Watch above: Why the exodus of stores means more high-end stores are on the way to Bloor Street. Sean O’Shea reports.
TORONTO – Canada’s so-called ‘Mink Mile’ will be without Williams-Sonoma and Pottery Barn next year as both retailers plan to vacate their coveted spot on Toronto’s Bloor Street West.
Williams-Sonoma and Pottery Barn have called the luxury retail strip their home since 2002 but sky-high rents have forced them to close down shop.
A portion of the 37,000 square feet location at 100 Bloor will make way for Holt Renfrew’s two level men’s store. However, it’s currently unknown which retailer will occupy the vacant location.
Williams-Sonoma will continue to operate stores in Toronto’s Yorkdale mall, Eaton Centre and Sherway Gardens.
According to a report in the Toronto Star, rents per square foot have risen $100 over the past seven years from $225 to $325.
© Shaw Media, 2014