A Toronto-based commercial real estate broker has confirmed that his/her company has been retained to investigate, locate and negotiate with Canadian landlords, including Sears Canada, for one or more potential Saks Fifth Avenue stores. Saks is also said to be ‘feeling out’ the market, recognizing the strength of homegrown Holt Renfrew and the possible entry of Nordstrom and Bloomingdale’s (via The Hudson’s Bay Company) into the Canadian retail market.
Saks Fifth Avenue is searching for ‘ideal’ sized retail footprints, generally between 110,000 and 180,000 square feet. Nordstrom has been trying to locate similarly large retail spaces between 135,000 and 260,000 square feet.
This broker notes that Saks would ideally like locations in Toronto (Eaton Centre and/or Bloor Street and Yorkdale Shopping Centre), Chinook Centre in Calgary, and Pacific Centre in Vancouver, BC. We had initially reported that Nordstrom had been in negotiation for these Sears locations. Saks’ interest could mean the delay or elimination of Nordstrom’s efforts to move into Canada.
We’ll keep you updated on this speculative and potentially exciting development.
Saks Fifth Avenue website: www.saksfifthavenue.com