Toronto’s Yorkdale Shopping Centre could become North America’s top selling mall. Yorkdale’s sales have surpassed $1 billion per year and it is Canada’s number-one mall in terms of revenue. Incredibly, mall management expects sales of $2 billion annually by 2018.
The $2 billion sales projection is based on the expectation that Yorkdale’s sales will substantially increase with its new Nordstrom-anchored expansion as well as a possible La Maison Simons store that could replace part of the mall’s current Sears store. Sears is set to vacate Yorkdale in early 2014 after having sold its lease to landlord Oxford Properties.
The highest selling mall in the United States is South Coast Plaza in Costa Mesa, California. It has sales of about $1.5 billion and has no plans for any expansion as far as we know. If things go as forecasted, Yorkdale’s revenues could surpass South Coast Plaza’s within three years.
Yorkdale’s $1 billion sales are measured based on revenues from June 2012 to May 2013. It is the first Canadian mall to achieve sales in excess of $1 billion. Other Canadian malls that could surpass $1 billion in the next few years include Calgary’s Chinook Centre and Vancouver’s Pacific Centre. Both of these Canadian malls will also incorporate Nordstrom as anchors.
Yorkdale is also one of Canada’s most productive malls with sales in excess of $1,300 per square foot. Competing Canadian malls include Vancouver’s Pacific Centre and Oakridge Shopping Centre as well as the Toronto’s Eaton Centre. If sales forecasts are accurate, Yorkdale could become Canada’s most productive mall in addition to being its top selling mall.
North America’s most productive mall is the Bal Harbour Shops north of Miami, with sales of about $2,800 per square foot.
If The Hudson’s Bay Company succeeds with negotiations to purchase Saks Fifth Avenue, a Saks concession or full-sized Saks store could arrive at Yorkdale as well. This is speculation at the moment but a Saks Fifth Avenue could compliment a mall that will include anchors Nordstrom, a possible La Maison Simons, and a world-class Holt Renfrew store that is expected to complete its renovation and expansion this fall.
Source: [Press Release]