For all you male (and female) fashionistas, if you haven’t heard already let us tell you now: Nordstrom is finally coming to Canada. Aside from Holt Renfrew and the Bay being exceptional outlets for brand name clothing, they’ll now have a whole new level of competition. We welcome this very much and view the move as good news here in Canada because more competition means greater deals in return for the consumers. After months of speculation, the move was made back in September when mall operator Cadillac-Fairview Corporation Ltd. paid Sears Canada $170-million to vacated the leases at premier shopping center’s in Ottawa, Calgary and Vancouver.
So, finally after much anticipation there will be four new Nordstrom locations popping up in Canada. But we’re certain you don’t care about that, but what you should care about is that one of the locations will be right in your backyard at Sherway Gardens in Toronto. The official opening date hasn’t been set yet, but the Toronto location is set to open sometime in 2016.
Nordstrom plans to explore opportunities to expand further into Canada with more full-line stores as well as their discount retail division, Nordstrom Rack. Could that mean Nordstrom is angling to replace Sears at their flagship Eaton Centre location? Let the rumor mill churn!
Aside from them joining the Canadian retail market, Nordstrom also has a strong e-commerce business in Canada, giving them the advantage of a strong customer base coming into the market. So, when they picked Cadillac Fairview and its affiliates who own and manage 85 properties across North America it seemed liked a match made in heaven. Oddly enough what we didn’t know is that it’s wholly-owned by the Ontario Teachers’ Pension Plan.
That’s neither here nor there, but we can’t be left but wondering what does the OTPP has to do with malls?