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.
Thurlow Street facade of the new Balenciaga in Vancouver. Photo: Martin Moriarty
Kering-owned luxury brand Balenciaga has opened a large storefront in downtown Vancouver. It’s part of a much bigger investment by the brand to open standalone stores in major cities across Canada.
The Vancouver store has the address 1095 Alberni Street, and spans 4,817 square feet on one level. Balenciaga occupies the entire retail space at the base of an office tower on the site. Originally Balenciaga was going to take a smaller space and eventually negotiations led to it taking the entire retail podium that formerly housed an Escada store and coffee shop.
The store, featuring a subdued grey interior, houses the brand’s range of ready-to-wear for women and men as well as an expansive assortment of bags and footwear. Other categories including accessories can be found in the new store.
Exterior of the new Balenciaga store at 1095 Alberni Street in Vancouver. Photo: Martin MoriartyInside the new Balenciaga store at 1095 Alberni Street in Vancouver. Photo: Martin Moriarty
Mario Negris and Martin Moriarty of Marcus & Millichap negotiated the lease deal for the new Balenciaga.
Inside the new Balenciaga store at 1095 Alberni Street in Vancouver. Photo: Martin Moriarty
The Vancouver store is part of a major investment by Balenciaga into Canadian retail. Most recently, Balenciaga opened a 3,930 square foot store at West Edmonton Mall in Edmonton, which carries the brand’s bags and footwear for men and women, as well as some ready-to-wear clothing.
Balenciaga is said to have been in talks with landlord Carbonleo to open a store at Royalmount. It’s not known if a deal has been finalized. Royalmount is scheduled to open mid-August 2024. Sources also say that Balenciaga is looking to potentially have a concession presence at Holt Renfrew Ogilvy in Montreal by converting branded wholesale areas to leased spaces operated by Balenciaga.
Given that Balenciaga has opened in Edmonton, the Calgary market could become a target for the brand at some point. The most likely location for a standalone store in the city would be at CF Chinook Centre, given existing luxury brand tenants in the mall including Louis Vuitton, Tiffany & Co. and Burberry.
In downtown Vancouver, Balenciaga operates a sizeable ‘world of’ concession on the main floor of Holt Renfrew, in what has become a luxury hall. The Balenciaga boutique opened in late 2018 and carries a range of men’s and women’s ready-to-wear as well as footwear, bags and other categories. The Holts boutique will remain open after Balenciaga opened its standalone store just blocks away.
Alberni Street/Thurlow Street corner of the new Balenciaga store at 1095 Alberni Street in Vancouver. Photo: Martin MoriartyBalenciaga at West Edmonton Mall. Photo: Christa Patterson
That’s also the case in Toronto’s Bloor-Yorkville, where Balenciaga operates both a standalone flagship store and a ‘world of’ concession in the nearby Holt Renfrew. The concession opened on the main floor of Holt Renfrew at 50 Bloor Street West in the summer of 2019, spanning about 2,000 square feet with expansive frontage. In the summer of 2022, Balenciaga opened a 7,000 square foot two-level store at 92 Yorkville Avenue which is considered to be the Canadian flagship. The store is unique in Canada with its design, which uses ample concrete and metal which was distressed on purpose to make the store appear “raw and dishevelled”.
Balenciaga’s first standalone store in Canada opened in December of 2019 at Toronto’s Yorkdale Shopping Centre. The store spans about 4,700 square feet with about 3,000 square feet being retail space.
Luxury brand Balenciaga was founded in 1919 by Spanish couturier Cristóbal Balenciaga in San Sebastian, Spain. The brand is now headquartered in Paris and is owned by French conglomerate Kering.
The Shops at Buffalo Run, part of Taza, one of North America’s largest First Nation development projects, continues to welcome new retailers to the sprawling project, on Tsuut’ina Nation, adjacent to Calgary.
And the overall development is poised to launch some of its other projects, including residential, on the massive site.
James Robertson
“We as Calgarians are always excited about growth and new things. The investment that the Ring Road (nearby and through the First Nation) represents and the increased accessibility in the Calgary southwest in particular really made this land become an extension of the community we all live in,” said James Robertson, President and CEO of Taza Development Corporation.
The Shops at Buffalo Run (Image: Taza)
“Calgarians are looking for new places to live and the location of this land that has had its accessibility dramatically change with the investment in the Ring Road and then when we combine that with the natural amenities of the Weaselhead (Flats Natural Environment Park), the Glenmore Reservoir and the natural areas around that, has just made it a spectacular spot.
“There are some great established residential neighbourhoods beside us from Lakeview and Discovery Ridge to further down you get into neighbourhoods around Southland Drive and Anderson Road. These are highly desirable areas for Calgarians to live.”
Taza Development Corporation is the development company hired by the limited partnership comprised of the First Nation and real estate company Canderel. They are 50/50 partners in the development.
Taza is made up of three villages currently referred to as Taza Park, Taza Crossing and Taza Exchange.
Image: The Shops at Buffalo Run
Taza Exchange is probably best known as it is home of The Shops at Buffalo Run, which is 278,000 square feet of retail and some office. It opened last year with tenants continuing to open this year and throughout early next year.
“There’s still some space left there but we’re down to about 10 per cent left in space. We’re almost full and it’s doing extremely well,” said Robertson.
“The Shops at Buffalo Run were started shortly after the Costco was started and Costco at Buffalo Run has been open I think three years now and does extremely well. It’s one of the highest performing Costco’s in Canada. A very busy spot.
“We are currently planning Phase Two at that development likely to include a grocery anchor, a restaurant and potentially residential. We are starting the site work in the spring of 2024 and we’re working on agreements right now with potential tenants and some of them will initiate construction next summer and some of them will be in 2025.”
Costco at The Shops at Buffalo Run (Image: Taza)
Currently about 25 businesses are open.
“We’ve done a really comprehensive job on trying to make sure we hit all the marks on a retail experience. So we have everything from a daycare and tenants that orient towards young kids. So everything from a dentist to a daycare. We have a very large pet store, veterinarian and dog care that will open early next year. Gold’s Gym will likely open early next year as well and then we have our complement of a really good cross section of food choices. Everything from a Freshii/Chopped Leaf type product right through to an KFC and Tim Hortons. A little bit of everything,” said Robertson.
“We kind of complement that with some special uses like physio and medical. It really is a comprehensive experience. And we have a series of banks. Everything from BMO and TD and Servus.”
Subway at The Shops at Buffalo Run Cupboards Express at The Shops at Buffalo Run
He said the second phase of the retail development will add between 150,000 to 200,000 square feet.
Upon full completion, The Shops at Buffalo Run will include 60 retailers. The cultural training offered to new businesses joining the Shops at Buffalo Run has provided a unique opportunity for education and inclusion which continues to support the overall Taza project pillars.
Maureen Henderson
“The design of The Shops at Buffalo Run, and the design of the entire Taza development, provides a unique opportunity to support businesses while also gaining an understanding of Indigenous art and design through unique murals and features,” said Maureen Henderson, Vice President, Community Experience for Taza Development Corporation. “Today, Buffalo Run provides a new shopping experience that is both inclusive and educational, allowing Calgarians to immerse themselves in the rich cultural heritage of the Tsuut’ina Nation.”
Taza is Dené, the language of the Tsuut’ina people, and means ‘something wondrous is coming.’ The Shops at Buffalo Run offer a variety of retail stores and shops within a distinct Tsuut’ina environment: unique art and architectural features provide a strong sense of place and culture while offering modern amenities and services. Several retailers have commissioned murals and other artwork by Tsuut’ina artists to represent the history, culture and connection to the land of the Tsuut’ina people.
Several businesses have been working with Tsuut’ina artist Josh Littlelight to create Indigenous murals, including Cupboards Express and Papa John’s Pizza. The murals are inspired by the people and history of the Tsuut’ina Nation.
The Shops at Buffalo Run (Image: Taza)
Taza spans 1,200 acres.
In Taza Park, which is the land around the Grey Eagle Resort and Casino, the auto dealership Metro Ford has opened as well and Big Four will open too and construction is underway for a Volkswagen dealership. A couple of more dealerships are to come as well.
“We are launching our residential project in Taza Park next fall and we are currently in conversations with residential builders about sites in that neighbourhood and we are currently starting conversations with tenants for our Main Street in Taza Park which will include everything from grocery stores and pharmacies to boutique fitness and restaurants,” said Robertson. “Things are going well. Obviously a long way to go from ideas to creation but I think everyone’s excited about the opportunity.”
Image: Taza Development
Taza Crossing is a future project on the development site.
“It will be a combination of a business innovation centre and residential,” said Robertson.
Robertson said housing on the overall development will encompass everything from villas, townhouses, condominiums and purpose-built rentals.
“I think Taza Park will have approximately 6,000 homes. The other two developments we haven’t quite figured out yet,” he added.
The Tsuut’ina Nation is home to 2,300 community members.
Canderel is one of Canada’s largest privately held real estate companies. It was founded in 1975 by Jonathan Wener and has since grown from its base in Montreal to seven offices across Canada. Canderel owns and manages a more than 30 million square feet real estate portfolio in Canada’s seven major markets – Quebec City, Montreal, Ottawa, Toronto, Calgary, Edmonton and Vancouver. Their team of over 650 real estate professionals has executed more than $20 billion in acquisitions, developments and management projects since its founding.
Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)
In a strategic move that expands its international retail footprint, Parisian football club Paris Saint-Germain, in collaboration with Fanatics and Lids, has opened its first Canadian storefront at 399 Queen Street West in Toronto.
The Paris Saint-Germain store in Toronto is the fourth in North America (others are in New York City, Miami and Las Vegas), and the 14th worldwide (France (3), London (1), Seoul (1), Tokyo (3), Doha (2)).
Fabien Allègre
“The opening of our 14th Official Boutique in Toronto is not just about extending our global brand; it’s about creating a meaningful connection between Paris and Toronto,” said Fabien Allègre, Chief Brand Officer at Paris Saint-Germain. “We’re thrilled to bring a piece of Parisian spirit to the heart of Toronto, aiming to win over hearts and spread the excitement of football throughout Ontario. This store symbolizes a shared journey where Parisian dreams meet the dynamic energy of Toronto.”
Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)
The new Paris Saint-Germain store features an impressive assortment of products including team jerseys, headwear, accessories, a full range of Nike and Jordan teamwear, one-of-a-kind collaborations, and Paris Saint-Germain designs exclusively available for the new Toronto location.
“This store is a one-stop destination for Paris Saint-Germain fans in Toronto and those traveling from all over the world, providing them with experiences like a customization station, a signature feature present in many Lids retail locations for fans to further personalize their Paris Saint-Germain gear on-site. In addition, collectibles such as exclusive signed game and non-game jerseys as well as other team items will be available for purchase in-store starting on December 15th,” said the brand in a statement.
The Paris Saint-Germain Queen Street store stands out with its unique offerings. Fans will find an exclusive capsule collection, a collaboration with the Canadian concept store Better Gift Shop, featuring limited-edition jerseys and clothing lines. This store, managed by Lids under its partnership with Fanatics, promises a consistent and exceptional retail experience, mirroring the quality found in other international locations.
Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)
“Our partnership with PSG represents a thrilling opportunity to connect with Canadian fans in Toronto,” shared Lawrence Berger, Co-Founder and Partner at Ames Watson, owner of Lids, and Chairman of FanzzLids Holdings. “This store, featuring a broad array of fan and fashion merchandise, is a testament to our commitment to offering unique retail experiences to sports enthusiasts and fashion aficionados alike.”
Lawrence Berger
Looking ahead, Paris Saint-Germain is set to deepen its community involvement in Toronto. The club has announced a partnership with the local NGO Play Forever, focusing on sports and education programs for youth. This includes holiday events, training camps, and special programs connecting local youths with their counterparts in Paris.
Lids, meanwhile, is looking forward to further expansion and engagement with Canadian consumers. The company, known for its extensive network of sports and fashion retail outlets, is setting sights on introducing more innovative and exclusive products tailored to the Canadian market.
Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)
Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)
PARIS SAINT-GERMAIN, FANATICS, AND LIDS EXTEND THEIR SUCCESS ADDING TORONTO PSG BOUTIQUE TO THEIR IMPRESSIVE GLOBAL NETWORK
As Paris Saint-Germain opens its first Toronto location, Queen Street West (between Peter and Bathurst Street) has moved into a new chapter as the area has shifted into a period of construction and uncertainty with the new Ontario Line construction. The community has taken note of a similar project, the 12+ year Eglinton Crosstown LRT construction at Yonge & Eglinton, and are making decisions on current and future leases accordingly.
Vancouver-based fashion retailer DUER left Queen Street West a few months back to open a new boutique on Ossington. Other brands have left the street post-COVID, including Asics closing and turning into a relocated CIBC. H&M shuttered both its Queen Street West and Bloor Street West locations, with the later having a long-term deal for Fabricland as it awaits development. The Queen Street location has stayed vacant since shuttering earlier this year.
With uncertainty comes opportunity. Sources have told Retail Insider that brands have re-signed bridge leases to keep the street vibrant and occupied for the coming years, as construction on the new subway line isn’t scheduled to be completed until 2031.
Paris Saint-Germain, located at The Forum Shops at Caesars Palace (Image: Dustin Fuhs)Paris Saint-Germain, located at The Forum Shops at Caesars Palace (Image: Dustin Fuhs)
Additional Photos from Paris Saint-Germain on Queen Street in Toronto
Paris Saint-Germain at 399 Queen Street WestParis Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain Toronto at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain Toronto at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)Nobis x Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain Toronto at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain at 399 Queen Street West (Image: Dustin Fuhs)Paris Saint-Germain Toronto at 399 Queen Street West (Image: Dustin Fuhs)
Premium-casual restaurant Joey has secured a 17,000-square-foot ground-floor space at the foot of 20 King Street West in Toronto.
Alex Edmison
Alex Edmison, Senior Vice President, of the Urban Retail Team with real estate firm CBRE, said the space has 25-foot ceilings and is column-free.
“It’s at the corner of Yonge and King. So right down in the financial core,” he said. “I think it’s nice that you see them coming downtown because the narrative around downtown, I don’t think rightly, has been negative. It’s getting way more positive now and we’re seeing a lot of life downtown.
“And just seeing Joey’s joining the fray I think is fantastic. So I think that’s a good message to the market. They’re obviously a phenomenal tenant and that’s just so exciting on so many levels.
“It’s going to be a great addition to Toronto.”
Future Joey King Street (Image: Dustin Fuhs)
No date has been announced for the opening of the restaurant.
Edmison said the building had been occupied by the Royal Bank since it was built in the 1960s and it sits at centre ice in the core of Toronto.
“This massive new Joey restaurant will not only give people a new reason to come to work, but to come and stay and play in the financial district,” said Edmison, noting that the restaurant will also offer premium private dining experiences for celebrations of all sizes.
“This is part of a wave of exciting new restaurants opening that are making downtown the place to be. These new restaurants popping up around the financial core are making it a dinner destination for office workers as well as those considering coming from around the GTA for an amazing downtown dining experience.”
Future Joey King Street (Image: Dustin Fuhs)The King Street JOEY location under construction. (Image: CBRE)
Edmison said Joey’s has secured a marquis location.
“If you asked ‘find me 17,000 square feet column-free with 25-foot ceilings’ there might be only one building in Canada that offers that. It’s very rare. I think there’s something very special to be said about the space,” he added.
“This building has been occupied by the Royal Bank since it was built. So to get this kind of real estate, and these opportunities, they don’t come around very often. Like, you might see a whole century pass and there might only be two tenants in this building in the span of 100 years.”
In a leasing brochure, CBRE said 20 King Street West is ideally connected to the PATH system, an underground pedestrian walkway that spans more than 30 kilometres of restaurants, shopping, services and entertainment. The PATH provides links between 75 buildings in the downtown core including some of Toronto’s most popular tourist and entertainment attractions, including Scotiabank Arena, The Eaton Centre, Roy Thompson Hall, The Hockey Hall of Fame, The CN Tower, and Ripely’s Aquarium. The PATH is also connected to six subway stations, including King Station which is located directly next door to 20 King West. King Station has a daily ridership of over 60,900 people.
Joey Eaton Centre at CF Toronto Eaton Centre (Image: Dustin Fuhs)
The Joey Restaurant Group, one of North America’s top restaurant chains, is demonstrating its firm belief in Toronto, added Edmison.
The Group has existing Toronto locations at CF Toronto Eaton Centre, Yorkdale Shopping Centre, CF Sherway Gardens, CF Markville and CF Shops at Don Mills (along with 18 other locations nationwide), and it had been looking for another space in the heart of downtown Toronto.
Edmison and his team at CBRE worked on securing the space on King St.
Black & Blue Toronto (Image: Dustin Fuhs)
CBRE said the Joey deal is the latest in a trend of high-end restaurants betting on downtown Toronto, including Alo Bar at 150 York (another CBRE deal) and Black & Blue at Exchange Tower, a deal that also involved CBRE.
Chinese fine dining concept Mott 32 is coming to the Shangri-La hotel at 180 University Ave and Daphne opened earlier this year at 67 Richmond St W, it added.
“The future of restaurants and great dining experiences in downtown Toronto has certainly never been brighter,” said Edmison.
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.
Louis Vuitton newly redesigned store at the Fairmont Hotel Vancouver (Image: Louis Vuitton)
Luxury brand Louis Vuitton has completed an expansion and renovation to its flagship ‘Maison’ at the Fairmont Hotel Vancouver in the city’s downtown core. The store features the brand’s most updated design, and is the latest investment by Louis Vuitton in the growing Canadian market.
The Hotel Vancouver store features an expanded assortment of men’s and women’s leather goods, accessories, connected objects, fragrances, ready-to-wear, shoes, jewelry, and watches, as well as the brand’s hardsided pieces and exclusive Objets Nomades collection. Various bespoke services are offered at the Maison such as on-site hot-tamping, a dedicated artisan who applies designs to hardsided trunks, and fragrance bottle engraving.
Included in the store is a new circular staircase in wood and leather that the company says is a “masterpiece of carpentry”. Women’s apparel, bags, footwear and accessories are carried on the main floor of the store, while menswear and related categories have been given a dedicated level upstairs. The store was expanded as part of the overhaul, including new storage space in the basement of the hotel.
Louis Vuitton newly redesigned store at the Fairmont Hotel Vancouver (Image: Louis Vuitton)Louis Vuitton Hotel Vancouver store (Image: Louis Vuitton)
Artwork in the store includes a piece by Italian artist Isadora Capraro, designed for a curved wall — the art is flanked by an amber coloured Helene de Saint Lager coffee table and a Henri Bursztyn chandelier. Various Canadian artists have pieces in the store as well.
The Fairmont Hotel Vancouver Louis Vuitton store opened in 1996 at 730 Burrard Street in a much smaller one-level space that spanned about 2,000 square feet at the time. The store was expanded to about 10,000 square feet in 2010, making it the first ‘Maison’ in Canada and Vuitton’s 12th globally at the time (to mark the occasion, the company spent $1.5-million on a party that included a trip on a 70-year old steam engine train). The recent renovation to the store also resulted in a further expansion to add more space, though the company would not confirm the exact size of the store with Retail Insider.
Louis Vuitton’s first Vancouver store opened as a concession within Holt Renfrew in 1987. Holt Renfrew’s Vancouver store, which relocated in 2007, continues to house concessions for Louis Vuitton including a bag/accessory boutique on the main floor, a women’s ready-to-wear concession on the second floor, and a men’s ready-to-wear concession on the lower level men’s floor.
Sources say that Louis Vuitton was in talks with landlord QuadReal to open a store at the overhauled Oakridge Park in Vancouver (formerly Oakridge Centre) in 2025. Louis Vuitton has already confirmed that it will be opening a store in August of 2024 at Royalmount in Montreal, spanning about 9,200 square feet. It’s part of an investment by Louis Vuitton to expand in the Canadian market by opening standalone stores.
Louis Vuitton newly redesigned store at the Fairmont Hotel Vancouver (Image: Louis Vuitton)Louis Vuitton newly redesigned store at the Fairmont Hotel Vancouver (Image: Louis Vuitton)Louis Vuitton Calgary Chinook Centre Store in Calgary (Image: Louis Vuitton)Louis Vuitton Edmonton store (Image: Louis Vuitton)
Louis Vuitton’s standalone store expansion in Canada accelerated before and into the pandemic when new stores opened in Calgary, Edmonton and Toronto. In the fall of 2018, the brand opened a 4,450 square foot store at CF Chinook Centre in Calgary while exiting its concession at Holt Renfrew in the city’s downtown core. In the summer of 2019, Vuitton opened a 4,600 square foot store at West Edmonton Mall in Edmonton while also exiting a downtown Holts (which ended up exiting Edmonton entirely). In the fall of 2020, Louis Vuitton opened a standalone store at Toronto’s Yorkdale Shopping Centre spanning more than 7,000 square feet — while at the same time keeping its 4,000 square foot bag/accessory concession at Holt Renfrew that was selling in excess of $40 million annually. Sales at the Holts concession are said to have been maintained at a similar level despite the standalone ready-to-wear store having opened nearby in the same mall.
In the fall of 2018, Louis Vuitton marked 35 years in Canada with an activation at Union Station in Toronto that included an immersive experience on Front Street and a small pop-up store in the retail concourse. Louis Vuitton opened its first Canadian store at 110 Bloor Street West in Toronto in 1983, spanning about 2,000 square feet. After the concession at Holts in Vancouver opened in 1987, Vuitton opened its third retail space in Canada in 1989 at the Ogilvy department store in Montreal. Louis Vuitton continues to operate in the same Montreal building which is now Holt Renfrew Ogilvy.
Louis Vuitton Holt Renfrew Ogilvy store, Montreal (Image: Louis Vuitton)Louis Vuitton Yorkdale Toronto (Image: Louis Vuitton)Louis Vuitton Holt Renfrew Yorkdale Toronto (Image: Louis Vuitton)
The Bloor Street Louis Vuitton moved to a 6,000 square foot space in the early 2000s at 111 Bloor Street West (where Loro Piana will open next year), and in the spring of 2012 Vuitton relocated to its current 15,980 square foot two-level space at 150 Bloor Street West.
Louis Vuitton also operates a 2,500 square foot concession space on the main floor of Holt Renfrew at 50 Bloor Street West in Toronto — the new concession opened in late 2018 as part of a renovation to the main floor of Holts.
Louis Vuitton Flagship Store Toronto (Image: dkstudio architects inc.)
From February of 2016 until early 2022, Louis Vuitton operated a 1,200 square foot bag/accessory concession at Saks Fifth Avenue in downtown Toronto. It closed along with a Dior concession on the main floor of the store. Louis Vuitton also operated a 3,000 square foot store at the Cascade Plaza shopping centre in Banff, Alberta, from 1996 until its closure in May of 2011.
Louis Vuitton is a division of luxury conglomerate Louis Vuitton Moet Hennessy (‘LVMH Group’), which includes several leading luxury brands under its corporate umbrella. Louis Vuitton was founded by a man of the same name in 1854, and now boasts a network of about 500 stores globally.
Additional Images from Louis Vuitton’s newly redesigned store at the Fairmont Hotel Vancouver
Louis Vuitton newly redesigned store at the Fairmont Hotel Vancouver (Image: Louis Vuitton)Louis Vuitton newly redesigned store at the Fairmont Hotel Vancouver (Image: Louis Vuitton)Louis Vuitton newly redesigned store at the Fairmont Hotel Vancouver (Image: Louis Vuitton)Louis Vuitton newly redesigned store at the Fairmont Hotel Vancouver (Image: Louis Vuitton)Louis Vuitton newly redesigned store at the Fairmont Hotel Vancouver (Image: Louis Vuitton)Louis Vuitton newly redesigned store at the Fairmont Hotel Vancouver (Image: Louis Vuitton)Louis Vuitton newly redesigned store at the Fairmont Hotel Vancouver (Image: Louis Vuitton)Louis Vuitton newly redesigned store at the Fairmont Hotel Vancouver (Image: Louis Vuitton)
The EY Future Consumer Index Survey reveals deepening concerns around inflation (96 per cent) and climate change (84 per cent) are pushing Canadians to change how they live and what they buy.
Monica Chadha
“Over the last few years, there has been a gap between intention and action for both companies and consumers in their efforts to address sustainability, but the real effects of environmental change on people’s lives is narrowing that gap and sparking a new wave of change,” said Monica Chadha, EY Canada Retail Leader. “As we head into the holiday season and beyond, we’ll see more shoppers take control and do their research to optimize for both economic and environmental benefits.”
“Extreme weather events, rising energy costs and continued changes to harvests and crops have meaningfully impacted prices and affordability — some consumers have already made switches out of necessity and more are likely to follow,” added Elliot Morris, EY Canada Grocery and Consumer Packaged Goods Leader. “Consumer products companies can’t ignore the large percentages of Canadians who are changing their lifestyles and consumption habits in response to climate change and affordability concerns.”
Pusateri’s at Bayview Village (Image: Dustin Fuhs)
Some key findings from the survey include:
Over half of consumers plan to buy less, with 38 per cent indicating it’s to help the environment;
30 per cent of Canadians have changed dietary habits due to rising prices or limited food availability;
Baby boomer generation more likely than Gen Z to recycle and bring reusable bags to the store;
Fashion accessories (60 per cent) topped the list of product categories consumers plan to spend less on followed by toys and gadgets (52 per cent) and clothing, footwear, beauty and cosmetics (48 per cent);
Nearly one-third of Canadians have had to change the food they eat because climate change has pushed up prices or limited the availability of products. This is pushing consumers to think differently, with 32 per cent starting to consider buying products that can mitigate the effects of climate change;
Seeking ways to stretch their budgets, 41 per cent of respondents plan to cook and entertain more often at home. This also means sacrificing takeout food, with 48 per cent now planning to order less — a 15 per cent jump from just over a year ago;
64 per cent of Canadians attribute their efforts to drive change to a personal concern for the fragility of the planet (up eight per cent from October 2022), there’s a clear generational divide when it comes to behaviours like using less plastic, recycling more or conserving water. Globally, 65 per cent of baby boomers bring reusable bags to the store compared with just 43 per cent of Gen Z, and 63 per cent of baby boomers recycle or reuse packaging after use, compared with 48 per cent of millennials;
Younger generations in Canada are speaking with their wallets and double-checking company claims. One-quarter of Gen Z indicated that they are willing to pay for more sustainable goods and services compared with six per cent of baby boomers. And 32 per cent of Gen Z will check an organization’s sustainability policies online compared with seven per cent of baby boomers.
Elliot Morris
“People are more informed now about what sustainability means and have better access to information to assess whether a brand is living up to its promises,” said Morris. “Companies need to get ahead and respond now by creating new products or reformulating existing ones to make them healthier and more sustainable, so they can protect their profitability and the brand experience.
“Canada and Canadians face an affordability crisis. What I find striking about the results is that consumers are still committed to act and spend more sustainably. So typically in times of difficult economics you’ll find that consumers end up reverting back to lowest costs and of course that’s partially true today but there’s a persistent strain of people wanting to act and buy sustainably. That’s a meaningful change from what we would have seen in previous cycles, even five or 10 years ago.”
Morris said in the survey there’s a real bifurcation in behaviour. Older consumers are taking more personal action to change behaviour. That includes bringing reusable bags to the store or recycling. The younger generation is willing to pay a little bit more for sustainable goods and they’re checking on organizations’ sustainability policies.
“They’re effectively being able to harness the information available to them to be able to make better choices in how they consume. I think that’s the big difference we see between generations. But it also shows I think a fulsome view of how consumers generally are approaching sustainability today,” he said.
For retailers and consumer packaged goods, it’s important for them to understand who it is they’re trying to target and what’s important to them specifically.
“As we look at a time, again, of difficult affordability challenges, it is important to keep in mind that particularly the younger generation is deciding and switching between brands, deciding and switching between products, that information both on their business at corporate level and on an item level, are relevant to them. So it’s important to be able to continue to pursue some of those sustainability goals even in difficult economic times.”
Local artisans at The Distillery District in Toronto (Image: Dustin Fuhs)
Morris said people are buying less. There’s a meaningful moderation in how much people are willing to spend.
“Retailers and CPG’s who continue to balance a view of economic/profitability with sustainability over the long term are going to be winners. I think it’s important to recognize that there’s very different segments of consumers out there. Some of whom are going to be shopping for price and for a growing number of them they’re going to be balancing that with an increasing importance on sustainability,” he said.
“Over time, I think it’s important for CPG’s and retailers to remain committed to sustainability because consumers are going to continue to be committed to it.”
The massive joint venture development The Well, in the heart of downtown Toronto, is generating excitement with the growing number of retailers that have opened and will be opening there in the coming months.
The Well is a joint venture between RioCan REIT and Allied Properties REIT, bordering Front, Spadina and Wellington. It is a mixture of retail, commercial and residential space in downtown Toronto that will draw approximately 22,000 daily visitors, including the approximately 11,000 residents and employees that will live and work at The Well.
Ribbon Cutting at The Well in Toronto on November 17th, 2023 (Image: Dustin Fuhs)
Oliver Harrison
Oliver Harrison, Senior Vice President, Leasing & Tenant Experience, RioCan REIT, said the project is essentially complete from a construction perspective.
A ribbon-cutting event was held recently to launch the retail component of the project.
“At that event we opened up essentially 50 per cent of the retail,” said Harrison.
The Well in Toronto (Image: Dustin Fuhs)Le Creuset at The Well in Toronto (Image: Dustin Fuhs)Giotelli at The Well in Toronto (Image: Dustin Fuhs)
Indigo opened its new concept store. Shoppers Drug Mart, adidas, and some additional tenants opened as well.
Harrison said the retail component of The Well encompasses about 320,000 square feet. There’s 1.2 million square feet of office and another million square feet of residential.
“In terms of total density on the project, there’s approximately three million square feet of density which is why it isn’t an exaggeration when we describe it as the most ambitious mixed-use project of its kind in Canada,” explained Harrison.
Sweat & Tonic and Future Gotstyle at The Well in Toronto (Image: Dustin Fuhs)Blue Banana at The Well in Toronto (Image: Dustin Fuhs)Vie Nail & Beauty Salon at The Well in Toronto (Image: Dustin Fuhs)
There is also a 70,000-square-foot food market.
“There’s about 76 retail units, assuming there ends up being a tenant for every space and spaces aren’t consolidated or split up, you’re going to have 76 tenants in the retail excluding Wellington Market and within Wellington Market there’s another 57 tenants,” said Harrison.
Future Wellington Market (Left) at The Well in Toronto (Image: Dustin Fuhs)Arcadia Earth and Indigo at The Well in Toronto (Image: Dustin Fuhs)
Arcadia Earth, an immersive, virtual reality, sustainability focused experiential tenant, has launched at The Well. A rooftop restaurant called Aera has recently opened by the Oliver & Bonacini Hospitality Group. It’s 11,000 square feet on the 38th floor of the office tower with a 2,500-square-foot rooftop patio.
“It has one of the most remarkable views, decor, design. It’s going to be one of the top producing restaurants in the country,” said Harrison.
Sweat and Tonic has launched its second fitness club at The Well. It’s a luxury fitness club combining fitness with lifestyle. There’s also a bar and lounge area.
“They’ve got one currently in Toronto which is just by the Eaton Centre. Hugely popular. Massive following,” said Harrison.
Sweat & Tonic at The Well in Toronto (Image: Dustin Fuhs)Sweat & Tonic at The Well in Toronto (Image: Dustin Fuhs)
“We are expecting to have the majority of the retail open to the public by early March. I’m expecting about 80 per cent of the retail will be open. 90 per cent of it is leased. Some of those tenants are going to take a little bit later to open because the deals that we did we did them were a little bit later and the types of tenants I’m talking about are lululemon, Sephora. These are international brands that would be very recognizable. They’re not going to be open until kind of May,” said Harrison.
“The Well is such a unique project and is going to draw from such a significant radius that we’re actually being very intentional to sort of sit back with that last 10 per cent of space because we think there’s going to be operators that we wouldn’t really have imagined at the outset to bring into this project, they’re going to see it and say ‘I want to be a part of The Well. This is absolutely remarkable. There’s nothing like this in Canada.’ And we don’t want to handcuff ourselves. Maybe there’s somebody else out there that we’re not expecting at the moment that when they see it and when they see it in its completed form, which we’re almost there, we’re going to end up with a way better result.”
All six of the residential buildings have been completed with three condo buildings and three multi-family rental buildings. The three condo buildings are by real estate company Tridel and the three rentals are owned by the private equity company Woodbourne and RioCan has a 50 per cent interest in one of those residential buildings RioCan.
“The majority of the condos are sold, otherwise they wouldn’t have been built and our residential building, there’s 650 units in 450 The Well (a rental), it’s actually the biggest residential building amongst the six, we started moving people in in August of this year and we’re already close to 40 per cent leased,” said Harrison. “If you look at a typical residential building with 600 units, your pro forma would probably contemplate a lease-up period/stabilization period to get to 90 per cent of anywhere between 12 and 18 months. We’ve already leased 40 per cent of the building in three months.”
Black Rooster Decor at The Well (Image: Dustin Fuhs)Black Rooster Decor at The Well (Image: Dustin Fuhs)The Well in Toronto (Image: Dustin Fuhs)
In total, there’s 1,680 residential units.
The office component of The Well is pretty much fully leased.
“It took us 11 years from the land acquisition (to this point),” said Harrison. “It’s been 11 years since we acquired all the various parcels, went through the planning and approvals process. We started construction in 2017.
Retail Leasing Market Trends with Casdin Parr From JLL Canada [Video Interview]
Craig and Casdin Parr, Vice President of Retail Advisory Services at JLL Canada, discuss Parr’s insights on the state of Canadian retail. They discuss the evolving trends and positive momentum the industry is witnessing, emphasizing the collaborative efforts between retailers and landlords. Parr sheds light on the exciting trajectory over the past 18 to 24 months, noting the shrinking inventory in high streets and shopping centres, showcasing the growth of top-quality brands. Looking ahead to 2024, expectations are set for a wave of exciting store openings, reflecting the collaborative spirit and the flourishing Canadian retail landscape.
Casdin Parr
Patterson asks Parr why international brands are entering Canada. Parr attributes it to the stability of the Canadian consumer and the concentrated performance of key markets like Toronto, Vancouver, and Montreal. He anticipates a continuation of this trend, highlighting ongoing partnerships with brands entering the Canadian marketplace in 2023 and promising prospects for 2024 and 2025. The conversation pivots to the preference of retailers for high streets versus shopping centres, with insights into how brands aim to showcase their best brand experience regardless of the location, fostering an opportunity-driven approach in the retail landscape.
As the interview progresses, the focus shifts to specific markets like Bloor-Yorkville, where Parr shares the remarkable transformation of the node over the past 18 to 24 months. The dialogue extends to Toronto’s luxury market, discussing the potential for a third luxury node and the impact of major projects like Royalmount in Montreal and Oakridge Park in Vancouver. The interview concludes with a glimpse into the thriving luxury retail scene in Alberta, emphasizing the unexpected success of luxury stores in West Edmonton Mall and the shifting definition of luxury in the modern retail landscape.
If you prefer to listen to the audio version, it is available below:
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Featured during this interview:
Casdin Parr, Vice President Retail Advisory Services, JLL
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Background Music Credit: Hard Boiled Kevin MacLeod (incompetech.com). Licensed under Creative Commons: By Attribution 3.0 License. http://creativecommons.org/licenses/by/3.0/
