Advertisement
Advertisement

The Gap to Close Bloor Street Flagship Store in Toronto in January 2021

Date:

Share post:

San Francisco-based fashion retailer The Gap will close its three-level store at 60 Bloor Street West in Toronto at the end of January 2021. The store has anchored the northeast corner of Bloor and Bay Streets since its opening in November of 1999.

A Gap spokesperson provided a statement to Retail Insider: “As part of our company strategy to adapt to the changing needs of our customer and growth of our online business,  we are looking thoughtfully at our real estate to support the best path forward. As a result, we are closing  a number of stores across the Gap Inc.  fleet, including our Gap brand store on Bloor Street at the end of January 2021. We remain committed to making appropriate and timely decisions on stores that  don’t fit our vision for the future of Gap Inc. We are confident these closures will help strengthen the health of our company moving forward.”

The Gap store spans three levels and almost 17,000 square feet. The street level spans more than 7,000 square feet and the second level is nearly the same size. A basement level adds nearly 2,800 square feet to the store. The store recently saw an exterior renovation as part of the overhaul of the 60 Bloor office tower that is owned by Morguard.

50-60 Bloor Street West ground floor lease plan. Image: Morguard
50-60 Bloor Street West ground floor lease plan. Image: Morguard

The corner of Bloor and Bay is considered to be prime property. Last year Birks CEO Jean-Chrisophe Bedos said that the intersection was the “best retail location in all of Canada” —that includes a Birks flagship store with an adjacent Van Cleef & Arpels boutique. For decades David’s Footwear occupied the northwest corner of the intersection at 66 Bloor St. W. until its bankruptcy last year, and Hakim Optical now occupies part of that space. A TD bank has occupied the southwest corner of the intersection at 77 Bloor Street West for decades.

The immediate area has seen some significant investments. Last year Manulife completed the overhaul of the commercial podium of the Manulife Centre at a cost of over $100 million that includes a new 50,000-square-foot Eataly location. Holt Renfrew, which is shut because of the pandemic, recently completed a renovation of its facade as well as the main floor luxury hall. Most of Cumberland Terrace, located to the north of the Gap will be demolished next year for a major redevelopment.

Gap 60 Bloor – Photo by Dustin Fuhs
Click for interactive Google Map of 60 Bloor Street

It’s Unclear What Will Replace The Gap Store After its 21-Year Run on Bloor Street

It’s unclear what might replace The Gap at 60 Bloor Street West. One rumour is that CIBC bank could look to occupy the corner, as CIBC’s street-level banking space at 2 Bloor Street West will eventually be incorporated into a larger redevelopment at that corner. A 3,800-square-foot retail space at 60 Bloor St. W. adjacent to Holt Renfrew is also for lease — despite being next to Holts’ street-level “world of” Saint Laurent boutique, the vacant 60 Bloor space may be difficult to lease given that it is not completely at grade.

This week it was also announced that The Gap’s three-level Chicago flagship store at 555 Michigan Avenue will also be closing in January. The Gap is reevaluating its real estate and is looking to close many of its stores in North America amid a strategy to operate out of strip malls and other rent-favourable retail locations.

Gap-owned Intermix at 130 Bloor Street West is also said to be closing in January of 2021, and The Gap has not yet confirmed this information. That space has already secured a new tenant with details to follow.

Bloor Street will struggle with vacancies in the coming months as some retailers have shuttered. Already, retailers J. Crew, Browns Shoes, Guerlain, Calvin Klein, Banana Republic, Mulberry, Michael Kors, Victorinox, MAC Cosmetics, and others have exited the street. Club Monaco at 153 Bloor St. W. and others will join it. At the same time, brokers say interest in leasing is picking up and negotiations for some spaces are ongoing.

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More From The Author

John Crombie Shares 6 Canadian Retail Trends to Watch for in 2023 [Interview]

Crombie, who's predictions usually come true, spoke at the ICSC Whistler Conference recently and discussed how retail in Canada is shifting as consumer habits change.

Video Interview: What Matters To Today’s Consumer in Canada

An expert talks about how consumers are looking for discounts and value, their concerns about their finances, how they are making fewer impulse buys and how they expect big companies to do good in society.

Major Condo Tower Rezoning Application Threatens a Block’s Worth of Toronto Restaurants

Developers say that they're responding to shifting urban trends, though only two small commercial spaces are proposed where a block of businesses currently operate.

Hudson’s Bay to Shut Londonderry Mall Store in Edmonton

The retailer will close one of its oldest locations in Alberta this summer as the retailer strategizes the future of its physical stores.

Toronto Six Professional Women’s Hockey Team Retail Presence Looks to Multi-channel Growth with On-Ice Success [Interview]

The President of women's professional hockey team the Toronto Six says that fans of teams are helping create a new revenue source.

Best Retailers for Customer Experience in Canada Ranked in Leger Study [Interview]

Thousands of Canadians were polled to determine which retailers came out on top, with some surprising findings.

Deciem Rebrands Many Stores as ‘The Ordinary’ as Company Shifts Focus and Retail Strategy [CEO Interview]

The popular beauty brand is refocusing some of its stores as 'The Ordinary' as Deciem grows its wholesale business with Sephora, and is also looking to launch new brands through its incubator engine.

Retailers Shifting Loyalty Programs to In-House as Businesses Drop Air Miles and Others [Interview]

An industry expert says that companies such as Starbucks have found success in its own loyalty programs, and consumer confusion with third-party programs is leading more retailers to develop their own.

‘Repair and Run’ Bike Maintenance Retail Concept Expanding to more Locations in Canada after Successful 1st Launch [Interview]

The bike repair business, founded by some of the people behind the launch and success of Mobile Klinik, is seeing success after opening its first store in 2021.

Earls to Launch New Restaurant Concept as Chain Expands Locations [Interview]

The Canadian chain is expanding its operations as consumers embrace in-person dining following the pandemic.

Canadians Should be Checking Receipts at the Grocery Store as Errors are Common [Op-Ed]

Sylvain Charlebois says that Canadians may not realize that the prices on the shelves and what's scanned might be different, and that there's sometimes an opportunity for compensation if there's been an error.

Retailer Bankruptcies Not as High as Expected in Canada Since Pandemic, but Uncertainty Persists: Insolvency Insider

The tsunami of business creditor protection filings didn't happen as predicted, but an expert says that a reduction of locations by some retailers as well as headwinds could lead to industry challenges.

Video Interview: How Red Tape Is Strangling Canadian Small Businesses

Laura Jones of CFIB talks about the impact of red tape on businesses across the country and why it's so important to their bottom line.

Italian Grocery-Restaurant Concept Lina’s Prepares to Open 15,000 sq ft Location in Calgary’s Inglewood [Photos/Interview]

The expanding business is based on the concept of an Italian public square or marketplace, making it a popular hub that has strong consumer loyalty.

Zellers to Launch Food Trucks in Effort to Drive Traffic to Bay Stores

The retailer has also all but confirmed the relaunch to the Zeddy teddy bear mascot as it prepares to open 25 locations inside of Hudson’s Bay stores this spring.

Cineplex Launches New ‘Junxion’ Entertainment Concept with Additional Canadian Locations Planned [Interviews]

The concept features movies, gaming, dining and live entertainment under one roof, with plans to roll it out to multiple Canadian markets this year as part of a growth strategy for Cineplex.

Queen Street West Retailers in Toronto Anxious about Metrolinx Ontario Line Construction [Interviews]

Construction has the community worried that they’ll experience a repeat of Eglinton line ‘nightmare’.

Ron White Marks 25th Anniversary of its Charity ‘Shoe Drive’ [Interview]

The Toronto-based brand, which has stores in the area, is taking in gently used footwear that still have life in them to give to those in need.

Supply Chain Issues for Canadian Retailers Expected into 2025: Expert

Various factors are contributing to ongoing challenges to coordinate the optimal availability of goods says Gary Newbury.

DTC Jewellery Brand Mejuri Continues Ongoing Expansion with More Stores in Key Canadian Markets [Interview]

Calgary and Montreal are the latest cities to see openings for the popular jewellery brand which is looking to gain market share with a growing loyal client base.

RECENT RETAIL INSIDER VIDEOS

Advertisment

Subscribe to the Newsletter

RECENT articles

John Crombie Shares 6 Canadian Retail Trends to Watch for in 2023 [Interview]

Crombie, who's predictions usually come true, spoke at the ICSC Whistler Conference recently and discussed how retail in Canada is shifting as consumer habits change.

Video Interview: What Matters To Today’s Consumer in Canada

An expert talks about how consumers are looking for discounts and value, their concerns about their finances, how they are making fewer impulse buys and how they expect big companies to do good in society.

Major Condo Tower Rezoning Application Threatens a Block’s Worth of Toronto Restaurants

Developers say that they're responding to shifting urban trends, though only two small commercial spaces are proposed where a block of businesses currently operate.

Hudson’s Bay to Shut Londonderry Mall Store in Edmonton

The retailer will close one of its oldest locations in Alberta this summer as the retailer strategizes the future of its physical stores.

Toronto Six Professional Women’s Hockey Team Retail Presence Looks to Multi-channel Growth with On-Ice Success [Interview]

The President of women's professional hockey team the Toronto Six says that fans of teams are helping create a new revenue source.

Best Retailers for Customer Experience in Canada Ranked in Leger Study [Interview]

Thousands of Canadians were polled to determine which retailers came out on top, with some surprising findings.

Deciem Rebrands Many Stores as ‘The Ordinary’ as Company Shifts Focus and Retail Strategy [CEO Interview]

The popular beauty brand is refocusing some of its stores as 'The Ordinary' as Deciem grows its wholesale business with Sephora, and is also looking to launch new brands through its incubator engine.

Retailers Shifting Loyalty Programs to In-House as Businesses Drop Air Miles and Others [Interview]

An industry expert says that companies such as Starbucks have found success in its own loyalty programs, and consumer confusion with third-party programs is leading more retailers to develop their own.

‘Repair and Run’ Bike Maintenance Retail Concept Expanding to more Locations in Canada after Successful 1st Launch [Interview]

The bike repair business, founded by some of the people behind the launch and success of Mobile Klinik, is seeing success after opening its first store in 2021.

Earls to Launch New Restaurant Concept as Chain Expands Locations [Interview]

The Canadian chain is expanding its operations as consumers embrace in-person dining following the pandemic.

Canadians Should be Checking Receipts at the Grocery Store as Errors are Common [Op-Ed]

Sylvain Charlebois says that Canadians may not realize that the prices on the shelves and what's scanned might be different, and that there's sometimes an opportunity for compensation if there's been an error.

Retailer Bankruptcies Not as High as Expected in Canada Since Pandemic, but Uncertainty Persists: Insolvency Insider

The tsunami of business creditor protection filings didn't happen as predicted, but an expert says that a reduction of locations by some retailers as well as headwinds could lead to industry challenges.

Video Interview: How Red Tape Is Strangling Canadian Small Businesses

Laura Jones of CFIB talks about the impact of red tape on businesses across the country and why it's so important to their bottom line.

Italian Grocery-Restaurant Concept Lina’s Prepares to Open 15,000 sq ft Location in Calgary’s Inglewood [Photos/Interview]

The expanding business is based on the concept of an Italian public square or marketplace, making it a popular hub that has strong consumer loyalty.

Zellers to Launch Food Trucks in Effort to Drive Traffic to Bay Stores

The retailer has also all but confirmed the relaunch to the Zeddy teddy bear mascot as it prepares to open 25 locations inside of Hudson’s Bay stores this spring.

Cineplex Launches New ‘Junxion’ Entertainment Concept with Additional Canadian Locations Planned [Interviews]

The concept features movies, gaming, dining and live entertainment under one roof, with plans to roll it out to multiple Canadian markets this year as part of a growth strategy for Cineplex.

Queen Street West Retailers in Toronto Anxious about Metrolinx Ontario Line Construction [Interviews]

Construction has the community worried that they’ll experience a repeat of Eglinton line ‘nightmare’.

Ron White Marks 25th Anniversary of its Charity ‘Shoe Drive’ [Interview]

The Toronto-based brand, which has stores in the area, is taking in gently used footwear that still have life in them to give to those in need.

Supply Chain Issues for Canadian Retailers Expected into 2025: Expert

Various factors are contributing to ongoing challenges to coordinate the optimal availability of goods says Gary Newbury.

DTC Jewellery Brand Mejuri Continues Ongoing Expansion with More Stores in Key Canadian Markets [Interview]

Calgary and Montreal are the latest cities to see openings for the popular jewellery brand which is looking to gain market share with a growing loyal client base.