News   Nov 13, 2019
 592     3 
News   Nov 13, 2019
 1K     5 
News   Nov 13, 2019
 4.1K     15 

Sears Canada (1952-2017)

  • Thread starter CanadianNational
  • Start date
C

CanadianNational

Guest
Sears at Eaton Centre

Perhaps a lot of people will disagree with me, but I think that without the former Eaton's store - and that Sears in its place - the Eaton centre just lacks pep at it's north end.
I would love it, quite frankly, if the Eaton Centre let Sears go and extended the galleria straight through to Dundas. I think that would be quite spectacular!
 
G

GeekyBoyTO

Guest
CN:

Agreed, it would have been amazing to extend the galleria all the way to Dundas end of the complex. I am not sure if there are any structural issues preventing that from happening though (I suspect there are).

GB
 
W

wyliepoon

Guest
I'm surprised nobody has brought up Calatrava yet re: gallerias.
 
M

marksimpson7843

Guest
"Agreed, it would have been amazing to extend the galleria all the way to Dundas end of the complex. I am not sure if there are any structural issues preventing that from happening though (I suspect there are)."

They demolsihed a 10 parking structure instead of opting to build around it - anything possible including a complete redevelopment of the Sears store site
 
G

GeekyBoyTO

Guest
marksimpson:

They demolsihed a 10 parking structure instead of opting to build around it - anything possible including a complete redevelopment of the Sears store site
Of course, anything is possible if one throws enough money at it. The question is regarding the Sears store site is several-fold though: 1. who actually owns that particular site (I would imagine Sears doesn't lease it); 2. how economical would redeveloping it be (if anything, opening it up for the Galleria would likely reduce square footage if the building envelope stays the same) and 3. how would it affect the underground components of the mall.

GB
 
M

marksimpson7843

Guest
^I was thinking more to the point about the difficulty of leasing the space as is but with the popularity of big box it may not even be that difficult at all
 
S

samsonyuen

Guest
I think when Eaton's was going bankrupt (the first time), they sold their interest in the Eaton Centre, but I'm not sure if they kept their own store's property? As to whether Sears were to leave or not, I don't think it's going to happen. Plus, who would go into it? I'd rather have a decent Sears in the Eaton Centre than Big boxes? They can stay in the suburbs.
 
G

goodboys

Guest
Who knows...with KMart having bought ought Sears in the U.S.....Just think, KMart could have a they're just one step away from having a downtown presence :)
 
O

officedweller

Guest
I think for both Toronto and Vancouver, Sears had sweetheart deals on rent - i.e. nominal rent.
 
A

allabootmatt

Guest
...which leads one to wonder how good a deal the eaton centre is getting out of them. anchor tenants are usually given very, very favourable rates--i've heard of as low as 90% less, per square foot, than other tenants, on the assumption that the anchor will bring in customers to support the other businesses in a mall. but you have to wonder how much business sears are bringing in that would not come to eaton centre anyway.
 
S

samsonyuen

Guest
Can anyone imagine Eaton Centre being twice its size without Old City Hall?
________________
Tue, April 5, 2005
The way we were column
By MIKE FILEY, Toronto Sun

CAN YOU imagine our city without its "Old" City Hall, a building that many have said is without equal anywhere on the North American continent? The fact is, that had the decision taken 39 years ago this week by members of Metropolitan Toronto's powerful executive committee been followed, it's quite possible that not only would the jewel at the top of Bay St. be missing, but the Eaton Centre would be twice its present size.

At least that was the hope of four of the seven-member committee who voted in favour of selling the old building to Eaton Centre Ltd., a company that was in the process of consolidating plans for a new downtown shopping and office complex.

The vote was close but that's not to say those who opposed the motion actually wanted to retain the old building. In fact, their real concern was that Metro should be getting more than the paltry $8 million offered by the developer.

Thank goodness this part of the plan fell apart. I mean, have you seen the spruced-up old lady recently? She's gorgeous!
 
U

unimaginative2

Guest
How big would that have been? Over 3,000,000 square feet, probably. On the other hand, they might have given it fewer floors, so it wouldn't have wound up being that much bigger. Altogether, I think we won big!
 
O

officedweller

Guest
The nominal rent has more to do with Eaton's previous particpation in the development of the malls - not any current benefit that the malls are getting from their tenancy.
I recall that when Sears bought Eaton's they were only a few years away from the milestone when rent went to a $1 or so nominal amount (presumably apart from taxes, HVAC, etc.). Found this comment at this retailing website:

www3.sympatico.ca/linda.winter/jw/1990s.htm

1999 November - Eaton’s is broken up into pieces: Sears takes six flagship stores for a re-launched, upscale eatons ($2.3 million a store, some $20 per square foot, way under replacement cost). The Toronto Eaton Centre store rent will drop to $1 per square foot in 2007 and will stay at that level until 2057. Awesome: a million square feet in the largest city in the country for just a loonie a square foot! Sears takes 30 suburban stores for a fire sale $30 million. The Bay takes ten stores, including Pickering, Mississauga and Hamilton mountain.
 
S

samsonyuen

Guest
If they're paying such a low rent, I'm sure Cadillac Fairview wouldn't mind another level of Sears turned into inline rental, like Level -2. Maybe they could add a flagship Apple Store in part of the Sears store!
 
U

unimaginative2

Guest
I'm pretty sure Sears does lease, and I believe they also get a bit of a sweetheart deal as the anchor of the mall. I've also heard that the initial proposal had the galleria stretching right up to Dundas, but Eaton's opposed it. Later, they expressed their regret. While extending the galleria might reduce total leasable space, the space that remains fronting right on the galleria would have much higher lease rates.
 

Top