There was an article in the Mississauga News yesterday (which unfortunately I cannot find online) that the current plans are just the beginning of a decade long expansion. They were quoting some executive from Oxford, so the info is pretty legit.
I'm not sure if they consider the expansion between Target and Sears to be part of the current or future expansions, but it'd be interesting to find out what else is planned. I imagine some of the expansion to the south for the Main Steet thing is part of it.
The article can be found in the PDF version, on page 22/23
Square One begins decade of expansion to regain top ranking
By BRENDA DAGLISH
Originally published on YourMississaugaBiz.com.
Square One Shopping Centre is about to begin a series of improvements similar to those almost completed at Yorkdale after a decade of expansion, said Michael Kitt, executive vice-president Canada of Oxford Properties Group, which owns both malls.
Square One slipped from the top five shopping centres in Canada last year as two new shopping centres in Edmonton and Montreal surpassed its almost 1.8-million square feet of gross leasable space, according to data from the International Council of Shopping Centres.
“With a property like Square One you have to take a long-term view,” said Kitt, who was in Mississauga this week visiting Square One and looking at the new Target Canada outlet there that’s scheduled to open next Monday. “The long-term prospects and demographics are so strong in this area, we expect it to be in a positive position for decades to come.”
Last month Square One announced a modest $84-million renovation to its existing space including the creation of a premium food court with unique food vendors and reusable tableware.
That was a relatively modest capital expenditure compared with the last in a series of recent investments at Yorkdale of $220 million and a $350-million upgrade at Cadillac Fairview’s Sherway Gardens to be completed by 2016.
That will be the beginning of a series of enhancements and expansions that will be announced in the coming years for Square One, said Kitt.
Kitt is the Oxford executive with whom Mayor Hazel McCallion and her son, Peter McCallion, met to discuss the purchase of land from the Ontario Municipal Employees Retirement System for a hotel and convention centre. He was called to appear at the Mississauga judicial inquiry into whether Mayor McCallion had violated conflict of interest guidelines.
Square One’s productivity, a key industry benchmark indicator that measures sales per square foot of leasable space, of $775 is well below the top productivity rate in North America of $1,580 at Pacific Centre in Vancouver. It’s also below the $1,300-a-square foot productivity at Toronto Eaton Centre and Yorkdale, according to 2012 data from KPMG reported by the Retail Insider blog.
Nine of the top 15 shopping centres with the highest productivity rates in North America were in Canada last year, KPMG reported.
Kitt pointed out that Square One is larger in absolute square feet of leaseable space than many other high-sales shopping centres.
“Retailers in Square One like that they can get lease large stores that also have high sales per square foot,” Kitt said, adding Target expects its store there “to be one of its very best stores in Canada.”
Square One receives 20 million visitors a year.
Oxford hasn't had Square One for that long. They only bought it from Hammerson like what, 10-15 years ago?
Although I agree it could be doing a lot better. There's a ton of stores that it doesn't have yet: