomingdale’s at Oakridge Center: 

We expect Bloomingdale’s to be the front runner for Oakridge, despite the new anchor only being about 155,000 square feet. Bloomingdale’s has already been looking at opening in Canada and its new stores are getting smaller. Three new American Bloomingdale’s stores will be 120,000-150,000 square feet each, making the 155,000 square foot Oakridge space large enough. 

Van23H of Vancouver Skycraper Forum tells us that Oakridge’s landlord Ivanhoe Cambridge isn’t interested in having La Maison Simons as the mall’s third anchor. We’ve gotten word, however, that Simons may have finalized a lease in another Metro Vancouver location. We’ll discuss this more in the next couple of weeks. 

Thank you to ‘jlousa’ of Vancouver Skyscraper Forum for directing us to Coriolis Consulting’s report for the City of Vancouver (.pdf)

[Oakridge Centre website]

‘ST JOHN’ TO RELOCATE ITS VANCOUVER STORE

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Retail Insider
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Canada’s only free-standing St. John store will vacate its current Hotel Vancouver space. It will be replaced by a two-level luxury retailer. We’re not sure yet where St. John will move, though rumour has it St. John could replace Griffins, a restaurant in the hotel.

For those unfamiliar, St. John is an upscale American womenswear label known for its knitwear and classic designs, popular among affluent women over 40. It is carried at several Canadian retailers, including selected Holt Renfrew stores. It will be carried expansively in new Canadian Nordstrom stores, as most American Nordstrom stores feature large dedicated St. John areas. 

The Hotel Vancouver’s retail component, owned by Ivanhoe Cambridge, will see significant changes in the coming months. We’ll periodically announce new tenants slated to open in its newly configured, two-level retail spaces.

Source: Van23H, Vancouver Skyscraper Forum

[Hotel Vancouver website]

[St. John website]

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