The story isn’t quite as upbeat on Queen St. W. — the only Canadian main street where rents have dropped as a number of big-name brands, such as Esprit, have shuttered stores, says Crombie.
“Queen has just righted itself in terms of rates,†which have dropped from highs hitting $140 per square foot to the more realistic $100-a-square-foot range, he says.
“There was a bit of a herd mentality: ‘I can’t be on Bloor so I’ve got to be on Queen Street.’ But retailers didn’t do their homework. The customer base was too young and they just weren’t spending.â€
The recent opening of Canada’s first Xbox 360 Central store on Queen just west of Spadina Ave. — touted as the hands-on “hub of all things entertainment and gaming†— is evidence of how the district is being “refreshed,†says Crombie.
“The retailers that should have been there are now going there and the retailers that shouldn’t have been there have vacated.â€
That’s left Queen West storefronts beter suited to “unique, one-off†retail, he added.