Cadillac Fairview continues to dominate Canada’s retail real estate landscape, placing nine of its shopping centres among the top 20 highest-performing malls in the country, according to the 2024 ICSC Canadian Mall Property Performance List. The landlord’s strong showing reaffirms its status as a leader in the sector, outpacing major competitors in terms of sales per square foot and overall portfolio consistency across multiple provinces.
In an interview with Retail Insider, Lillian Tummonds, Senior Vice President of Retail at Cadillac Fairview, emphasized that the company’s longstanding presence in the upper tier of the ICSC rankings is no coincidence.
“We continue to listen to our customers,” said Tummonds. “We know that people go to certain shopping centres because of the location and the offerings. If those offerings don’t resonate, they won’t come.”
CF Toronto Eaton Centre, CF Pacific Centre, and CF Richmond Centre Rank in the Top Five
Among Cadillac Fairview’s most notable performers in the 2024 ICSC study were CF Toronto Eaton Centre, CF Pacific Centre in Vancouver, and CF Richmond Centre. CF Toronto Eaton Centre ranked second in Canada with sales per square foot of $1,500, up $43 over the previous year. CF Pacific Centre came in third with $1,454 per square foot, a year-over-year increase of $130 — one of the strongest gains in the national survey. CF Richmond Centre placed fourth overall at $1,359 per square foot, marking another standout year for the downtown Richmond shopping destination.
These strong results were bolstered by CF Chinook Centre in Calgary, which ranked fifth with $1,336 per square foot, up $28 from the previous year. CF Sherway Gardens in Etobicoke also made the top 10, reporting $1,160 per square foot despite a year-over-year decline of $73.
Other Cadillac Fairview malls performing strongly included CF Carrefour Laval at $1,140 per square foot, CF Polo Park in Winnipeg at $1,120, CF Masonville Place in London at $1,094, CF Market Mall in Calgary at $1,090, and CF Fairview Mall in Toronto at $1,063. Most of these centres saw year-over-year gains, with CF Polo Park up $90 and Fairview Mall up $66, showing that CF’s mid-market and regional malls are also posting significant productivity growth.
Reinventing the Retail Experience
According to Tummonds, Cadillac Fairview’s success is rooted in a deeply consumer-centric approach. “We try to build community experiences. You’re not just going there to shop. You might also go for a meal, meet friends, or take in an activation,” she said. “We’re always reinvesting in our centres to make sure they look and feel great when people are there. We try to emulate what our shoppers expect — from the moment they arrive to the time they leave.”
CF Toronto Eaton Centre, which remains Canada’s most visited mall, continues to evolve with the redevelopment of the former Nordstrom space. That area will soon house La Maison Simons and Eataly, which Tummonds said will contribute to making the property a “destination” shopping experience. Despite ongoing construction along Queen Street, the centre saw a 3.2 percent year-over-year increase in sales, signalling a steady recovery in downtown foot traffic.
At CF Richmond Centre, Cadillac Fairview is actively densifying the site with residential strata and rental units. The centre’s performance, which secured it fourth place nationally, reflects both a successful retail mix and the momentum from new mixed-use development. “We just welcomed the owners of the new strata units to phase one,” said Tummonds. “Again, we’re building community around the shopping centre.”
Expanding Through Pop-Ups and Strategic Leasing
Cadillac Fairview is increasingly embracing shorter-term leases and pop-up retail as part of a broader leasing and marketing strategy. Tummonds noted that these activations not only animate the shopping centres but also serve as test grounds for potential long-term tenants. One example she cited was Vessi, which began as a pop-up at CF Toronto Eaton Centre and has since expanded into a longer-term arrangement.
Pop-up experiences are often tied to seasonal or cultural programming, helping create a unique and memorable atmosphere. Tummonds said these initiatives are important both for community engagement and as a way to showcase retail innovation. “We try to incorporate these activations into the overall experience,” she explained. “It complements our events during the holidays, such as Lunar New Year.”
Culinary Strategy Plays a Key Role
In recent years, Cadillac Fairview has placed growing emphasis on food and beverage offerings across its portfolio. This includes the introduction of Japanese coffee brand %Arabica at both CF Toronto Eaton Centre and CF Richmond Centre. At CF Markville, Cadillac Fairview recently welcomed Chinese restaurant Auric King, while T&T Supermarket at CF Fairview Mall continues to serve a diverse and loyal customer base.
Eataly, the Italian food hall concept, is another central pillar of Cadillac Fairview’s culinary strategy. Already open at CF Sherway Gardens and CF Shops at Don Mills, Eataly will soon launch its fourth Toronto location at CF Toronto Eaton Centre — making Toronto home to more Eataly locations than any other city globally, tied with Tokyo.
Tummonds emphasized that food is no longer just a supplementary offering in malls but a core part of the experience. “It’s a great offering and it draws people in. We’re excited about how that category continues to grow,” she said.
Leveraging Insights and Data to Stay Competitive
Another major advantage for Cadillac Fairview is its use of shopper data and market research to inform merchandising decisions. “We spend a lot of time analyzing our customer base at each centre — what brands they’re looking for, what categories they’re interested in,” said Tummonds. “That helps us ensure we’re always making the right decisions for each location.”
This data-driven strategy has helped Cadillac Fairview secure top-performing tenants and maintain a curated mix of retailers aligned to local needs. It has also allowed CF to navigate the continued reshaping of the Canadian retail environment — including the decline of anchor department stores.
Adapting in the Wake of Anchor Store Departures
As department stores continue to exit malls across the country, including recent closures by Nordstrom and the uncertain future of Hudson’s Bay, Cadillac Fairview is actively planning how to reimagine large-format spaces.
Tummonds said the company has “a task force looking at all angles” and is working closely with leasing and development teams to identify new opportunities.
“We’ve survived Simpsons, Eaton’s, Woodward’s, Target, Sears, and now Nordstrom,” said Tummonds. “We’ve done this before and we’ll do it again. Look what we’re doing at TEC — re-demising the Nordstrom box for Simons and Eataly. We’re continuing to evolve, and we’ll find new ways to use those spaces.”
Cadillac Fairview owns the Queen Street Hudson’s Bay building in Toronto and is currently evaluating potential redevelopment strategies for the site. Cadillac Fairview bought the block for $650 million over a decade ago.
A National Portfolio That Continues to Outperform
Cadillac Fairview’s dominance in the 2024 ICSC rankings is not confined to one region or flagship property. With strong performances in Ontario, British Columbia, Alberta, Manitoba, and Quebec, the company’s portfolio-wide consistency underscores the effectiveness of its operational strategy.
In contrast, Oxford Properties had two malls in the top 10 — Yorkdale Shopping Centre and Square One Shopping Centre — while Ivanhoé Cambridge, though still competitive, placed fewer malls among the top-performing nationally. Cadillac Fairview’s results confirm its leading position in Canadian retail real estate by a considerable margin.
“We’re proud of the performance of our centres,” said Tummonds. “But more importantly, we’re proud of the experience we’re building for Canadians across the country. Our focus has always been — and will continue to be — on the customer.”
