Oxford Properties Group has once again demonstrated its dominance in Canada’s retail landscape, with its portfolio of shopping centres in the Greater Toronto Area (GTA) among the leaders of the 2024 ICSC performance rankings. According to ICSC’s newly released data, the Yorkdale Shopping Centre ranks as the top-performing mall in Canada for all-store sales per square foot, posting $2,301 — more than $800 higher than any other shopping centre in the country.
Robert Horst, Vice President of Retail at Oxford Properties Group, credits the milestone to a deliberate, long-term strategy. “Yorkdale’s success as a global market leader is the result of a deliberate strategy to assemble one of the world’s best luxury portfolios,” said Horst. “This curated leasing approach has disrupted the Canadian retail landscape.”
Yorkdale continues to attract the world’s top luxury brands, with Dior, Maison Margiela, and Rimowa set to open in a new luxury wing in 2025. This follows the 2024 arrival of Loewe, Loro Piana, and a new Tiffany & Co. concept store in the mall. The luxury expansion coincides with Yorkdale’s 60th anniversary and includes a major redevelopment of its central corridor to accommodate growing demand from global fashion houses.
Square One and STC Show Continued Momentum
Oxford’s success isn’t limited to Yorkdale. The company’s other GTA centres also performed strongly:
- Square One Shopping Centre in Mississauga posted $1,286 psf, up 2.2% from the previous year.
- Scarborough Town Centre (STC) rose to $966 psf, marking a 4.3% increase.
Square One benefits from its strategic location in the rapidly densifying Square One District, where high-rise residential developments continue to fuel foot traffic. Last week Oxford announced that a YMCA would be moving into a former theatre space at the centre. “Square One and STC offer an unprecedented mix of destination brands and rightfully find their place high on this year’s list,” noted Nadia Corrado, Vice President of Asset Management at Oxford. “Increased residential developments both in Mississauga and Scarborough are poised to accelerate both population and retail performance.”
Square One’s retail lineup includes Holt Renfrew, Simons, and Rolex, as well as culinary and lifestyle anchors such as The Food District and Whole Foods. STC, on the other hand, has carved out a niche by attracting destination retailers like IKEA and Uniqlo, further solidifying its role as a regional hub east of Toronto.
Other Top Performers Across Canada
While Oxford claims three of the top 25 Canadian malls by performance, other landlords also made notable showings in the 2024 ICSC report:
- Cadillac Fairview (CF) holds several top spots, with CF Toronto Eaton Centre ($1,500 psf), CF Pacific Centre in Vancouver ($1,454 psf), and CF Richmond Centre ($1,359 psf) ranking just behind Yorkdale.
- Ivanhoé Cambridge, often in partnership with Jones Lang Lasalle (JLL), performed strongly in Alberta and British Columbia with Southgate Centre ($1,211 psf) and Metropolis at Metrotown ($1,138 psf).
- Primaris REIT also emerged as a steady mid-market performer, with Halifax Shopping Centre ($1,034 psf) and Conestoga Mall ($918 psf) leading in secondary markets.
A National Picture: Polarization in Performance
The data reveals a growing gap between Canada’s most productive malls and lower-tier centres. Only Yorkdale surpassed the $2,000 psf threshold, solidifying its place as Canada’s most productive mall by a significant margin. Meanwhile, a majority of properties reported sales below $1,000 psf, with over a dozen falling under $600 psf.
Ontario continues to dominate the rankings, led by Yorkdale, Square One, and CF Toronto Eaton Centre. However, strong performances in British Columbia (CF Pacific Centre, Metrotown, CF Richmond Centre) and Alberta (CF Chinook Centre, Southgate Centre) highlight regional vitality. Quebec also made a solid showing with CF Carrefour Laval ($1,140 psf) and Le Centre Eaton de Montréal ($1,141 psf), the latter enjoying a substantial 2023-24 gain of $127 psf.
Who Owns the Top Malls? A Look at Landlords
Ownership and management patterns show a concentration among a handful of players:
- Cadillac Fairview dominates with multiple properties in the top 15.
- Oxford Properties leads in psf average across its top three GTA centres.
- Ivanhoé Cambridge and Primaris maintain strong regional portfolios with consistent mid-tier performance.
- Westcliff Group and Morguard appear frequently in the mid and lower tier segments.
More from Retail Insider:
- Yorkdale Shopping Centre in Toronto Blows Other Canadian Malls Out of the Water in ICSC Productivity Rankings
- Yorkdale celebrates 60 years of retail leadership and innovation
- Dior, Saint Laurent, and Moncler to Open Flagships at Yorkdale
- Tiffany & Co. Overhauls Yorkdale Flagship with Stunning Redesign
