Versace to open 5 Canadian stores within 5 years

 


New Versace flagship store, Hong Kong. Photo: www.bastiaanvanschaik.comNew Versace flagship store, Hong Kong. Photo: www.bastiaanvanschaik.com

New Versace flagship store, Hong Kong. Photo: www.bastiaanvanschaik.com

Versace plans to open 5 Canadian stores within the next 5 years

Italian luxury brand Versace plans to open five Canadian stores within the next five years, and possibly even sooner. Its target cities include Toronto, Montreal and Vancouver, and perhaps another Canadian city. Toronto will likely see two Versace stores: the company has already confirmed one, while it searches for a large downtown flagship space. A source tells us that all five Versace stores could be open in as little as two and a half years. 


Inside of Hong Kong's new Versace store. Photo: VersaceInside of Hong Kong's new Versace store. Photo: Versace

Inside of Hong Kong’s new Versace store. Photo: Versace

Versace’s first free-standing Canadian store will open next month at Toronto’s Yorkdale Shopping Centre. We first learned of the 2,820 square foot store through the City of Toronto Applications website. Yorkdale management later confirmed its Versace store, along with several other first-to-Canada luxury retailers. 

Versace is seeking retail space in Toronto, Vancouver and Montreal. In Toronto, the brand wants a large space on Bloor Street West. In Vancouver, Versace seeks space ideally in the city’s ‘luxury zone’, located between the Hotel Vancouver and the Shangri-la Hotel. In Montreal, we’re not sure if Versace will open a street-front shop, or if it will choose to locate within an expanded Ogilvy/Holt Renfrew store, expected to be completed in 2017. Montreal currently lacks a street-front luxury zone, save for a handful of upscale retailers in the vicinity of the Ritz Carlton Hotel on Sherbrooke Street West.

Our source can’t confirm which fourth Canadian city could see a new Versace location. Our best guesses would be Calgary, possibly at Chinook Centre, or in Edmonton, at West Edmonton Mall. Both properties have aggressive leasing teams actively looking to secure new luxury tenants. This is more speculation on our part, however, and we’ll update you when we learn more. 

Canada’s only Versace store is a large shop-in-store within Vancouver-based luxury retailer Leone. Versace has operated out of the Sinclair Centre retailer since 1987. There’s no word yet on what will happen to Leone’s current Versace shop. 

Canada has had several Versace stores in its past. In the 1990’s, Toronto had franchised Versace locations on Bloor Street West, on Hazelton Avenue, and within luxury retailer Chez Catherine at Hazelton Lanes. In Montreal, Versace once operated shops on Sainte Catherine Street West and within a Chez Catherine concession at Ogilvy

CANADIAN RETAIL NEWS: Monday, July 7, 2014 (Updated Continuously)

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Article Author

Craig Patterson
Craig Patterson
Now located in Toronto, Craig is a retail analyst and consultant at the Retail Council of Canada. He's also the Director of Applied Research at the University of Alberta School of Retailing in Edmonton. He has studied the Canadian retail landscape for the past 25 years and he holds Bachelor of Commerce and Bachelor of Laws Degrees. He is also President & CEO of Vancouver-based Retail Insider Media Ltd.

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5 COMMENTS

  1. The Ritz-Carlton Montreal is located in the Golden Square Mile on Sherbrooke Street West, not Sainte-Catherine West.

  2. I can’t see Toronto getting 2. I could see Calgary and edmonton both getting one for sure though. Calgary and edmonton have higher than normal wages with fashion forward people in both cities

    • Calgary and Edmonton are both becoming stronger markets for sure. Nevertheless, Versace is looking to open a second Toronto location. We were relayed this information from a source working with Versace corporate. Toronto is definitely coming of age, and within the next 3 years, will likely have multiple locations for Bulgari, Ferragamo, Dior, and a few others that we’ll save for future articles.

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