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Saks Fifth Avenue Flagship (Queen & Yonge)

Filip

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Surprised there was no thread on this big piece of news that is set to revitalize a depressing part of our luxury drag:

http://www.theglobeandmail.com/repo...re-dying-to-go-deluxe/article15633445/?page=1

Richard Baker jumps out of his chauffeur-driven SUV in front of the Hudson’s Bay store at Bloor and Yonge Streets in Toronto. He takes one look at the concrete-encrusted building and deems it “ugly.” Baker, the majority owner of Hudson’s Bay Co. (HBC), suddenly produces an architect’s rendering of a revamp for the store. It shows the place sleekly redesigned, with a white façade and large sheets of glass at the front. And it prominently displays a new name: Saks Fifth Avenue.
This will be the second-largest Saks in the world,” Baker proclaims with a wave of his hand. “Ground zero for luxury goods in Canada.” And with a nod to Holt Renfrew & Co., the country’s dominant luxury player—whose flagship stands guard a block to the west—he adds: “Did I say it will be double the size of Holt’s?

FYI - the Holts is 185k sqf.

I thought this should belong in Projects and Construction due to the size of the endeavour.
 
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Filip

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This is probably one of the best piece of news to come out of the Toronto retail landscape in a while (it may get trumped if the vacated Sears store at Eaton's is completely demolished, including the HQ) - but all in all, very exciting!

Does anyone have the sqf of the Bay store there currently? Is it smaller than the ~400sqf Saks store they're planning to build? I think this will be a full demolition of the existing store.
 

Wrenkin

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This is probably one of the best piece of news to come out of the Toronto retail landscape in a while (it may get trumped if the vacated Sears store at Eaton's is completely demolished, including the HQ) - but all in all, very exciting!

Does anyone have the sqf of the Bay store there currently? Is it smaller than the ~400sqf Saks store they're planning to build? I think this will be a full demolition of the existing store.

What exactly do you mean by "demolition", in both cases? Why would you do that? Wouldn't it be easier to reclad and perhaps punch a few windows? The Bay is integrated into the subway there.
 

AlvinofDiaspar

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What exactly do you mean by "demolition", in both cases? Why would you do that? Wouldn't it be easier to reclad and perhaps punch a few windows? The Bay is integrated into the subway there.

Well, they will probably need to make some structural changes to really liberate the space, beyond minor changes like adding windows to the exterior. Besides, the vertical circulation space within the building is kind of subpar.

AoD
 

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Between a flagship Saks store and One Bloor the east side of Bloor may finally start to shed it's shoddy image.

Pity poor desolate Hazelton Lanes (First Capital) who was purportedly wooing Saks for months.
 

Filip

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What exactly do you mean by "demolition", in both cases? Why would you do that? Wouldn't it be easier to reclad and perhaps punch a few windows? The Bay is integrated into the subway there.

Well here's what we know.

HBC is to build the Saks flagship at the Yonge/Bloor location and it will be double the size of the existing Holts flagship (so ~400k sqf)

The existing Bay store is smaller than that (I believe it's just over 200k sqf?)

The existing bay store is a concrete bunker with low ceiling heights and an absolutely garbage layout.

HBC wants to make this a flagship of flagships (obviously can't trump the Saks on actual 5th Ave) but it will be the second jewel in the crown.

All of that sounds to me like they will completely demolish the existing store.
 

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Well here's what we know.

HBC is to build the Saks flagship at the Yonge/Bloor location and it will be double the size of the existing Holts flagship (so ~400k sqf)

The existing Bay store is smaller than that (I believe it's just over 200k sqf?)

The existing bay store is a concrete bunker with low ceiling heights and an absolutely garbage layout.

HBC wants to make this a flagship of flagships (obviously can't trump the Saks on actual 5th Ave) but it will be the second jewel in the crown.

All of that sounds to me like they will completely demolish the existing store.

Quite the ambitious project for company that is currently losing money and fighting for its life in the intensely competitive and fickle Canadian luxury retail landscape.
 

maestro

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There's a hotel and apartment tower on the east side of the store. The west side is narrow due to the Bell building on Asquith.
 
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Filip

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So the Bloor & Yonge Hudson's Bay is 342k sqf.

Still smaller than 'double' the Holts space, but within reason. I wonder what the plans really are and when we will find out about them. Baker is clearly walking around showing reporters renderings of this new store!
 

maestro

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maestro:

Not likely to happen - but if only they could tear those two down as well...

AoD

The Plaza 2 has very large suites for reasonable prices. It's not impossible the economics don't allow the complete demolition for a large tower with double or triple the rental rate per square foot.
 

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