Canadian Retail Thread

[flipv]

Originally Posted by LeftCoaster

This has been released today. One of the better kept secrets in the real estate world. Will have big implications for Saks roll out around The GTA.




Read more: http://toronto.ctvnews.ca/hbc-announces-...tails-saks-debut-1.1657439#ixzz2rboXGrXD

Worst piece of news in a long time.

1) Hudson's Bay is now 'sharing' its flagship with another retailer - ie: no longer a flagship IMO. Also can't wait to see how CF bastardizes that iconic piece of architecture a la Eaton Centre.

2) We're left with that wonderful piece of architecture at Yonge and Bloor with the interior to match your wildest mid-80s retailing dreams.

[caltrane74]

I wonder if they need that 650 mil, for improvements at the Yonge and Bloor, and Yonge and Queen Stores.

The Yonge and Bloor store looks like it may be the target of a 200 million dollar renovation when they rebrand the store as a Saks. If they plan on doing the same thing down at Yonge and Queen that will also be a drain on cash.

[LeftCoaster]

Originally Posted by caltrane74

I wonder if they need that 650 mil, for improvements at the Yonge and Bloor, and Yonge and Queen Stores.

The Yonge and Bloor store looks like it may be the target of a 200 million dollar renovation when they rebrand the store as a Saks. If they plan on doing the same thing down at Yonge and Queen that will also be a drain on cash.

I think you missed the point of the buyout...

[taal]

Originally Posted by LeftCoaster

I think you missed the point of the buyout...

Can you elaborate, what is point ?

It seems like a good way for the Bay to get cash, and there is a lot less risk then converting the store on bloor (which will probably remain in the short term but I can see the Bay vacating the location ... and it getting redeveloped).

[Ramako]

The Yonge & Bloor HBC will remain a blight on the urban landscape, and HBC will become a bit player in its own flagship location. So pretty shitty all around.

I wouldn't be surprised if most of the prime HBC locations in Canada are eventually wholly replaced by Saks.

[OTSkyline]

Imagine all Sears locations closing and HBC's closing or switching to Saks? We will be drowning in American Retailers... might as well join the states...

#unitedstatesofcanada

[SignalHillHiker]

It's officially official now:

A popular franchise known more for its servers than its food is making its way to the capital city.

Hooters, a restaurant and bar noted for servers wearing tight tank tops and daisy duke-style shorts, will open a franchise in place of Club One this spring.

Few details have been released, as no formal application has been made. However, Seamus O'Keefe, president of the George Street Association, says Hooters will add something new to the downtown scene.

O'Keefe admits the brand may not be for everyone, and says it's disappointing to see the closure of Club One - a popular concert venue in the city.

Meanwhile, aside from issuing a building permit, the city of St. John's has no say on whether Hooters can open its doors on George Street. The Sundance Complex broke the news on Twitter yesterday of its plans to close Club One and re-open this spring as Hooters.

http://www.vocm.com/newsarticle.asp?mn=2&id=42862&latest=1

Our friend Jennifer is going to apply. She already bought the uniform for Halloween,

[north 42]

Hooters has vile food, one of the driest burgers I have ever had, plus, you have to deal with the waitresses hanging around and sitting at your table trying to chat you up. Just get my fucking food, and stop bugging me!
The one in Windsor lasted a few years, but closed, probably due to sub par food.

[SpongeG]

people don't go there to eat

[SignalHillHiker]

It's getting a rough reception here. All of the straight guys I know personally are opposed to it full stop or just because of its location. All of the guys interviewed in CBC's streeter were opposed.

All of the women I know are fine with it - and all of the women CBC interviewed are likewise supported.

WTF is wrong?

[esquire]

Originally Posted by SignalHillHiker

It's getting a rough reception here. All of the straight guys I know personally are opposed to it full stop or just because of its location. All of the guys interviewed in CBC's streeter were opposed.

All of the women I know are fine with it - and all of the women CBC interviewed are likewise supported.

WTF is wrong?

It's a glorified sports bar that tends to do best in the US suburbs. The food is pretty much what you'd expect for a place like that. I don't think it's bad at all, but I don't go in there expecting 5-star dining... just wings, burgers, fries and cold beer to wash it down.

Hooters is not as big a deal in Canada because we already have a lot of restaurant chains that specialize in sexy waitresses... places like Earl's, Joey's, Shark Club, Cactus Club.

[miketoronto]

The Hudson's Bay Queen Street will still mostly be Hudson's Bay.

Saks is only going to cover about 150,000 sq feet of the 1 million sq foot building. That is basically like one floor (although hey will make it take up parts of more than one floor from what I can tell from the news).

This is actually pretty bad. Toronto is getting a Saks that is no bigger than a suburban branch store, and really not fitting for a large city like Toronto.
So lackluster.

This also brings to truth the rumors from the start with the man that bought HBC and Lord & Taylor.
When he first bought the chains, it was said he was only interested in the property. In fact at one point, he was thinking of closing the flagship Lord & Taylor in Manhattan, and turning it into condos.
He really was just in it to buy the pricey real estate and then sell off all real estate assets to make a quick buck.

With this move, that is party true, because why would a retail company intent on staying open as retail, sell and start paying rent? Makes no sense.
This could be really bad for Canada's and some of America's iconic retail properties.

[WhipperSnapper]

Why would a retailer have 650 million dollars tied up in real estate otherwise known as non core assets? Now, that makes little sense.

[MalcolmTucker]

Originally Posted by WhipperSnapper

Why would a retailer have 650 million dollars tied up in real estate otherwise known as non core assets? Now, that makes little sense.

Exactly. Focus on core competencies! They have long term leases for most of their stores, why should they need to retain property management branches for just a select few? Their real expertise should be in managing leases.

[ue]

I thought they were converting the Bloor St Bay store into a Saks? Why convert a floor of the company flagship into another store, especially when there will be another 2 kilometers to the north.

[yaletown_fella]

I cant believe HBC is opening a Saks on freakin Queen. Pisses me off.

The high end brands should be kept in Mink Mile/Yorkville.

I hate that the city is becoming homogenized. Now tourists have less of a reason to venture north to Bloor.

If the high end shopping shifts to the CBD the city will feel smaller.

Having a satelitte "high street" is what makes Toronto unique compared with other cities.

[vid]

Originally Posted by yaletown_fella

I cant believe HBC is opening a Saks on freakin Queen. Pisses me off.

The high end brands should be kept in Mink Mile/Yorkville.

I hate that the city is becoming homogenized. Now tourists have less of a reason to venture north to Bloor.

If the high end shopping shifts to the CBD the city will feel smaller.

Having a satelitte "high street" is what makes Toronto unique compared with other cities.

Yeah, with a Saks on Queen there will basically be no reason whatsoever for anyone to go to Yorkville ever again. Saks is just such a major, dominant force that puny, insignificant Yorkville will never be able to compete.

[GreaterMontréal]

Originally Posted by vid

Yeah, with a Saks on Queen there will basically be no reason whatsoever for anyone to go to Yorkville ever again. Saks is just such a major, dominant force that puny, insignificant Yorkville will never be able to compete.

Maybe the goal was to compete with Yorkville ?

[miketoronto]

Originally Posted by GreaterMontréal

Maybe the goal was to compete with Yorkville ?

First of all, the Saks store will be puny and not be able to offer that much of a selection of anything.

Second, Yorkville has a ton of shops, including many unique one of a kind places, that can't be found anywhere else in the city.

Both areas can coexist and complement each other, like they do now.

[yaletown_fella]

Originally Posted by miketoronto

First of all, the Saks store will be puny and not be able to offer that much of a selection of anything.

Second, Yorkville has a ton of shops, including many unique one of a kind places, that can't be found anywhere else in the city.

Both areas can coexist and complement each other, like they do now.

New York wouldnt be as unique if all the luxury brands and restaurants found in Midtown had twin stores located in Downtown Manhatten. The city would become more homogeneous.

Luxury is what defines the Upper East Side (similar to luxury defining Yorkville)

I fear this will set a precedent for luxury retailers to shift to the CBD in Toronto.

Also, I think Hudsons Bay is an iconic and historic part of Toronto's CBD upper-mid ranged retail scene. Theyve already put a great deal of money into renovation. It's a shame to see it go.

My guess is this is the cheapest option for the developer and Saks to "get their feet wet" in the market. Baker wants to start with the downtown store because the Yonge/Bloor store has insufficient ceiling heights to appeal to Saks (not to mention the bunker look) It will likely require a $300,000,000 (+) reno or partial demolition (of course preserving the structural supports of the HBC tower)
If the Queen store is reasonable successful then Saks will (fingers crossed) be willing to move into Bakers eventually renovated/rebuilt store at Yonge/Bloor.