Oxford Properties Group announced a $28M investment and plans to redevelop Yorkdale Shopping Centre on Monday. The renovation, says the company, will take place over the next year and calls for the ‘repositioning’ of stores.
William Correia, Director for Yorkdale, says the redevelopment will help the venue to better meet the demand of its tenants and shoppers.
“By investing and renovating our space, we are making room for more of the world’s leading brands, as well as enhancing and expanding our dining options to cater to both shoppers and employees,” he says.
According to a press release issued this morning, more than 900 feet of hoarding — construction site barricades — has already been installed in Yorkdale’s central corridor, “which will soon be home to highly sought-after brands eager to launch their first Canadian standalone boutiques." Stores have already been relocated from the central corridor to other areas of the property to accommodate the renovation.
Although the brands that will eventually occupy the central corridor won’t be announced until later this year, Monday’s release reveals that Dolce & Gabbana, World of Ralph Lauren, Anine Bing, and Chinese jewelry brand Qeelin are among the new retailers that will open this season outside of the central corridor.
They will join 53 new retailers that have opened in Yorkville over the past few years, including 29 first-to-market brands, over half of which fall into the luxury category.
As well, Yorkdale’s food court, known as Dine on 3, is set for a facelift. As part of the larger redevelopment plans, Dine on 3 will be expanded to accommodate seating for 1,200 additional diners and nine new restaurant concepts.
At two million sq. ft and containing 270 stores, Yorkdale is already one of Toronto’s largest and most impressive malls, and Oxford’s investment is in line with positive trends observed in the larger retail landscape.
Despite inflationary headwinds, Toronto’s retail segment held up strong in the first half of the year. This is according to a report published last week by CBRE, which says that “leasing momentum continues to increase with brands setting their sights on Toronto.”
What’s more, the commercial real estate brokerage points specifically to Yorkdale in the report, noting that it has “virtually no vacancy and remains a top destination for shoppers and retailers alike.”
CBRE’s report goes on to say that while inflation and interest rates have certainly hampered consumer spending, “this has not curbed business plans for retailers with proven product.”