The retail component of Toronto’s iconic Toronto-Dominion Centre was recently ranked Canada’s 19th most productive shopping centre by this publication. It’s especially exceptional, considering that the centre operates limited hours and only five days a week. We spoke with General Manager David Hoffman to gain insight into the mall’s remarkable success.
Many know the mixed-use Toronto-Dominion Centre as one of the few Canadian buildings designed by the late, storied architect Ludwig Mies van der Rohe. The 151,000 square foot retail component features 58 retailers, and it located at the base of six office towers housing a daytime population estimated to be about 20,000. The centre’s office component spans 4.3 million square feet, and is located in the heart of Canada’s financial and banking centre. Construction on Toronto-Dominion Centre began in 1964, and it was completed in 1969.
With sales of $819 per square foot annually, Toronto-Dominion Centre is particularly exceptional given that its stores operate from 10:00am to 6:00pm on Monday to Friday, with stores closed weekends and holidays. The retail centre sees an estimated 50,000 visitors per day from nearby office towers, residents and other visitors.
Mr. Hoffman, who explained how the centre’s success is based on its mixed-use, and how its retail component benefits from thousands of office workers above, as well as from adjacent office towers and nearby attractions. Toronto-Dominion Centre links into Toronto’s extensive PATH underground pedway system, the largest of its kind in the world. Mr. Hoffman also explained how retail sales continue to increase as new condominium towers continue to be built downtown – Toronto’s condo boom is now one of the world’s largest, with new towers particularly locating south and east of nearby Union Station.
Mr. Hoffman described how Toronto-Dominion Centre benefits from landlord Cadillac Fairview‘s strong retail experience, leasing team, and relationships with retailers and suppliers. He also revealed that the centre’s retail and office components are both almost 100% leased – an exceptional feat in light of considerable new construction in Toronto’s downtown core. The centre features a variety of retailers including a florist, toy store, dry cleaner, post office, and even a chaplaincy. It also features Canada’s first Noodles & Company restaurant and last week, Mark McEwan opened an upscale 5,500 square foot grocery store within the complex.