ICSC collected sales numbers for shopping centres in Canada at the end of 2023, ranking the country’s top malls based on reporting retailers.
The Yorkdale shopping centre in Toronto was nearly $1,000 higher than the next mall on the list, CF Toronto Eaton Centre. Yorkdale’s productivity number was $2,402 a square foot in 2023, which was $176 higher than numbers collected in 2022. CF Toronto Eaton Centre in 2023, in comparison, saw sales of $1,457 per square foot last year.
Yorkdale also saw sales of $2.1 billion in 2023, about eight percent higher than the year before. It’s the only shopping centre in Canada to have annual sales exceeding the $2 billion mark.
Robert Horst, Vice President of Retail at Oxford Properties, attributed Yorkdale’s success to the centre’s prominence over the years — the mall has seen constant investment while being strategically located at the heart of the city near freeways with subway access. Yorkdale’s tenant mix has also proven popular with shoppers with a range of retailers including luxury brands and big-name brands, he said. Many of the top brands globally are at Yorkdale, and landlord Oxford Properties has mandated that store locations be elevated to the status of ‘flagship’.
Food and beverage has helped the success of Yorkdale, according to Horst, with new restaurants having been added to the centre in recent years at a variety of price-points. That includes a third floor food court that recently saw millions of dollars in updates.
Luxury retail is an important part of Yorkdale’s retail mix, and is partly responsible for the mall’s high productivity numbers. About 60,000 square feet of the centre run of Yorkdale is being repurposed for luxury brands. Confirmed new tenants include Loewe which opened last week, as well as Brunello Cucinelli and Loro Piana. Several more big brands will be named when Oxford Properties releases them.
Yorkdale has the most comprehensive clustering of luxury brands in Canada, and the centre launches more first-to-Canada retail concepts than anywhere.
Yorkdale always seems to have new construction, including new stores being added while others move and renovate. At the moment, several retailers are relocating in the centre or already have.
Marc Jacobs, the New York City-based fashion brand, recently relocated its Yorkdale store to a retail space near Holt Renfrew that had been occupied by Italian brand Furla. Sunglass Hut is also relocating to a space near the mall’s subway entrance that was formerly home to Craig’s Cookies. Lululemon is expanding its store in the mall at the moment, made possibly by annexing a space formerly occupied by Arc’teryx which relocated several months ago. New stores under construction include a Levi’s store and Michel’s Bakery, which is relocating to a larger space.
At Holt Renfrew, Chanel is currently building a massive two-level concession that will span more than 12,000 square feet. Chanel has temporarily moved into a space formerly occupied by a restaurant in Holt Renfrew.
Yorkdale is also the first shopping centre globally to receive a WELL Performance Rating seal from the WELL Building Standard™, a certification awarded to buildings with a demonstrated commitment to high building-performance and enhanced community experiences.
Two of Oxford Properties’ other malls in the Greater Toronto Area also saw strong results in the ICSC study. The Scarborough Town Centre in Toronto, which Horst used to manage, saw sales rise 12% in 2023 to $926 a square foot. Horst attributed the sales gain to new tenants such as Ikea and Decathlon which opened last year, and helped increase foot traffic into the centre.
Square One in Mississauga also saw strong sales in 2023, with more than a billion dollars in sales in the massive shopping centre that has become part of Mississauga’s downtown core. The shopping centre ranked sixth in the study of Canada’s top malls, with sales per square foot of $1,258. Horst noted the mall’s extensive offerings including a food hall and retailers ranging from the affordable to luxury brands, including retailers such as Holt Renfrew. Square One’s Apple store also recently relocated in the mall to a 15,000 square foot space that had been occupied by Spanish retailer Massimo Dutti.
It would be great to see the whole list – can you publish that?
where else are there that many luxary stores 🙂 of course it will raise all boats