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Saks Fifth Avenue Flagship (Queen & Yonge)

Maybe a better question to ask is, what will happen to the Bay on Bloor! Given they were okay giving up that location ..
 
So they've decided that Hudson's Bay on Bloor will stay a giant concrete bunker? The inside of that store is literally a Hudson's you'd find in a suburban mall, the ones that haven't been renovated in years. Even Sears in the Eaton Centre looks better than that store.

This move was obviously done as a way to save cash. The fact that Saks is high end nichey luxury, I doubt HBC was willing to take the risk of spending millions on a separate store that had a high possibility of failing. I'm all for HBC selling off their Yonge/Bloor property for a new development from a different developer. If they can't change that prime retail space, let someone else redevelop it. Many developers would kill for that space they have.
 
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devjohnson said:
Two department stores in one.....that's so messy. Ruining the Saks brand in my opinion. I love Hudson's but putting a Saks store in Hudson's is like putting Saks inside of a JCPenney
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Correct. This is externally disappointing. This Saks will probably be significantly smaller too, I could understand Saks doing this in smaller cities. But a city the size of Toronto needs a proper standalone flagship!
 
So they've decided that Hudson's on Queen will stay a giant concrete bunker? The inside of that store is literally a Hudson's you'd find in a suburban mall, the ones that haven't been renovated in years. Even Sears in the Eaton Centre looks better than that store.

I'm all for HBC selling off their Yonge/Bloor property for a new development from a different developer. If they can't change that prime retail space, let someone else redevelop it. Many developers would kill for that space they have.
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Brookfield owns the Hudson's Bay Centre at Bloor. Hudson's Bay just has a lease.
 
Edward Skira said:
Brookfield owns the Hudson's Bay Centre at Bloor. Hudson's Bay just has a lease.
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Thanks for clarifying :) Curious as to how much longer their lease is at Yonge/Bloor.

On another note, what's up with Toronto and this "sharing department store" trend? First Hudson's/Saks, and potentially Nordstrom/Simons next.
 
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This is bad from an optics standpoint. HBC's flagship is now going to be shared with another retailer? That should never happen, even if the two have a common ownership structure.

Meanwhile we're left with the ugliest concrete poo poo at Yonge/Bloor. Great news all around :mad:
 
Interesting that Cadillac Fairview will now own the Eaton Centre and this massive complex, along with the four attached office towers. Along with getting the second Saks at Sherway, this is a huge win for them.
 
In an interview, Mr. Baker said that after The Globe and Mail’s Report on Business Magazine ran a story in December laying out HBC’s plans for Saks at Bloor, Cadillac’s Mr. Sullivan called him and said it was “a big mistake.”

Cadillac said it would transform the Eaton Centre area into a luxury hub, with Nordstrom moving into the north end which Sears Canada Inc. currently occupies, although it is moving out to make way for U.S. Nordstrom.

“Eaton Centre would become the most compelling, exciting mall in all of Canada,” Mr. Baker said.

Cadillac also agreed to upgrade the bridge that connects the Hudson’s Bay store to the Eaton Centre, and officially make the store part of the mall.
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This deal was obviously in Cadillac Fairview's interest as a way to stay competitive with Yorkdale and higher end malls. Unfortunate that HBC got persuaded. All benefit for CF, no benefit for HBC. +1 on a new bridge though.

http://www.theglobeandmail.com/repo...to-store-in-650-million-deal/article16516753/
 
devjohnson said:
This deal was obviously in Cadillac Fairview's interest as a way to stay competitive with Yorkdale and higher end malls. Unfortunate that HBC got persuaded. All benefit for CF, no benefit for HBC. +1 on a new bridge though.

http://www.theglobeandmail.com/repo...to-store-in-650-million-deal/article16516753/
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You know its really not that terrible ... I think it implies we'll more likely see a large development on the Bloor street store ... I have a feeling the Bay will bail out, and we'll instead see 2 or so stories of retail with individual stores with a condo (and in my dream world / office) on top.


Honestly, for Bloor east ... this is much better then another bunker, and no matter what Saks does, it would be just this ... just prettier.


The more I think about it, in the long term .. this will be better for Bloor / Toronto.

Thoughts ?
 
Unfortunate that HBC got persuaded. All benefit for CF, no benefit for HBC.
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Hello....why do you think HBC was purchased in the first place?

Real estate assets my friend. HBC was sitting on a goldmine.
 
taal said:
You know its really not that terrible ... I think it implies we'll more likely see a large development on the Bloor street store ... I have a feeling the Bay will bail out, and we'll instead see 2 or so stories of retail with individual stores with a condo (and in my dream world / office) on top.


Honestly, for Bloor east ... this is much better then another bunker, and no matter what Saks does, it would be just this ... just prettier.


The more I think about it, in the long term .. this will be better for Bloor / Toronto.

Thoughts ?
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I thought that too, which is why I recommended earlier in the thread that Hudson's pull out of Bloor Street. A nice mixed use development with strong retail frontage along Bloor could expand retail and pedestrian traffic eastward.

On the other hand, if Saks Fifth Avenue at Yonge/Bloor isn't cancelled, I can't see a successful launch of Saks in Canada. Two locations downtown would be an overkill considering how nichey and upscale Saks is. Personally, I don't think even think Toronto has a large enough clientele to support multiple high end department stores to begin with.
 
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