Wow! According to the Globe and Mail, Hudson’s Bay Company has agreed to sell their Flagship Queen Street store located in downtown Toronto as well as their adjacent office tower for a total of $650-million. There are plans to open the first Saks store at the site.
HBC announced this news this morning about selling the adjacent properties to Cadillac Fairview Corporation and launching their first Saks store at this location. This kind of shoots down their previous plans to open their first Saks store at Yonge and Bloor street in Toronto where it was supposed to replace the Hudson’s Bay Outlet.
HBC will be leasing the entire retail and office complex back for 25 years with a renewal option of just under 50 years. Apparently HBC has decided to do this to reduce the company’s debt and invest in growth initiatives as well as keep as many people employed as they can.
Cadillac also plans to upgrade the bridge that connects the Hudson’s Bay store to the Eaton Centre. They also plan to have new upscale ‘food halls’ in the Saks stores in Eaton Centre and the other one negotiated for Sherway Gardens.
The Saks at Queen Street is planned to open fall of 2015 and the Saks at Sherway is planned to open in spring of 2016.
Click here to read the Globe and Mail article!
wow higher end department store shopping in Toronto just got a whole lot better with both Saks and Nordstroms ( moving into Sears at Eaton Centre)
Downtown will feel a little more American when both Saks and Nordstroms open up. It’s kinda weird and exciting at the same time. Truthfully I never really shopped at Sears, so I can’t wait for the new stores to open. I’ll miss the Bay though!