Yonge Street in Toronto has seen a wave of new businesses, such as Shake Shack’s recent opening at Yonge and Dundas. Pauline Larsen, executive director and chief operating officer at Downtown Yonge Business Improvement Area, discusses the current state of downtown and what consumers can expect going forward.
“We have really seen the emergence of our immediate residential market being really important and growing significantly. And then the other one is this kind of combination of shopping and entertainment. We are seeing more and more tenants coming into the area offering a mixture of eating, games, activities, or entertainment of some kind. So those are two things we are seeing at the moment that are really interesting and exciting,” says Pauline Larsen.
New retailers – Value Village, Ballroom Bowl, Hard Rock Cafe, and more!
Shake Shack
Yonge Street is seeing a variety of new retailers moving in, including Shake Shack which has recently opened.
“The Shake Shack you have probably heard about has opened right on Yonge and Dundas, and had some pretty significant views when they opened – it was really cool to see. It is activating the street in a really positive way. The lines and cues generate excitement and curiosity.”
Related: Shake Shack announces 1st Toronto location at the city’s busiest pedestrian intersection
Hard Rock Cafe: New concept
The Hard Rock Cafe, a high-profile retailer, will be reopening. Larsen says the Hard Rock Cafe, known for its blend of dining and entertainment, will enhance the neighbourhood’s recreational experiences.
“This Hard Rock Cafe is reopening inside the Tenor on the northeast side of Yonge and Dundas. It will be upstairs and it will be a new concept Hard Rock Cafe.”
Hard Rock Cafe’s opening date is unknown, and will likely be in 2025.
Value Village
In addition to entertainment-driven businesses, Larsen says Value Village will be opening a location on Edward Street, directly across from the Toronto Metropolitan University. This new location is serving the growing demand for second-hand shopping as thrifting becomes popular among youths.
“It is interesting, because when I start to think about it, you don’t usually see a Value Village in downtown Toronto, especially in this kind of location. But with the economic situation and environmental concerns, thrifting is a huge trend at the moment. With over 100,000 students and faculty nearby – it makes perfect sense.”
The Ballroom Bowl
Larsen says The Ballroom Bowl is also expected to open a location in the Tenor building on Yonge Street. It is expected to open either before the holiday season or early in 2025.
“The Ballroom Bowl is another great example that will generate a lot of curiosity and interest. It will bring people out of their homes and into the neighbourhood for recreational activities.”
Eataly and a Nike flagship store will be opening at CF Toronto Eaton Centre next year along with La Maison Simons, and the T&T Supermarket on Edward Street is expected to open next year as well.
Key highlights in the area
Residential growth
The local residential market is continuously growing. Larsen says the BIA has projections estimating a 30 per cent increase in population from 2023 to 2033.
“Many of these new residents are young professionals between the ages of 20 to 35 who would rather walk or take transit than drive in the city,” says Larsen. “We are seeing that people who walk, cycle, and take transit to shop are increasing. With around 22 per cent of residents walking to work, the neighbourhood is becoming increasingly pedestrian friendly.”
Entertainment and spending habits
Larsen is seeing a shift towards entertainment as tenants are combining shopping with entertainment. Larsen says the demographic in this area is actually spending more on recreational activities than on clothing.
“We do have information on their spending habits, and one of the things that aligns with what we are saying about recreational activities and entertainment is that, on average, the annual spending habit of this population looks like about five thousand dollars a year on recreation. It is more than what they spend on clothing.”
Larsen says she has been seeing an increase in foot traffic and a growing need for in-person activities.
“We have certainly seen support for events as they have tracked higher and higher. For instance, we did a drag roller derby that was ten per cent higher in foot traffic than the roller derby we had in June last year; that is a significant increase when you are looking at thousands of people. So we are definitely seeing people wanting to go out and about and be active and engaged – which is fantastic for the neighbourhood.”
The future of Yonge Street
Looking ahead, Larsen says the neighbourhood will continue to evolve to match the needs of consumers.
With multiple developments happening downtown, such as the Ontario Line, Larsen says it will elevate Yonge Street and will attract more retailers and shoppers.
“There is a lot of construction and activity happening in the neighbourhood that are very much once-in-a-lifetime developments.”
One of the biggest projects Larsen says is the yongeTOmorrow redevelopment, which will bring significant changes including replacing outdated infrastructure. Within the next few years this development will start and will make the streets more pedestrian friendly and accessible.
“Yonge Street is being ripped up from the lake up to Davenport in stages. We don’t have a start date for that yet, but the design aspect is currently being finalized.”
I do worry about the possibility of losing the flagship Hudson’s Bay store, but in general, it seems to be a very good news wave of future openings on Downtown Yonge. Now we just need the street itself to be matched to its primary use.
I agree. I was just in The Bay Saturday afternoon and the store is looking really great decorated for Christmas and the store is full of product. Speaking to a sales clerk she expressed concern that the Ontario line construction in front of the store was really impacting shoppers and the fact that their Christmas windows are affected.
The mayor and the Premier need to step up to ensure that this cornerstone of downtown shopping survive