This fall, the world's first comprehensive Versace Home flagship will open in Vancouver's historical Gastown area. It will be the Italian luxury brand's first location to feature its entire home collection, from furniture to fixtures. Versace is confident that it will do well in Canada, as it plans to open multiple locations over the next several years.
According to Versace Home's website, there are currently only three Versace Home stores in the world, located in Milan, Beirut and Dubai. A number of Versace stores also carry selected items from the Versace Home Collection. Opening a location is Vancouver is a major coup.
Located at 310 West Cordova Street, Versace Home will carry furniture as well as tiles, lighting, bathroom fixtures, bath accessories, porcelain, textiles, fabric, decorative pieces and wallpaper. The Vancouver store is a partnership between Versace and Major Global, according to a source familiar with the new store.
A source at Versace confirms that the store will occupy about 2,000 square feet of retail space, in a building measuring about 3,000 square feet. According to SpaceList, 310 West Cordova was recently for lease. The retail space features 16 to 18 foot ceilings, as well as exposed brick on both side walls. It has access to a courtyard at the rear, and there are four large parking garages within two blocks.
Versace Home replaces consignment store deLuxe Junk, which operated out of the space for over three decades. Founded in the late 1800's, Gastown was Vancouver's original downtown core. Although a transitional area for many years, it is fast becoming increasingly upscale, with more higher-end clothing and home furnishings retailers opening shops in the area.
Versace plans to open as many as five Canadian stores within the next several years, according to a source familiar with the company. Versace expects its new Canadian locations to break even within a year of opening, and expects them to be profitable within two years.
Currently, Canada's only free-standing Versace store is located at Toronto's Yorkdale Shopping Centre. The 2,800 square foot location opened late last month. Versace's current Vancouver location, which opened in 1987, is a licensed shop-in-store within multi-brand luxury retailer, Leone.
Vancouver has a history of Versace store locations, besides its current boutique inside of Leone. In 1993, the company opened North America's first Versus by Versace store, occupying about 2,500 square feet at the southwest corner of Burrard and West Georgia Streets. In 1995, a franchised Istante by Versace store opened at 769 Hornby Street, across from the Vancouver Art Gallery. Both closed several years after opening.
Interestingly, another Italian luxury brand is planning to open its first Canadian home furnishings location. We'll report on it soon, as we are awaiting further details.