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Nordstrom could open at the Toronto Eaton Centre, now that Sears Canada has a new CEO who’s reportedly willing to sell store assets.
On Friday October 18th, Sears CEO Douglas Campbell told the Globe & Mail that he would consider selling Sears’ Toronto Eaton Centre location for the right price. This could open the way not only for Nordstrom, but also for redevelopment that could include multiple retailers as well as possibly a second anchor store such as La Maison Simons.
The Toronto Eaton Centre Sears store is about 816,000 square feet over several floors. Though it’s unlikely that the top levels would be used for retail, a substantial amount of space could become available that could create an exciting cluster of new retailers in the mall, including possibly Nordstrom’s Canadian flagship store.
In the past 14 months, Sears Canada has sold off several of its leases to mall landlords. In the summer of 2012, Sears sold its leases in Vancouver, Calgary and Ottawa, paving the way for Nordstrom’s first Canadian stores. Sears subsequently sold two leases in the Toronto area, resulting in speculation that La Maison Simons may move in. Sears also announced a $1 billion project to redevelop its Burnaby BC real estate at Metrotown.
Our source for this article is this article by Marina Strauss of the Globe & Mail.
[Toronto Eaton Centre website]
[Sears Canada website]
[Nordstrom website]
