Swatch Vancouver storefront at 1145 Robson Street. Photo: Lee Rivett.
Swiss watchmaker Swatch recently opened a new flagship store at 1145 Robson Street in downtown Vancouver. The Vancouver store is part of a larger expansion in Canada for the brand.
Shawn Kotania, brand manager in Canada, was on hand for the grand opening event last week. Kotania explained he was particularly proud of the design of the downtown Vancouver location as it “brings the outside inside”.
Swatch Vancouver entrance on Robson Street. Photo: Lee Rivett. Photo: Swatch
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The design team had a unique challenge with the original space which was originally the entrance to a former Milestones restaurant which closed in 2017. The approximate 1,000 square feet of utilitarian space was framed with harsh concrete, accented with red accents. The design team set ahead with the task to “bring the outside in” which included interweaving natural light LED displays within the space.
Open windows in the above space at Swatch Vancouver on Robson Street. Photo: Lee Rivett. Tata Gallery collaboration with Swatch. Photo: Lee Rivett. Cement walls with natural light from above at Swatch Vancouver on Robson Street. Photo: Lee Rivett.
A stroll through “The Swatch Group” history reveals that it was launched out of the idea of being an artistic and emotional “second watch”. Robson Street in downtown Vancouver is a destination for tourists, which means that sales could be high — cruise ship traffic has increased to record levels and visitor levels are strong overall.
Swatch has a range of watch styles and prices. For the refined client, there’s the new ‘Art Journey’ collection which involves a collaboration with the world-famous Tate galleries. The adventurer may purchase something from the Bioceramic Moonswatch Collection in collaboration with Omega. The child at heart may look to the children’s Flik Flak collection – or even the adult child at heart for the “The Simpsons” collection.
Tata Gallery collaboration with Swatch. Photo: Lee Rivett. Moonswatch collaboration with Omega at Swatch Vancouver on Robson Street. Photo: Lee Rivett. The Simpsons collaboration with Swatch. Photo: Lee Rivett.
The new Vancouver store is located on the main floor of the John Robson Place building. The remaining second-floor space of the former Milestone’s restaurant has been separated and repurposed into additional office space.
Mario Negris and Martin Moriarty of Marcus & Millichap negotiated the lease deal on behalf of the landlord.
Swatch announced this location as part of a five store Canadian expansion in June 2023. Swatch underwent a rapid store expansion in Canada after the pandemic, having opened five stores since last summer alone. The company has now penetrated the country in a meaningful way with stores, which means that the store expansion may slow for now. The company now has 12 stores in Canada, in addition to the Robson Street store, including:
Metropolis at Metrotown (Vancouver/Burnaby)
Government Street (Victoria)
CF Chinook Centre (Calgary)
West Edmonton Mall (Edmonton)
CF Sherway Gardens (Toronto)
Yorkdale Shopping Centre (Toronto)
CF Toronto Eaton Centre (Toronto)
CF Rideau Centre (Ottawa)
CF Carrefour Laval (Montreal/Laval)
Montreal Eaton Centre (Montreal)
Halifax Shopping Centre (Halifax)
Tate Collection at Swatch Vancouver on Robson Street. Photo: Lee Rivett.
The Swatch Group Ltd. is a Swiss manufacturer which has acquired numerous luxury watchmakers over the years. Some Vancouver related-Swatch retail brands include:
OMEGA: Originally opened a stand-alone store in Fairmont Hotel Vancouver prior to the 2010 Vancouver Olympic Games. The boutique most recently relocated within the hotel in December 2021 to make way for Gucci to expand.
Alberni Street: The Swatch Group’s subsidiary finishes watches for LVMH (including Hublot) and Richemont (including IWC Schaffhausen, Officine Panerai and Piaget) which all have stores on downtown Vancouver’s Alberni Street.
Additional photos of Swatch Vancouver on Robson Street:
What If? collection at Swatch Vancouver on Robson Street. Photo: Lee Rivett. Swatch Vancouver on Robson Street. Photo: Lee Rivett. Swatch Vancouver on Robson Street. Photo: Lee Rivett.
Montréal retail sales growth is expected to wane amid challenging economic conditions despite future completions, according to the recent Montréal Retail Spring 2024 report by commercial real estate firm JLL.
The report said retail sales in Montréal slowed in 2023. Decelerated growth is expected to continue this year given ongoing economic headwinds. While consumer spending has shifted away from home goods and electronics, there has been sustained sales growth in health and personal care, grocery, and general merchandise, said the report.
With the recovery of tourism on the island, there has been an increased interest in hotel and entertainment projects, it said.
Construction Photo of Royalmount (Image: CARBONLEO)Construction Photo of Royalmount (Image: CARBONLEO)
In the second half of 2024, Montréal will see the fulfillment of its long-awaited luxury shopping destination, Royalmount, along with the completion of new REM stations, enhancing public transit accessibility and retail opportunities, added JLL. Its opening date is scheduled for August 15 of this year.
“While effective retail leasing rates in Montréal showed a slight year- over-year increase, its growth rate was outpaced by Toronto, Vancouver, and the national average. The vacancy rate decreased and should continue to do so given the exorbitant cost associated with creating new retail supply. Asking rents should inch upward this year and make larger gains in 2025 as inflationary pressures subside,” said the report.
“The growth trajectory of sales in Montréal is tapering off, with an annual increase of 6.4 per cent compared to 2022’s 10.8 per cent growth rate. Stubborn economic pressures have prompted consumers to exercise restraint in their non-essential spending, signaling the end of the pandemic-era sales growth cycle. Despite this, sectors such as health and personal care, convenience, and grocery experienced robust sales growth. In contrast, traditionally strong sales-generating sectors including shoes and clothing failed to grow by at least three per cent.
“Despite facing economic challenges, the tourism industry made a remarkable comeback in 2023, indicating a strong recovery from the pandemic era. During the summer, the proportion of overseas travelers surged by 15 per cent compared to 2019. Additionally, year-over-year air passenger traffic increased by 32 per cent, surpassing 2019 levels by nearly four per cent. The revival of Montréal’s tourism has in turn pushed hotel occupancy levels and revenues upward, exceeding 2022 levels.
“Given the return of tourism in Montréal, multiple projects have been greenlit to take advantage of improved travel dynamics. Loto-Québec announced it will create a 200-room hotel neighboring the Montréal Casino, set to deliver in a few years, which will add to the pull the casino already has on locals and tourists alike.”
Image: Gestion Georges Coulombe
JLL said a seven-storey, 200-room hotel neighboring the Olympic Stadium was recently announced and set to deliver in 2025. In the coming months, the stadium will start having its damaged roof replaced, which will allow the venue to host events year-round and regain its luster, added JLL.
The upcoming completion of Royalmount by the year’s end will also boost tourism by featuring an aquarium and the city’s first-ever Rec Room.
“Montréal’s public transit ridership witnessed significant growth in 2023, with a notable 23.8 per cent year-over-year increase in overall metro station entries. Despite the improvement, ridership volumes in 2023 remain 24.2 per cent lower compared to the levels seen in 2019. Analysis of downtown station entries reveals an even wider difference largely influenced by the widespread adoption of hybrid work models,” explained the report.
“With phase 2 of the REM LRT project slated for completion in late 2024, downtown ridership is expected to receive a substantial boost. This phase will directly connect Midtown North, the West Island, and parts of the North Shore to the metro network, creating new commuting opportunities. The infrastructure and 18 stations for phase 2 have already been completed, with the remaining focus on finalizing the computer and control systems.”
The report said the upcoming arrival of the McGill REM station and Ivanhoe Cambridge’s proposed expansion plan for Place Montréal Trust are set to boost sales in the coming years. With the addition of 13 floors spanning 250,000 square feet above the downtown mall, the incorporation of residential units holds the potential to generate a substantial increase in local foot traffic, greatly benefiting the mall and its retailers.
JLL said Cadillac Fairview is also addressing the housing shortage on the island, planning to create a 35-storey tower with 510 units adjacent to the Bell Center. The building will be the first to seamlessly connect to the retail-focused underground city, which is set to benefit from the boost in foot traffic and sales when delivered in 2026.
“Economic pressure has impacted the retail outlook in Montréal, resulting in consumers tightening their discretionary budgets. Additionally, it’s projected that real consumer spending will stagnate while personal incomes decline. However, there are still reasons to remain optimistic. The upcoming delivery of Royalmount and numerous REM stations in the second half of the year should incentivize sales growth, along with future downtown densification efforts led by retail stakeholders. Furthermore, tourism has recovered, encouraging hotel and entertainment-centric developments that will strengthen the city’s international pull,” said JLL.
Cadillac Fairview is pleased to announce the construction of 510 units at 750 Peel Street in Montreal, part of the company’s Quad Windsor district (Image: Cadillac Fairview)Construction on Rue Sainte-Catherine (Image: Craig Patterson)
Jesse Provost, Associate Vice-President with JLL, said the retail sector in Montréal is slow starting the year from a real estate perspective.
Jesse Provost
“We’re not seeing all that many transactions occurring downtown at the moment. We’re seeing more activity in the suburbs of Montréal in general. There’s quite a bit of competition because of a lack of product currently on the market,” he said.
He said the continued renovation project along the popular Sainte-Catherine Street continues to impact the retail sector in the city’s downtown.
“The impact that has on the retail real estate is that a lot of retailers are looking on the street but are non-commital, they’re afraid of what the impact will be to open a store on a work site for example or in a construction area,” added Provost.
“There are at least one or two more phases of the project moving westward. There’s also going to be the renovation of the McGill College Street which is open to vehicular traffic today but the city has proposed to pedestrianize this area and create an entertainment and pedestrianized park if you will in that area.”
McGill College Avenue (Image: Craig Patterson)
Provost said there is a sense that Montréal is one of the Canadian cities lagging behind when it comes to a return to office work in the downtown.
“Based on recent articles I’ve read, we’re probably at about 65 per cent return to office compared to other cities that maybe are in the 70-75 per cent. But we don’t see it walking the streets right now because students are back and the tourism is booming really,” he said.
In a world where the status quo crumbles, retailers must boldly grab the reins of change. As a retail futurist, I’ve witnessed firsthand the seismic shifts reshaping our industry and am excited to share my insights at RCC STORE 24, hosted by Retail Council of Canada on May 28-29, 2024. My session will reveal new angles to understand and leverage these industry shifts, transforming them into unmatched competitive advantages. It’s an era to revolutionize retail as a hub of innovation.
I’ve always felt that RCC STORE 24 is a quintessential event for Canadian retailers, examining critical developments from AI-powered retail to sustainability, global strategies, and data privacy. This year’s agenda is a roadmap for decoding retail’s future.
At RCC STORE 24, my session Transforming Challenges into Your Future Competitive Advantage will focus on a new and bold era of what it means to compete. As we collectively face unstable societal systems in education, industry, capitalism, and sustainability, retail is uniquely poised to spearhead a historic transformation.
In an era of dwindling government trust and underfunded NGOs, retail stands at the cusp of a new opportunity and one that progressive retailers are already harnessing, transforming their brands into societal changemakers and fueling outsized growth in the process. Some are becoming educators, aligning academic development with brand purpose. Others are reversing the toll of climate change – not simply because there’s a moral case to do so but because there’s a strong business case to do so. And some are rewriting the 20th century rules of industrialism and reframing capitalism to work better for all. These retailers are leading an unstoppable wave of progress. It all amounts to a retail-led industrial renaissance – a theme I’ll delve into at RCC STORE 24.
I extend a personal invitation to every retailer aspiring to lead with purpose to join us at RCC STORE 24 on May 28-29, 2024. With Advanced Rates offering significant savings and a 20% discount for group purchases of 5 or more tickets, now is the time to purchase your tickets.
Let’s come together to redefine the role of retail and turn today’s challenges into tomorrow’s victories.
About Doug Stephens
Doug Stephens is the founder of Retail Prophet and widely recognized as one of the world’s foremost retail industry futurists. His intellectual work and thinking have influenced many of the world’s best retailers, agencies, and brands. He is the author of three internationally bestselling books on the future of retail and consumerism.
*Partner content. To work with Retail Insider, email Craig Patterson at: craig@retail-insider.com
Retail Insider is streamlining its Canadian retail news from around the web to include a handful of top news stories that can be viewed quickly during the day. Here are the top stories from the past 24 hours.
SHT Initiative at IKEA Canada (Image: IKEA Canada)
Retail giant IKEA has launched its Second-Hand Tax (SHT) initiative in Ontario at its As-is Marketplaces to promote sustainability and affordability.
The initiative saves customers from paying the 13 per cent HST (harmonized sales tax) twice in the province.
Currently until April 11, IKEA stores across Ontario will offer the SHT to IKEA Family members looking to shop more sustainably and affordably. Every item purchased in the As-is marketplace in-store will be reduced by 13 per cent to offset the tax burden, making shopping circular even more attractive, said the retailer.
Selwyn Crittendon
“We believe in doing more with less,” said Selwyn Crittendon, IKEA Canada CEO and Chief Sustainability Officer. “With our “Second-Hand Tax” initiative, we’re making sustainable choices, that also save people money, more attractive to average Canadians. It’s our little way of making a big difference.
“This is really about making sure that we bring meaningful change . . . It’s a counter tax that saves the value of HST on our second-hand items.”
Unfortunately today every time a second hand product is sold it is taxed.
Image: IKEA Canada SHT at IKEA Canada (Image: IKEA Canada)
The initiative, he said, helps to bring about a more circular economy and push for change to happen.
But SHT isn’t a permanent solution, said IKEA Canada, which is inviting the government and like-minded companies to help them put an end to the double tax on second-hand items, so that all Canadians can shop circular for less. Signing up for IKEA Family is free on IKEAFamily.ca. To show support for ending the double tax on second-hand items, the company is asking people to visit change.org.
“It’s a great initiative but we need more people and as of today we’ve got over 3,200 people that have signed our petition to make that change,” said Crittendon.
“IKEA believes second-hand furniture shouldn’t have another tax if we’re encouraging Canadians to do more with less. With our Second-Hand Tax initiative we aim to spark conversation about the unfairness especially with government and community stakeholders.”
SHT Initiative at IKEA Canada (Image: IKEA Canada)
He said it’s another way of helping consumers and sparking some change in behaviour by helping them save 13 per cent on purchases.
“We want to make sure that affordability and sustainability are the true super powers of how we move forward. They should be lockstep but unfortunately it’s not always the case when you tax second-hand goods,” added Crittendon.
“That’s made IKEA Canada take a stand, urging consumers to shop sustainable and affordable second-hand options that are good for our planet and their wallets,” said the retailer.
Crittendon said the initiative began in Ontario and the impact already has been major. It has resonated with consumers in the province.
For IKEA, it’s not so much just about the opportunity for consumers to save money but it’s an opportunity to make change.
SHT Initiative at IKEA Canada (Image: IKEA Canada)
The initiative is part of Earth Month, a time to celebrate the planet and take action to protect it. Earth Day is Monday April 22.
Crittendon said the SHT initiative is only in place in Ontario right now but the company is “looking at many more ways to spark this conversation.” This initiative is just a step in that direction.
“This is not just IKEA trying to try another sales gimmick. This is IKEA taking the conversation and really bringing affordability and sustainability together in one topic. And if we can find a way to remove the tax on second-hand goods, this is an opportunity where we band together and we sign that petition and we make sure that we can make lasting change for many Canadians across this country,” he said.
The IKEA As-is Marketplace is a place where the retailer sells discontinued items, gently used and even its ex-showroom displays.
As months pass, Statistics Canada’s reports suggest that food inflation is easing, and prices are gradually stabilizing. However, many consumers are not experiencing this stabilization firsthand. This perceptual discrepancy has raised questions about the accuracy of Statistics Canada’s data on food prices.
Assessing the accuracy of data from the federal agency has been challenging, but recent analysis provides some insights. Through systematic price checks across the country, a discrepancy between Statistics Canada’s reports and the Agri-Food Analytics Lab’s Price Portal data has emerged. As methodologies and data access can vary, discrepancies are expected. But this of course raises concerns about the accuracy of national statistical forecasting and its impact on consumers and policy decisions.
For example, the February 2024 list of selected food products released by Statistics Canada last week shows significant differences compared to the prices observed in grocery stores. That list is always released a few weeks after the CPI. When comparing our list of prices with Statistics Canada’s data, we found that the Mean Absolute Error (MAE) between the two lists is 5.59. This means that, on average, prices reported by Statistics Canada deviate from the actual observed values by 5.59 percentage points.
Specifically, February 2024 data reveals significant variances in food price changes. For instance, oranges were reported at -6% by Statistics Canada, while our data shows an increase of 20.1%. Similarly, avocados were reported at -4% by Statistics Canada, compared to our observation of a 9% increase. These discrepancies are not isolated instances; they are part of a pattern where 47% (16 out of 34 items listed) of food items are underestimated by Statistics Canada. This suggests that the agency’s reports may not always accurately reflect food inflation, although it is not indicative of a deliberate underestimation.
Produce at Metro (Image: Dustin Fuhs)
The implications of these underestimations and overestimations are significant. For consumers, it means that the cost of living might be higher than anticipated, impacting household financial planning. For the economy, it suggests that inflation in the food sector might be more pervasive than official figures indicate, potentially leading to misinformed policy decisions.
The MAE of 5.59 is not just a statistical figure; it represents the variance in real-world costs that Canadians face daily. This variance can exacerbate financial strain on families and may necessitate a recalibration of social assistance programs to accurately reflect the cost of living.
To enhance the accuracy of food price data, there is a clear need for Statistics Canada to refine its data collection and analysis methods. Collaboration with independent research bodies could improve the reliability of the data, ensuring that it accurately reflects market trends and aids in better-informed decision-making.
In October, Minister François-Philippe Champagne announced an investment in the Contributions Program for Non-Profit Consumer and Voluntary Organizations to broaden the scope of existing consumer projects, including expanding research in the retail sector, specifically in groceries. However, further investment is necessary.
Regardless of public opinion, Statistics Canada remains a crucial source of economic indicators. However, these are just that—indicators. Canada could benefit from a broader spectrum of reliable data sources.
While there is no reason to believe that these differences are deliberate, the discrepancies highlighted by Dalhousie University’s Price Checks urge a re-evaluation of how food price data is collected and reported in Canada. Canadians need to feel confident about the accuracy of the federal agency’s reports. Addressing these discrepancies is crucial for better budgeting and policy planning, ultimately affecting the economic well-being of all Canadians.
American-based women’s fashion brand Windsor is launching its first five stores in Canada this Spring with plans to significantly grow its footprint in the future.
The new stores will open in southern Ontario at CF Lime Ridge Mall in Hamilton, the Oshawa Centre in Oshawa, Hillcrest Mall in Richmond Hill, Upper Canada Mall in Newmarket, and Dufferin Mall in Toronto.
“We are beyond excited to serve the Canadian market with the opening of five new stores this Spring. We look forward to providing an opportunity for our customers in the region to experience the brand in-person and have access to our unique value proposition,” said Catherine Seaton, VP Marketing of Windsor.
“As we continue to make fashion accessible to all, we’re eager to invite women to experience the Windsor oasis that inspires and empowers through an ever evolving assortment of apparel and accessories for all of the meaningful moments in their lives.”
Grand Opening of Windsor Fashions at CF Lime Ridge Mall in Hamilton, Ontario (Image: Windsor) Windsor Fashions at CF Lime Ridge Mall in Hamilton, Ontario (Image: Windsor) Windsor Fashions at CF Lime Ridge Mall in Hamilton, Ontario (Image: Windsor)
The brand, which is based in Santa Fe Springs, California, and today has about 350 locations in the U.S. and Puerto Rico, was founded in 1937 by the Zekaria family.
“Our founders were two brothers and really what they were trying to bring to the market is fashion that was accessible for the broader public. They saw a lot of celebrities with these gorgeous gowns that a lot of people couldn’t afford,” said Seaton.
“They wanted to provide a place for a woman to go to when has a special occasion in her life that would have styles that she would look beautiful in, but that were also much more affordable and accessible from a price point perspective. That’s really the whole heart of where we come from as a brand in terms of making fashion accessible and we service her across all of the occasions in her life.
“Our assortment really is very broad. We’re almost like a mini department store in that we dress her from head to toe, inside out, with everything from casual denim to formal dresses and everything in between . . . We really focus more on where she’s going and what she’s looking to dress for, the occasion that she’s dressing for.”
Windsor in Florence, NC at Magnolia Mall (Image: Windsor)Windsor Fashions in Longview, TX (Image: Windsor)
Windsor in Florence, NC at Magnolia Mall (Image: Windsor)
Seaton said the brand expanded to Puerto Rico a few years ago and when it began to think of where to expand next it took a look at its existing customer base.
“We actually have a lot of customers in Canada, the majority of which are in the Greater Toronto Area. So there’s a very natural affinity that we already saw with customers purchasing online from us and even going across the border into our stores in New York and shopping from us there as well. So it just seemed like a really natural next step for us,” she said.
“Canada is also a large market in that there is an opportunity for more than five stores for sure. We see a lot of potential there.”
Carm Sivers
Carm Sivers, VP/Managing Director, Canada, said she was approached by Windsor at the end of 2022 about expanding into the Canadian market. She had experience in this previously for a number of different brands including The Gap, American Eagle and Psycho Bunny.
“I did my research. I talked to them a number of times and I said ‘you know, you’ve got something here because there’s a void for sure in the Canadian marketplace, when it comes to just a place where any girl/woman can go to get what she needs to feel pretty and feel special’,” she said.
Sivers felt moving into the Canadian market was a “sure-fire win” for the brand. With her experience in the Canadian market with other brands, Sivers looked at what real estate would be best for the initial expansion into the country.
“It started with outreach to the landlords to introduce the brand. We were knocking on doors, explaining who we were, what void we were trying to fill in the marketplace and selling our culture. I knew once they saw the concept they would be sold,” she said.
“There’s not a lot of vacancy in our Canadian malls. Real estate in the shopping centres in the US is quite different. You might be able to go into 10 malls and get 10 spaces just like that, where in Canada it’s not that easy. So it was more about what was available in the malls we wanted. Was it the right size? Was is the right market?
The first store opens at CF Lime Ridge on April 11. Oshawa Centre will open April 18 followed by Upper Canada and Hillcrest on April 25 and Dufferin Mall on May 9.
“We’re going to be able to serve a lot of the Toronto market because of the locations that we’re in,” said Seaton.
Windsor in Olympia, WA at Capital Mall (Image: Windsor)Windsor in Olympia, WA at Capital Mall (Image: Windsor)Image: Windsor
The stores opening in Canada have an average space of about 3,800 square feet. The brand usually looks for spaces of between 3,500 to 5,000 square feet.
“I think this has a lot of legs,” said Sivers. “After the first five, I already have my next strategic rollout in my head after that and then it’s filling the Ontario market and then we branch out to the West Coast, so we will be looking at both the B.C. and Alberta markets. The goal is to follow the feedback from our customers and put trust in our team’s on the ground.”
“When I look at it, honestly we can grow the Canadian market to be in the range of 60-80 stores. It will all depend on the consumer demand. We don’t want to oversaturate the market. I don’t believe in doing that.”
Windsor in Parkway Place in Huntsville, AL (Image: Windsor)
Seaton said the brand is growth oriented. Over the last two and a half to three years, the brand opened about 200 stores. The last two years it has opened 30 to 35 stores. The year before that it was 65 and then it was 30 the year before that. Even in COVID in 2020 it still opened about 12 stores.
“We know (Canada) is a different market than the U.S. We’re not going on with that U.S. consumer mindset. We understand it’s a different consumer, it’s a different market and we want to make sure that we’re really understanding what the Canadian customer is looking for from us and how we can service them in the right way and so we’ve done a lot of research there. We’ve done focus groups . . . to understand how do we really become a part of the community in a meaningful way as we step into these markets,” added Seaton.
“We strive to create the oasis experience for every guest. The oasis is about giving her that special experience, making her feel special. We want to differentiate ourselves by providing her that escape, and by cultivating the right guest experience so that when she has those special occasions to shop for, she thinks of Windsor and we become the brand of choice,” said Sivers.
Those interested in applying to work with Windsor, the link is available here.
Retail Insider is streamlining its Canadian retail news from around the web to include a handful of top news stories that can be viewed quickly during the day. Here are the top stories from the past three days.
Future Chop Steakhouse at Adelaide Place in Downtown Toronto (Image: Dustin Fuhs)
Chop Steakhouse & Bar is set to open its newest location in the Financial District in Downtown Toronto.
Chop Toronto will be located at 181 University Avenue at the corner of University and Adelaide Street. The space was home to The Merchant restaurant from 2015-2020 and a Fionn McCool prior to 2014.
The Canadian brand started in Edmonton, Alberta in 2006 and has since expanded to 17 locations from coast to coast, which includes a 2022 opening in Coal Harbour in Vancouver.
Future Chop Steakhouse at Adelaide Place in Downtown Toronto (Image: Dustin Fuhs)
Chop Steakhouse is joining a number of new restaurants and dining options that have opened recently in the Financial District, as the area starts the journey back from a pandemic that took a huge toll on the core.
2024 is set to be a banner year for restaurant openings in Toronto, and the downtown core is standing out with the brands that are betting on an influx of return-to-office and those going into the city for events, sports and concerts.
First Canadian Place Seeing Multiple Openings
Future Sing Sing at First Canadian Place (Image: Dustin Fuhs)
Sing Sing by hospitality group Freehouse Collective is set to debut it’s Toronto location at First Canadian Place, which Retail Insider announced back in 2023. Formerly The Donnelly Group, Freehouse Collective is a hospitality group with Restaurants, Pubs, Bars, and Nightclubs in Toronto & Vancouver.
In the same area of First Canadian Place is Edna + Vita, an apparent rebranding from Red’s. Career links for front line positions (mixologist, host, servers, etc) include a blended messaging, with Red’s interchangeable with Edna + Vita in places. We’ll follow up with this location as more information becomes available.
Edna + Vita (Image: Dustin Fuhs)
First Canadian Place recently saw another entertainment offering announced in Retail Insider, with the expansion news of Modern Golf. Founder Paul Fisher shared that the golf social experience “is really where the fastest growth in the sector is coming from and will come for the golf industry going forward.”
Vancouver-based Glowbal Restaurant Group opened Black + Blue Steakhouse last year in the former home of the Toronto Stock Exchange in Exchange Tower, which is at the First Canadian Place campus. The 9,000 square-foot two-storey space also includes a 2,000 square-foot patio, which has prime street appeal with the TTC King Streetcar route.
Black + Blue at Exchange Tower (Image: Dustin Fuhs)
Adelaide Street Continues to Attract
Future Everyside on Adelaide (Image: Dustin Fuhs)
In addition to Edna + Vita, Adelaide will see the opening of Everyside Restaurant and Brewery. The space was vacated in 2020 with the exit of Montreal-based 3 Brasseurs.
Not much is known about Everyside, as the social media was launched in late March and describes the location as “your perfect sip of home. Brewed locally with care, our flavours are made for every moment.”
Future Everyside on Adelaide (Image: Dustin Fuhs)150 York with Alobar Toronto (Image: Dustin Fuhs)
Alobar opened at 150 York St. in 2023. The second location for the concept follows the 2018 opening in Yorkville, which is tucked along a pathway which also includes B Hemmings & Co and CNTRBND.
Alobar is part of Alo Food Group. Chef & Owner Patrick Kriss opened Alo in 2015, the Michelin starred fine-dining flagship at Queen and Spadina in downtown Toronto. Michelin recommended Aloette opened in 2017, with additions of Salon (2019), Aloette Go (2021), Alo Catering (2022) and Alder at the Ace Hotel in 2023.
LOCAL Public Eatery on Adelaide (Image: Dustin Fuhs)
LOCAL Public Eatery Adelaide opened in February 2024 at 141 Adelaide St. W., marking its fourth Ontario location (three in Toronto and one in Lansdowne in Ottawa). The restaurant concept is part of the JOEY Restaurant Group, which is set to open a flagship JOEY location at 20 King Street.
CKTL & Co opened at 330 Bay Street with a stock-themed bar concept, which features a fluctuating pricing structure that changes throughout the day.
Marbl will be opening its second downtown Toronto location at the Bay Adelaide North Tower. Renderings have been shared for the space, which will be aiming to open in 2024.
Marbl Financial District (Image: Dustin Fuhs)Image: Marbl Financial District
Retail Insider can also confirm that Estiatorio Milos will be opening a flagship restaurant at the corner of Bay and Adelaide. We will follow up with more details as they become available.
Union Station Continues to See Activity
Union Station in Toronto (Image: Dustin Fuhs)(Image: Blue Bovine Steak+Sushi House)
Retail Insider announced the Liberty Entertainment Group’s newest location back in 2022, with Blue Bovine opening to great fanfare in February 2024. The opening of the 10,000 square-foot restaurant, with a 1,500 pound bronze bespoke bull adorning the entrance, is just the beginning of a busy year of activity within the transit hub.
We’ll be circling back with details as they become available, with curious transit-goers looking at a couple large areas yet to be announced.
#DESI opened its taste of India market recently, joining Hazukido across from the Foodie Aisle at Union Market. Nespresso also opened it’s new concept location, as it moved operations from it’s shop-in-shop at Hudson’s Bay Queen Street.
Future Purpel at Union Station (Image: Dustin Fuhs)
Purpel will be opening a new location for its acai bowls and smoothies, which will be located in the space that formerly housed Oakberry. Craig’s Cookies, Venezolano, Taco Bell and Cinnaholic will also be opening in the near future at Union Station, with the Cinnaholic construction hoarding being removed last week to showcase what’s in store for travellers.
Soon to open Cinnaholic at Union Station (Image: Dustin Fuhs)Louis Bon Bon at Royal Bank Plaza in Toronto (Image: Dustin Fuhs)
Louis Bon Bon recently opened at Royal Bank Plaza, just across the TTC Union Station concourse. The space was most recently The Body Shop, which shuttered during the pandemic. Also opening at Royal Bank Plaza will be a relocated Starbucks, which has secured a space next to Brooks Brothers, leaving its prior space at the entrance to Union Station available for lease.
Table Fare + Social at CIBC Square opened its 40,000 square foot food hall at the end of 2023. The location is set to continue expansion, with a number of new stalls and a flagship restaurant set to open.
CIBC Square in downtown Toronto (Image: Dustin Fuhs)TABLE Fare | CIBC Square (Image: Sierra Curtis / TABLE Fare)
The first new tenant in the building opened recently, being The Joneses by Oliver & Bonacini. Cafe Landwer, which is taking over the former Fran’s location, is in full construction build-out mode. Oliver & Bonacini Cafe Grill and Biff’s both shuttered earlier this year to make way for the revamped concepts to join the property, which includes Osteria Giulia and a re-imagined Biff’s.
Retail Insider will be following the transformation on this project closely and will report on any new announcements.
The Joneses at 33 Yonge Street (Image: Dustin Fuhs)Former Biff’s at 33 Yonge Street (Image: Dustin Fuhs)Mossop’s Social House at Hotel Victoria on Yonge Street (Image: Dustin Fuhs)Mossop’s Social House at Hotel Victoria on Yonge Street (Image: Mossop’s Social House)
Moving up Yonge Street from the Hockey Hall of Fame, the Hotel Victoria recently opened a social house called “Mossop’s“, which opened in October of 2023.
The space opened as part of a renovation and will appeal to crowds from a section of the neighbourhood that is still in transition from pandemic closures.
The Irish Embassy has yet to reopen, with the most recent social post being from March 2021 and a temporarily closed notice on Google with no reopening notice on the website.
In addition, a number of retail spaces in the blocks from Yonge at Front to King have stayed vacated for years. Staples consolidated both Yonge Street and Corktown into a single location at Richmond and Parliament. Rexall shuttered both the Yonge at Wellington and Yonge at Gerrard locations, with both still available for sublease. The vacated Marche/Richtree at Brookfield Place continues to look for a permanent tenant, as the space has most recently been used for pop-up touring exhibitions.
Shuttered Irish Embassy Pub and Grill (Image: Dustin Fuhs)Lucie at 100 Yonge Street (Image: Dustin Fuhs)
Just north of Yonge at King, which has recently seen a new Mad Radish open, along with soon-to-re-open Starbucks, there is another recent opening.
French fine dining restaurant Lucie opened in 2023 at 100 Yonge Street. Paying homage to owner Yannick Bigourdan’s late Grandmother, the 4,000 square-foot concept is just the latest in the career of highlights. From Nota Bene to The Carbon Bar and bringing Union Chicken and Mike’s Smash Burger to market with a partnership at Open Concept Hospitality, he sold his interests in the concepts in 2023 to acquire full control of Amano Trattoria, alongside Mike Angeloni and Adam Teolis.
The restaurant took over a former long-standing restaurant called ‘CRU’, which shuttered in 2021.
Future Kinton Ramen Express at 140 Yonge Street (Image: Dustin Fuhs)
Kinton Ramen is set to open a Kinton Ramen Express in the former A&W location, just south of Yonge and Richmond at 140 Yonge Street.
The location is across the street from a brand new Greenbox, which opened in the space that was home to Tractor, a farm to table concept that opened in summer 2018 and shuttered during the pandemic in 2021.
Turkish cafe and bakery Mado recently opened at 144 Yonge Street, taking over for Walking on a Cloud shoe store, which had been at that location for more than 20 years and relocated south across from One King West.
La Mouette opened on the second floor at 144 Yonge, in what the brand described as a “culinary haven where sophistication meets Toronto charm. La Mouette invites you on a gastronomic journey inspired by the rich traditions of international cuisine.”
Mado at 144 Yonge Street (Image: Dustin Fuhs)
Neighbourhood Destinations Continue to Grow
The Financial District borders a number of Business Improvement Associations, including the Entertainment District, St Lawrence Market Neighbourhood, The Waterfront and Downtown Yonge. Each district has its own influx of openings, which is poised to see an uptick in leasing activity for comparable commercial spaces as foot traffic will grow into the summer and fall.
Future Mott32 at Shangri-La Toronto (Image: Dustin Fuhs)
In the Enterainment District, just across University Avenue from Chop Steakhouse, is Mott32 at the Shangri-La Toronto. Mott32 recently had a job fair for its new restaurant at the Shangri-La Hotel Toronto and will be opening in the foreseeable future, taking over for Momofuku after the David Chang restaurant shut its doors in 2022.
Nobu at 30 Mercer Street is set to open this year, alongside Fogo de Chão, which are set for openings in 2024/2025. Renderings have been released for Fogo de Chão’s upcoming Toronto location at Blue Jays Way and Mercer Street.
Fogo de Chão Toronto (Image: Dustin Fuhs)Fogo de Chão Toronto (Renderings: Fogo de Chão Canada)
The Waterfront saw a number of highlights, including the opening of NBA Courtside and Second City at One York.
Downtown Yonge will be seeing a number of new entrants, including The Tenor’s upcoming slate of Shack Shack, The Ballroom Bowl and Hard Rock Cafe. The CF Toronto Eaton Centre saw Milestones take over the operations of the mall’s Hendricks restaurant. Banh Mi Boys moved from the corner of Yonge & Gerrard to the former home of Silver Snail Comics on the second floor of 329 Yonge Street, above Five Guys Burger and Fries.
The St. Lawrence Market area will see The Berczy Tavern replace the recently closed Le Papillon on Front.
“We are the proud owners of the highly acclaimed Amano Trattoria and Bar Notte in Toronto,” shared the brand online. “As hands-on operators with a track record of success, we’re excited to announce our latest venture: The Berczy Tavern. Positioned in the heart of Old Town Toronto at Church and Front Streets, The Berczy is set to redefine the casual fine dining experience, blending contemporary Canadian/American cuisine with Mediterranean influences. With plans for a comprehensive cocktail program, extensive wine list, and a vibrant piano bar, The Berczy is poised for a grand opening in June and aims to become a cornerstone in Toronto’s dining scene.”
The Berczy Tavern will take over the former Le Papillon on Front (Image: Dustin Fuhs)
The area will also be seeing a number of new offerings, as leasing activity ramps up in the neighbourhood as condo developments like Time and Space at Front & Sherbourne are in the final stages of construction.
We’ll continue to report on new additions to the Financial District, as leasing activity will continue to be active as the downtown core looks to the future with consumer demands, economic shifts and the Ontario Line subway, which will impact the centre of the city for the next seven to 10 years.
“Offering a one-of-a-kind, welcoming, and professional experience, we use top of the line equipment and a library of experiences that suit every desire and genre,” said Robert Bruski, CEO and Co-Founder.
“The Ctrl V brand is the stamp of approval in VR, ensuring that virtual reality gaming is a premiere and memorable experience. Growing across multiple countries, Ctrl V is actively expanding and looking for people that suit the DNA of a successful franchisee.
“This is a brick and mortar facility where literally everyone can come in and just experience VR. If you’re a person that likes gaming or shooting Zombies, we’ve got that. But way beyond that there’s so much more. We do a lot of corporate events. We do birthday parties. We do date night. We had our second marriage proposal in VR this past August. We get schools or home-schooled families come in to learn chemistry, astronomy, biology on VR. We’ve got escape rooms in VR. We’re big with the autism community because VR provides a lot of relief for people with autism.
“We’ve got senior citizens. We’ve got this 93-year-old that comes in with his great grandson to play a par 42 mini golf course or someone who wouldn’t be caught dead in a bikini is now swimming with whales or hanging out with gorillas. So we have all this experiential stuff as well. It’s really for everyone. Sports. It’s all there.”
Image: Ctrl VImage: Ctrl V
The first location was in Waterloo. There are six locations today – Delaware, Texas, Waterloo, Guelph, Lindsay (Ontario) and Red Deer, Alberta. Prior to the pandemic lockdown, it had 25 locations.
“A lot of businesses took a hit and the vast majority of the VR arcade industry shut down but we had such a solid business model that we were able to make it through. So now we’re back in the growth mode,” said Bruski. “We have a massive pipeline. So there’s a lot coming.
“From a growth potential standpoint, I know it sounds super cliche but it really is limitless. And the reason I say that is because nobody else is really doing this and those who are trying to do it aren’t doing it very successfully. Literally every market is sort of open to us.”
Bruski said the aim is for about 4,000 square feet for its locations.
“From a Canadian standpoint our big focus is on a lot of the cities in Ontario. There’s the Greater Toronto Area. I don’t know if downtown Toronto would be very successful but the suburbs like Mississauga, Etobicoke, Richmond Hill, Markham, Brampton, Vaughan, Pickering, Ajax, Oshawa. Everything that ecompasses the Toronto area,” he said.
“We do have one coming to Barrie which isn’t really considered Toronto but is kind of close. And then further from Ontario we have the peninsula there where we’ve got Oakville, Burlington, Hamilton – Hamilton could probably handle two locations – then we’ve got London and down towards the border around Windsor and northern Ontario of course as well where we’ve got Sudbury, Thunder Bay and Sault Ste. Marie. We’ve got the entire East Coast that’s available to us. Probably one or two locations in each one of those provinces. Winnipeg will probably be the only location we’d open in Manitoba because of the population density. Saskatoon and Regina in Saskatchewan. In Alberta, we’ve got a heavy focus right now in Edmonton. And B.C. is sort of the same scope as Ontario. Probably not downtown Vancouver but suburbs around it. And we’ve got a focus on the U.S. as well. The most thriving economies in the U.S. right now are Texas and Florida. But there’s a number of other states we’d like to go into.”
Image: Ctrl V
Bruski said VR is becoming more and more popular.
“It’s absolutely compelling. It’s almost hard to describe. You need to try it to understand it,” he said. “But from the standpoint of Ctrl V that’s becoming and is actually incredibly popular.
“We use VR as a tool. We don’t consider ourselves as a tech company. It’s a tool and we use it to deliver incredible experiences.”
