Holt Renfrew to Shutter Sherway Gardens Store

Date:

Share post:

Holt Renfrew has revealed that it will close its smallest location this year, as it prepares to open a massive replacement flagship several kilometres away. The news reflects Holt’s strategy to operate stores in excess of 120,000 square feet, bringing the future of its Edmonton store into question, according to one expert. 

Holt Renfrew’s 33,670 square foot CF Sherway Gardens store became part of the mall’s expansion wing when landlord Cadillac Fairview expanded the mall in the fall of 2015. Last year, inside sources confirmed that Holt Renfrew was to close the Sherway store as part of a deal to open a 130,000+ square foot replacement location at Mississauga’s Square One Shopping Centre. Saks Fifth Avenue will open a 132,000 square foot store at CF Sherway Gardens on Thursday, February 25.

Last year, Holt Renfrew closed two of its smallest stores — a 33,000 square foot unit at Quebec City’s Place Ste-Foy, and a 36,000 square foot store at 240 Sparks Street in Ottawa. Prior to that, Holt Renfrew announced that it was in the process of spending over $300 million to update its fleet of stores, adopting a new 120,000+ square foot footprint similar to American Neiman Marcus locations. Holt’s Toronto Yorkdale Shopping Centre store was expanded to about 120,000 square feet in early 2014, with the company subsequently announcing expansions of its Vancouver, Calgary and Toronto Bloor Street flagships. Holt’s 84,000 square foot Montreal store will close late next year as a 220,000 square foot combined Ogilvy/Holt Renfrew store opens nearby. 

Holt Renfrew’s recent efforts to overhaul its stores and enhance its online presence has been costly, said HRC Advisory president Farla Efros. Competitors Saks Fifth Avenue and Nordstrom are expanding into Canada and in order for Holt’s to remain competitive, it needs to “focus resources into ensuring they can keep their customers loyal and enhance their overall customer experience”. Ms. Efros went on to say that it might be best for Holt’s to shutter underperforming stores in order to concentrate on larger stores that “can deliver growth and differentiate themselves against its new lineup of competitors”. Doing so would require eliminating stores which she referred to as “distractions”, which include Holt’s Sherway and Edmonton stores. 

After the closure of Sherway Gardens, Holt Renfrew will be left with seven locations, including the new 130,000 square foot Mississauga Square One store. Once the Montreal location closes, each Holt Renfrew location, except for its Edmonton store ,will measure in excess of 120,000 square feet. 

Holt’s Edmonton store, which measures about 37,000 square feet over two floors, is located within the downtown Manulife Place retail podium. The store opened in 1983 and at the time, was one of Holt’s largest. Last year, Holt Renfrew president Mark Derbyshire said that the company is committed to the Edmonton market, though it’s now clear that given Holt’s strategy to operate stores in excess of 120,000 square feet, something is going to happen to the small, dated Edmonton store. 

If the Edmonton store were to remain open in its current form, it would be the ‘ugly duckling’ of the chain — not only is it too small for Holt’s new retail positioning, it has only seen minor updates over the years, and features few of the luxury brands available in Holt’s larger stores. If Holt Renfrew were to remain in downtown Edmonton, it would require new retail space to expand. Some speculate that Holt’s could end up occupying much of the retail podium of Manulife Place, as sources say retailers Zenari’s and Maison Birks will be leaving, with some questioning the future of other retailers occupying both retail levels of Manulife Place. 

West Edmonton Mall president David Ghermezian recently told news publication Metro that Holt Renfrew had been negotiating to open a large store in a suburban Edmonton mall. It is unclear, however, if negotiations are ongoing or if a potential deal is off the tableWhat is clear is that something has to happen to Holt Renfrew in Edmonton, be it a new downtown store, an expanded existing location, a new suburban unit, or the possibility that Holt Renfrew will decide to abandon the Edmonton market altogether. 

If Holt’s were to exit Edmonton, it would be a blow to the city’s retail scene, particularly when compared to what’s available in Calgary. West Edmonton Mall president David Ghermezian recently confirmed that plans to put Nordstrom in his mall had stalled, as the Seattle-based retailer slows down its Canadian expansion “so that they don’t make the same mistakes as other major retailers made coming into Canada”. For those keeping score, Calgary has a 147,000 square foot downtown Holt Renfrew, a 140,000 square foot Nordstrom at CF Chinook Centre, and there’s the possibility that Saks Fifth Avenue will also move into Calgary’s Chinook Centre. 

Canadian Retail News From Around The Web: February 11, 2016

2 COMMENTS

  1. I recall when Don Watt + Associates repositioned HOLT RENFREW at Sherway in 90’s and the marvellous felt tip renderings done by Rob Robinson.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More From Retail Insider

KIT + ACE Launches Store Expansion in Canada Under New Ownership [Interview]

The Vancouver-based retailer will open two locations this fall in Toronto and Calgary, with plans for a substantial expansion into 2024 says CEO David Lui.

Casual Steakhouse Chain MR MIKES Expanding Further in Canada [Interview]

With plans for continued expansion into Western Canada and Ontario, the restaurant chain is evolving its concept and targeting smaller markets to establish itself as a hub for local communities.

Canadian Retail Sales: A Slight Recovery Amidst Economic Challenges [J.C. Williams Group Analysis]

The analysis explores the noteworthy trends in the health and wellness sector, the resilience of certain retail categories, and the impending holiday season's strategic considerations for retailers.

Bloor Street Retail Transformation: Luxury Brands, Renovations, and New Openings in Toronto [Podcast]

Craig and Lee take a deep dive into the dynamic changes occurring on Toronto's Bloor Street West, noting the street's resurgence as a thriving hub for luxury shopping in the city.

Ricardo’s Kandy Korner to Open Flagship Candy Store at CF Toronto Eaton Centre in Toronto [Interview]

Entrepreneur Ricardo Rizaie says he’s planning to take his experiential candy retail concept across Canada after opening a third Canadian storefront in downtown Toronto.

PizzaForno Expands Into Toronto’s Public Transit System, Sets Sights on Airport Locations for Automated 3-Minute Pizzas [Interview]

This innovative move marks PizzaForno's entry into the public transit sector, and demonstrates its commitment to becoming the fastest-growing pizza chain in North America by 2024.

Calgary’s Retail Space Crunch Drives Surge in Rental Rates and Demand [Report]

A variety of complicated factors are at play as Calgary retail space sees demand given market growth, while new supply is limited due to factors such as construction costs.

Lush Cosmetics Sets Ambitious Expansion Plans for Canada Including New Spa Locations, Services, and Entertainment Partnerships [Interview]

The UK-based retailer is innovating with its Canadian operations with enhanced customer experiences and unique treatments, while launching a new app to facilitate bookings and provide more information about products and services.

Canadian Consumers Adjust to Higher Cost of Living [Survey/Video Interview]

An Angus Reid survey asked Canadians how they're navigating elevated inflation, a higher cost of living and a potential recession.

Canadian Shoppers Embrace Generative AI for Shopping Suggestions: Report

The groundbreaking Salesforce report focuses on the growing importance of AI-driven personalization in the retail sector.

Inside the New KITH Store on Yorkville Avenue in Toronto [Photos]

The stunning storefront took months to build, features Kith Treats and a restaurant concept from New York City, and could be a game changer for the Bloor-Yorkville area. 

Canadians Gear Up for Early Holiday Shopping Amid Economic Uncertainty [Feature Report]

As concerns about inflation and supply chain challenges persist, shoppers are on the lookout for deals and exploring alternative places to find gifts while controlling overall spending, says a report by Field Agent.

Walmart Canada Announces $50 Million Investment in Associate Career Development [Interview]

Walmart Canada's education program will support career-driven learning for associates, benefitting both employees and the retailer according to AnnMarie Mercer.

Eliminating Plastics Should not Jeopardize Food Security In Canada [Op-Ed]

Sylvain Charlebois says that concerns are being raised about potential increases to food losses and food prices, while at the same time Canada's unique logistical and trade realities are being overlooked.

Neo Coffee Bar Announces Major Expansion Plans, Including New Downtown Toronto Locations and a Foray into Japanese Cocktails [Interview]

The brand plans to continue growing more rapidly over the next several years in high traffic GTA locations.

Ren’s Pets Expands Toronto Footprint with Three New Stores, Launches Extensive Halloween Collection [Interview]

Pet owners are increasingly seeking costumes, accessories, and treats for their furry companions, with the trend of matching outfits growing during the pandemic.

Browns Shoes to Return to Toronto’s Bloor Street with New Storefront

The Canadian footwear retailer had a presence in the area for decades until recently, and now it returns in a space that is steps from Holt Renfrew.

IKEA Unveils State-of-the-Art 1 Million Square-Foot Distribution Centre in Quebec [Interview]

The new facility aims to enhance IKEA's omnichannel capabilities, serving as a hub for store distribution and direct e-commerce order fulfillment, incorporating automation and environmentally friendly features, with a LEED Silver certification.

Atelier Munro Expands with 2nd Canadian Made-to-Measure Menswear Store in Calgary’s Beltline Neighbourhood [Interview]

The Amsterdam-based menswear brand, known for its made-to-measure clothing, is expanding across Canada with new locations in major markets.

Esprit to Open 1st Canadian Flagship in Vancouver in December, Eyes Toronto for 2024 [CEO Interview]

The brand, which exited Canada over a decade ago, is returning under new leadership with large-format stores and a new strategy.

RECENT RETAIL INSIDER VIDEOS

Advertisment

Subscribe to the Newsletter

Subscribe

* indicates required

RECENT articles

KIT + ACE Launches Store Expansion in Canada Under New Ownership [Interview]

The Vancouver-based retailer will open two locations this fall in Toronto and Calgary, with plans for a substantial expansion into 2024 says CEO David Lui.

Casual Steakhouse Chain MR MIKES Expanding Further in Canada [Interview]

With plans for continued expansion into Western Canada and Ontario, the restaurant chain is evolving its concept and targeting smaller markets to establish itself as a hub for local communities.

Canadian Retail Sales: A Slight Recovery Amidst Economic Challenges [J.C. Williams Group Analysis]

The analysis explores the noteworthy trends in the health and wellness sector, the resilience of certain retail categories, and the impending holiday season's strategic considerations for retailers.

Bloor Street Retail Transformation: Luxury Brands, Renovations, and New Openings in Toronto [Podcast]

Craig and Lee take a deep dive into the dynamic changes occurring on Toronto's Bloor Street West, noting the street's resurgence as a thriving hub for luxury shopping in the city.

Ricardo’s Kandy Korner to Open Flagship Candy Store at CF Toronto Eaton Centre in Toronto [Interview]

Entrepreneur Ricardo Rizaie says he’s planning to take his experiential candy retail concept across Canada after opening a third Canadian storefront in downtown Toronto.

PizzaForno Expands Into Toronto’s Public Transit System, Sets Sights on Airport Locations for Automated 3-Minute Pizzas [Interview]

This innovative move marks PizzaForno's entry into the public transit sector, and demonstrates its commitment to becoming the fastest-growing pizza chain in North America by 2024.

Calgary’s Retail Space Crunch Drives Surge in Rental Rates and Demand [Report]

A variety of complicated factors are at play as Calgary retail space sees demand given market growth, while new supply is limited due to factors such as construction costs.

Lush Cosmetics Sets Ambitious Expansion Plans for Canada Including New Spa Locations, Services, and Entertainment Partnerships [Interview]

The UK-based retailer is innovating with its Canadian operations with enhanced customer experiences and unique treatments, while launching a new app to facilitate bookings and provide more information about products and services.

Canadian Consumers Adjust to Higher Cost of Living [Survey/Video Interview]

An Angus Reid survey asked Canadians how they're navigating elevated inflation, a higher cost of living and a potential recession.

Canadian Shoppers Embrace Generative AI for Shopping Suggestions: Report

The groundbreaking Salesforce report focuses on the growing importance of AI-driven personalization in the retail sector.

Inside the New KITH Store on Yorkville Avenue in Toronto [Photos]

The stunning storefront took months to build, features Kith Treats and a restaurant concept from New York City, and could be a game changer for the Bloor-Yorkville area. 

Canadians Gear Up for Early Holiday Shopping Amid Economic Uncertainty [Feature Report]

As concerns about inflation and supply chain challenges persist, shoppers are on the lookout for deals and exploring alternative places to find gifts while controlling overall spending, says a report by Field Agent.

Walmart Canada Announces $50 Million Investment in Associate Career Development [Interview]

Walmart Canada's education program will support career-driven learning for associates, benefitting both employees and the retailer according to AnnMarie Mercer.

Eliminating Plastics Should not Jeopardize Food Security In Canada [Op-Ed]

Sylvain Charlebois says that concerns are being raised about potential increases to food losses and food prices, while at the same time Canada's unique logistical and trade realities are being overlooked.

Neo Coffee Bar Announces Major Expansion Plans, Including New Downtown Toronto Locations and a Foray into Japanese Cocktails [Interview]

The brand plans to continue growing more rapidly over the next several years in high traffic GTA locations.

Ren’s Pets Expands Toronto Footprint with Three New Stores, Launches Extensive Halloween Collection [Interview]

Pet owners are increasingly seeking costumes, accessories, and treats for their furry companions, with the trend of matching outfits growing during the pandemic.

Browns Shoes to Return to Toronto’s Bloor Street with New Storefront

The Canadian footwear retailer had a presence in the area for decades until recently, and now it returns in a space that is steps from Holt Renfrew.

IKEA Unveils State-of-the-Art 1 Million Square-Foot Distribution Centre in Quebec [Interview]

The new facility aims to enhance IKEA's omnichannel capabilities, serving as a hub for store distribution and direct e-commerce order fulfillment, incorporating automation and environmentally friendly features, with a LEED Silver certification.

Atelier Munro Expands with 2nd Canadian Made-to-Measure Menswear Store in Calgary’s Beltline Neighbourhood [Interview]

The Amsterdam-based menswear brand, known for its made-to-measure clothing, is expanding across Canada with new locations in major markets.

Esprit to Open 1st Canadian Flagship in Vancouver in December, Eyes Toronto for 2024 [CEO Interview]

The brand, which exited Canada over a decade ago, is returning under new leadership with large-format stores and a new strategy.