However Bloor remains full of empty storefronts.
Maybe luxury retailers are waiting for the renovations to end?
Maybe luxury retailers are waiting for the renovations to end?
Toronto’s Bloor Street strip 20th among world’s most-expensive for retail rents
Article: http://www.financialpost.com/news/T...ost+expensive+retail+rents/3568251/story.html
Garry Marr, Financial Post · Thursday, Sept. 23, 2010
TORONTO — Toronto’s so-called “Mink Mile” managed to crack the top 20 of a list of the world’s most expensive places for retail rents, says Cushman & Wakefield.
The New York-based real estate company said the strip along Bloor Street in downtown Toronto now charges an average rent of $313 per square foot per year. That’s up from $300 per square foot per year a year earlier when Toronto finished 21st.
Put in perspective, even the most expensive place in Canada to do business in is cheap by international standards. New York’s Fifth Avenue garnered the top spot with rents of US$1850 per square foot. That was an 8.8% increase from a year ago.
Hong Kong’s Causeway Bay had rents of $US1,664 per square foot per year followed by the Ginza in Tokyo which average rents of US$877 per square foot per year.
Cushman &Wakefield said retail rents have been rising over the pat year in 66% of the 50 countries it surveys. The trend is in stark contrast to last which was worst in the 25 years the report has been released.
“Canada continues to offer outstanding value for money for high-end retailers from the US and Europe,” said Pierre Bergevin, President and CEO of Cushman & Wakefield in Canada. ““Despite significant upheaval due to construction along the entire Bloor retail strip, luxury retailers continued to drive demand leading to higher rents.
Vancouver’s Robson Street was the next most expensive location in Canada after Bloor Street with rents of $220 per square foot per year, up 4.8 from a year ago. Next up was Saint-Catherine West with average rent of $150 per square foot, flat from a year ago. Toronto’s Queen Street West was fourth with rents of $110 per square foot, also flat from a year earleir.
The only city in by Cushaman &Wafeild in Canada where rents went down was Calgary. Rents along its 17th Avenue West dropped to $45 per square foot from $50 per square foot a year earlier.
[email protected]
Garry Marr, Financial Post · Thursday, Sept. 23, 2010
TORONTO — Toronto’s so-called “Mink Mile” managed to crack the top 20 of a list of the world’s most expensive places for retail rents, says Cushman & Wakefield.
The New York-based real estate company said the strip along Bloor Street in downtown Toronto now charges an average rent of $313 per square foot per year. That’s up from $300 per square foot per year a year earlier when Toronto finished 21st.
Put in perspective, even the most expensive place in Canada to do business in is cheap by international standards. New York’s Fifth Avenue garnered the top spot with rents of US$1850 per square foot. That was an 8.8% increase from a year ago.
Hong Kong’s Causeway Bay had rents of $US1,664 per square foot per year followed by the Ginza in Tokyo which average rents of US$877 per square foot per year.
Cushman &Wakefield said retail rents have been rising over the pat year in 66% of the 50 countries it surveys. The trend is in stark contrast to last which was worst in the 25 years the report has been released.
“Canada continues to offer outstanding value for money for high-end retailers from the US and Europe,” said Pierre Bergevin, President and CEO of Cushman & Wakefield in Canada. ““Despite significant upheaval due to construction along the entire Bloor retail strip, luxury retailers continued to drive demand leading to higher rents.
Vancouver’s Robson Street was the next most expensive location in Canada after Bloor Street with rents of $220 per square foot per year, up 4.8 from a year ago. Next up was Saint-Catherine West with average rent of $150 per square foot, flat from a year ago. Toronto’s Queen Street West was fourth with rents of $110 per square foot, also flat from a year earleir.
The only city in by Cushaman &Wafeild in Canada where rents went down was Calgary. Rents along its 17th Avenue West dropped to $45 per square foot from $50 per square foot a year earlier.
[email protected]
1 - 20 of 105 Posts
What is empty other than that development at Avenue Road?
There's the Lululemon space, NOIR space, Bloor on both sides of Avenue Rd, one in the Colonnade... It's quite sad.
Years ago retailers were complaining they couldn't get a spot on Bloor. Now the rents are higher, the strip is more prestigious than ever, it's nearly finished its makeover yet there's vacancies all down the road.
Recession sucks.
Years ago retailers were complaining they couldn't get a spot on Bloor. Now the rents are higher, the strip is more prestigious than ever, it's nearly finished its makeover yet there's vacancies all down the road.
Recession sucks.
The massive 30,000 sq. foot space is being renovated by the property manager, so look for that one to fill up soon. And, yes, a couple of years ago, retailers were complaining that they couldn't find space because companies like Lulu were taking up space. It probably got too expensive for them to stay there so they moved. I don't think any concern is necessary over Bloor. Once this construction ends, I think you'll see the store fronts fill up quickly and with much higher end retailers than were in there before. The rumour I heard for the corner spot at Avenue was either Dior, Fendi, or Dolce and Gabanna. A couple of the smaller spaces are rumoured to be Breitling and Ungaro. If anyone else can shed some light, please do. I think with all the construction, it was impossible for retailers to get in there and set up their space properly.There's the Lululemon space, NOIR space, Bloor on both sides of Avenue Rd, one in the Colonnade... It's quite sad.
Years ago retailers were complaining they couldn't get a spot on Bloor. Now the rents are higher, the strip is more prestigious than ever, it's nearly finished its makeover yet there's vacancies all down the road.
Recession sucks.
The corner spots in the Park Hyatt? Those are very good spaces, hopefully something nice goes in. The 30 000 sqf space is the one in the Renaissance Centre, right?
I thought it would be divided up.
Dior (or Fendi, D e G) are great, but Breitling and Ungaro is even better.
I thought it would be divided up.
Dior (or Fendi, D e G) are great, but Breitling and Ungaro is even better.
I remember only recently Robson and Bloor were tied for most expensive rent. Now, Bloor clearly outshines Robson - guaranteed with the renos too, it will unarguably be Canada's premier high street.
Robson and Granville have too many chain-stores I'd see in a mall. The high-end stuff is only on a short section of Burrard and South Granville (not downtown). Meanwhile, West 4th never disappoints. It's like Vancouver's Queen West.
Originally I thought it would make sense for it to be divided up as well, but Donna Karen was another one looking for a huge space that was never available. That's also why Brooks Brothers went into the RBC tower last year - no space on Bloor. Omega was another one I heard about wanting a large space. Toronto is known to be an extremely high-end watch market so I think we'll start to see more of those types of boutiques move in.The corner spots in the Park Hyatt? Those are very good spaces, hopefully something nice goes in. The 30 000 sqf space is the one in the Renaissance Centre, right?
I thought it would be divided up.
Dior (or Fendi, D e G) are great, but Breitling and Ungaro is even better.
high end isn't opening too quickly now as a few years ago either
Right, but as I said, it has mostly to do with available space. Dior isn't going to open up a 2,000 sq. ft store just for the sake of being on Bloor. The right space has to be there. It'll happen...high end isn't opening too quickly now as a few years ago either
From the New York store's manager, Victorinox has been eyeing Toronto for quite some time as well, although I think they may wait for a space on a smaller street.
Victorinox eh?
Their SoHo store carries wonderful things for a reasonable price - I bought a rugby shirt last summer and still wear it with pride!
Their only NA location (last I checked) was NY, it would be tremendous to have it somewhere in Yorkville.
Their SoHo store carries wonderful things for a reasonable price - I bought a rugby shirt last summer and still wear it with pride!
Their only NA location (last I checked) was NY, it would be tremendous to have it somewhere in Yorkville.
I'm surprised Apple did not grab it, but also relieved. I don't think Bloor Street is the right location for a big sprawling computer/electronics store.
I'm quite saddened that they haven't opened on Bloor. Their stores are exceptionally well designed (see their Covent Market location and the gorgeous one in Paris), and their location at the Eaton Centre really isn't large enough. Adding an Apple store to Bloor would assist in drawing crowds, making for a livelier street life.
Yah, it's a beautiful store and I bought a couple of things from there in July. It's still their only NA location but the manager for that store mentioned that Canadian sales are quiet strong and they have been "eyeing Toronto for a couple of years".Victorinox eh?
Their SoHo store carries wonderful things for a reasonable price - I bought a rugby shirt last summer and still wear it with pride!
Their only NA location (last I checked) was NY, it would be tremendous to have it somewhere in Yorkville.
sorry, typo...quite strongYah, it's a beautiful store and I bought a couple of things from there in July. It's still their only NA location but the manager for that store mentioned that Canadian sales are quiet strong and they have been "eyeing Toronto for a couple of years".
they had a Victorinox pop up store in whistler during the olympics
Speaking of Bloor street reminded me it was the last place I saw Santa, I mean Zanta. I think he's pretty much been banned from the most of Downtown. Aside from being the shopping grounds for the rich and the famous it attracts some of the cities most colourful people.
Bring back Zanta!
Bring back Zanta!
What the heck ever happened to Zanta? I've not seen him in at least a couple of years.
1 - 20 of 105 Posts
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