Breaking Why I Love Toronto News
Hudson’s Bay sells Queen and Yonge Flagship location and will open Canada’s first Saks on site.
In a move that caught everyone off guard, Hudson’s Bay Co. announced this morning that it has sold its Queen Street store and Simpson’s Tower to Cadillac Fairview Corp. for $650-million, making the property part of the Toronto Eaton Centre. It was also announced that the iconic Hudson’s Bay location will share its property with Saks, which HBC acquired last year, when the luxury retail brand opens its flagship store in 2015. The Saks will occupy 150,000 square feet of the Queen Street location leaving 600,000 square feet for Hudson’s Bay.
In a December issue of Report on Business Magazine, which I actually read surprisingly, it was stated that HBC intended to open its first Saks location at the current Hudson’s Bay on Yonge and Bloor. The move made sense considering Yorkville is the 5th Avenue of Toronto and its biggest competition Holt Renfrew was just down the street. However, the CEO of Cadillac Fairview Corp. spoke to the Chief Executive Officer of HBC and convinced him to move operation into the downtown core. With Cadillac Fairview’s announcement of Nordstrom occupying the former Sears, it’s clear that Cadillac Fairview is ready to turn Toronto Eaton Centre into an upscale shopping centre just like Sherway Gardens. No doubt this will bring an upscale image to the city of Toronto, as Toronto Eaton Centre is a must-see tourist attraction and Yonge and Dundas is the busiest intersection in all of Canada.
To top it all off, the current Sears store at Sherway Gardens, which is slated to close in the coming months, will be refurbished into a Saks as well. Both locations will feature upscale food courts which is unheard of in the U.S.
What do you think of all this fashion news my followers? Are you excited to see Saks on Queen? Or are you as confused as I an as to how HBC will present two department stores in one location.
Don’t forget to read about the history of the Queen Street location which I have linked below.
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