Popular Buffalo NY-based hat and accessory retailer New Era is planning to close its Toronto flagship on August 1 of this year. As a result, the 202 Queen Street West retail space will be available for a new tenant.
New Era has occupied the 3,000 square foot retail space since August of 2007, and the retailer says that it plans to exit the Toronto market. The New Era Cap Company was founded in Buffalo in 1920 and is known for its various hat (including baseball hat) styles as well as apparel and accessories. The company has stores in Buffalo, New York City, New Orleans, Los Angeles, Berlin, Birmingham UK, London UK, Paris, Stratford UK and Tokyo.
The retailer’s closure presents an opportunity for a new retailer to secure space on one of Canada’s most high-profile retail streets. The three-level 202 Queen Street West building, located on the popular stretch between University Avenue and Spadina Avenue, sees thousands of pedestrians pass by daily, as well as plenty of cyclists, automobiles and busy streetcars. The busy Osgoode TTC Subway station is a short distance to the east — subway passengers headed westward along the street will walk past 202 Queen.
The entire 202 Queen Street West building spans four levels — the ground floor, second floor and third floor each measure 1,549 square feet, and the basement adds a further 800 square feet of space. The site measures 20.16 x 102 feet, and net rent is $22,000/month with an additional $71,764.49 (2016) annually for property taxes and $5,419.44 (2016) for building insurance. There is parking at the rear of the building that is protected by gates. The property has customization potential and recent improvements include a new roof, six new skylights that brighten up a space already full of natural light, as well as a slate façade on the third level.
The third floor can be used for commercial purposes or even for residential (it has a kitchen and washroom), and the basement provides exceptional storage space.
Queen Street West is one of Canada’s most popular shopping areas. The area boasts high pedestrian traffic, and over the past decade a number of major international brands have set up shop nearby.