Nordstrom to replace Sears at the Toronto Eaton Centre

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As many of us expected, Nordstrom has announced that it will replace Sears at the Toronto Eaton Centre. It will open a 213,000 square foot, three-level store. Construction begins in March and the store is scheduled to open in the fall of 2016, around the same time as its Yorkdale Shopping Centre location

Although Sears will vacate the Toronto Eaton Centre space next month, it will continue to occupy approximately 460,000 square feet of office space over four floors above Nordstrom for Sears Canada’s headquarters. The office space was formerly retail space. 

In total, the Toronto Eaton Centre Sears is about 816,000 square feet. Besides the square footage to be occupied by Nordstrom and Sears Canada’s office space, an additional 140,000 square feet of retail space will become available for other retailers. Tenant(s) are expected to be announced in the near future. 

Dundas/Yonge Street, Street level (Level 3) Lease Plan: Cadillac Fairview

Despite the fact that it will be the company’s Canadian flagship, the Toronto Eaton Centre Nordstrom will be its second-largest Canadian store location. Its Vancouver store will be larger at almost 230,000 square feet.

Sears sold its Toronto Eaton Centre lease back to landlord Cadillac Fairview in October. Sears’ Canadian entry was made possible after it sold back store leases in Vancouver, Ottawa and Calgary. It subsequently sold two other leases, paving the way for a Nordstrom store at Toronto’s Yorkdale Shopping Centre

“Our properties were the first to welcome Nordstrom to Canada, and we’re thrilled to continue our partnership with Nordstrom in the opening of five of six of its locations in Canada,” said John Sullivan, President and Chief Executive Officer, Cadillac Fairview.

Wayne Barwise, Executive Vice President of Development at Cadillac Fairview said that over the past three years the corporation has spent $120 million in enhancements to Toronto Eaton Centre.“This second phase of redevelopment will include an additional $400 million. We are delighted to have Nordstrom be part of this exciting venture as we continue to bring a premier urban retail shopping experience to the city,” he said in a release.

Nordstrom Toronto Eaton Centre joins five previously announced Canadian stores. Nordstrom plans to open additional full-line stores and Nordstrom Rack stores as the company continues to expand into the Canadian market.

[Source: Newswire]

[Nordstrom website]

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