Filip
Senior Member
Unfortunately Yorkdale might as well be on the moons of Jupiter for many Torontonians.
It's a shame this doesn't translate well to high street retail in Yorkville.
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Unfortunately Yorkdale might as well be on the moons of Jupiter for many Torontonians.
It's a shame this doesn't translate well to high street retail in Yorkville.
vatche
Senior Member
Typically stores start in cities, then go to the suburbs. In toronto the opposite is happening. Very strange. I can see suburbanites going to the city to shop, but I just can't imagine citadels going up to the burbs to shop.
Filip
Senior Member
It's supply and demand - Yorkdale can build an extension to house its new tenants. Bloor has to deal with individual landlords, some not in the market of investing to attract retailers.
I'm more concerned about the for lease signs in Yorkville that seem to take forever to fill, vs Yorkdale that seems to be building a new extension every year to house new retailers.
vatche
Senior Member
You would think these guys would attract each other....meaning, they want to be neighbors. The main Major labels, such as d and g, prada, Cartier are on bloor. Y on earth did Salvatore ferragamo opt for yorkdale. It baffles me.
taal
Senior Member
You see this in American cities as well, where the suburbs contain a lot of the very high end retail; The exception being the larger American cities with a lot of tourism or wealth around the core.
You'd think Toronto would fall into this later category - I think it does to a certain degree but it is probably lacking on the wealth side in comparison. So why Yorkdale instead ? If any mall is the idea (better in the winter one can argue) one would think Bayview village ! But I think Yorkdale has a lot of hype associated with it - it is known as the best or (within the top 3) malls in North America for sales per square foot !
Maybe that's the answer, Yorkdale is so hard to resist retails want a part of the action (and the high end trend in Yorkdale has been on going for the last decade or so). Moreover the Toronto market can probably only justify one store for these very high end brands ...
You'd think Toronto would fall into this later category - I think it does to a certain degree but it is probably lacking on the wealth side in comparison. So why Yorkdale instead ? If any mall is the idea (better in the winter one can argue) one would think Bayview village ! But I think Yorkdale has a lot of hype associated with it - it is known as the best or (within the top 3) malls in North America for sales per square foot !
Maybe that's the answer, Yorkdale is so hard to resist retails want a part of the action (and the high end trend in Yorkdale has been on going for the last decade or so). Moreover the Toronto market can probably only justify one store for these very high end brands ...
ardwold1
Active Member
I think this has been discussed ad nauseum...there is not enough available quality space in Bloor-Yorkville to allow for every Tom Dick and Harry to move in, and tailor the space to their needs. There should be no doubt that the neighbourhood is highly desirable- the new Louis Vuitton,Dolce and Gabbana, and Tiffany flagships obviously attest to this. It would be ridiculous for Salvatore Ferragamo to lease the old MAC space, for example- a potential tenant in the neighbourhood has to now look at flagship material to make it worth their while. Entering the Toronto and Canadian market through Yorkdale (essentially a blank slate) is a good stepping stone.
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ACT7
Active Member
Exactly! And you're right, this has been discussed over and over and over again. I'll also add one more thing that has been mentioned numerous times. One landlord managing a mall is easier for retailers to work with than multiple landlords all wanting different things. And to say Toronto can only support one of each store is also ridiculous considering there are 3 Tiffany's 2 Cartiers, 2 Mulberry's, multiple Burberry's (with all the shop-in-shops), two LV's, soon to be 2 Prada's, etc. This is one of the wealthiest cities on earth - so while it's frustrating that Bloor seems to be slower than expected in attracting the retail it should already have, it is going to happen.
taal
Senior Member
hmm I don't necessarily mean it in the sense that Toronto can only support 1 store - but the retailers themselves ... many of them only have 1 location in all the but largest cities in the world.
Anyway I guess time will tell. The tiffany spot is huge - no excuses there - if its sits for years (while Yorkdale continues to expand) I think there is some merit in the argument Yorkdale is indeed in direct competition with Yorkville.
ACT7
Active Member
Right, which is why I think retailers see huge potential in Toronto since several of them have multiple stores here.
I do think you're right about Yorkdale though being in direct competition with Yorkville. It's not like rents are any cheaper at Yorkdale (in fact they're more expensive in their luxury wing) so it seems to really come down to space and landlords.
taal
Senior Member
Yep ! That's a point many miss when they print those top X streets in Canada / America for rent - Bloor went up a couple % this year - but yes Yorkdale is higher !
http://www.retail-insider.com/2013/10/canadas-top-retail-rents-all-lower-than.html
vatche
Senior Member
Yorkdale seems to be competing with yorkville, yes. However, if these stores also want to target rich tourist who come toronto, they ave no choice but to open in yorkville. Maybe u guys r right, there isn't that much space. Once the proposed buildings go up, we shall c if it brings a change to this phenomenon.
prosperegal
Senior Member
There IS some space in Yorkville right now. The old Gap Kids and old Tiffany's locations don't have rumoured leases yet, do they? And of course, the old FCUK/Magnum spot (though that might be too far east to be for lux stores, I can see mall brands like Ann Taylor taking the spot).
skylyte
New Member
Yorkdale is resembling that very ritzy shopping mall in Costa Mesa, California. Several brand names are found there, rather than in any of Los Angeles basin 's several downtown nodes.
I have feeling that the next area for "ritzy" shops will be the Front Street/Waterfront area. Are they going to announce the future plans for the old Globe & Mail site soon?
taal
Senior Member
meh I doubt it - probably more like an Eaton Center if anything ... I think some are overstating the demand for retail in the core ... there is already plenty ...
There was a lot of talk of King W going high end but I don't think that'll happen, well not to the degree its been talked about.
Rents in Queen W have been dropping over the least few years (and that's a good thing ..) so I don't think we'll see anything very high end there either.
androiduk
Senior Member
Application: Building Additions/Alterations Status: Not Started
Location: 110 BLOOR ST W
TORONTO M5S 2W7
Ward 27: Toronto Centre-Rosedale
Application#: 13 255298 BLD 00 BA Accepted Date: Oct 23, 2013
Project: Multiple Unit Building Multiple Projects
Description: Alterations to south storefront, rear elevation, and interior alterations to demising walls on ground floor and lower concourse level. Tenant - "Brooks Brothers".
Location: 110 BLOOR ST W
TORONTO M5S 2W7
Ward 27: Toronto Centre-Rosedale
Application#: 13 255298 BLD 00 BA Accepted Date: Oct 23, 2013
Project: Multiple Unit Building Multiple Projects
Description: Alterations to south storefront, rear elevation, and interior alterations to demising walls on ground floor and lower concourse level. Tenant - "Brooks Brothers".