On Thursday, U.S. retailer Nordstrom announced it will close all 13 Canadian stores, including the 220,000-square foot-flagship at the Toronto Eaton Centre. Here’s what the experts predict will replace it
For nearly five decades, the Toronto Eaton Centre has been anchored by a department store or clothing retailer. Could a water park, cluster of restaurants or conference centre be next?that it’s pulling out of Canada, some of the most desirable commercial real estate in the country is suddenly up for grabs.
Whatever happens, the massive mall, home to more than 200 shops, will survive. As of 2019, it was the busiest shopping mall in Canada, with more than 50 million visitors per year, and its owner, commercial real estate giant Cadillac Fairview, is used to reinventing large spaces to accommodate new uses.
As more consumers have been shopping online, malls and their tenants have been forced to adapt, to make the case that there’s still something gained to be walking into a store, rather than just clicking a mouse. The pandemic hammered clothing retailers worldwide, not least because it accelerated the work-from-home trend. That makes Hutcheson doubt that a fashion-dominated company like Quebec-based Simons would take over the space.A spokesperson forCadillac Fairview said the company is already looking for ways to fill the space.
“Personally, I would like to see the space converted into smaller spaces like they did with the lower level of the old Sears. We’ve seen that these big-box department stores aren’t a successful model anymore,” said Moise.
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