The Gap to Close Bloor Street Flagship Store in Toronto in January 2021

San Francisco-based fashion retailer The Gap will close its three-level store at 60 Bloor Street West in Toronto at the end of January 2021. The store has anchored the northeast corner of Bloor and Bay Streets since its opening in November of 1999.

A Gap spokesperson provided a statement to Retail Insider: “As part of our company strategy to adapt to the changing needs of our customer and growth of our online business,  we are looking thoughtfully at our real estate to support the best path forward. As a result, we are closing  a number of stores across the Gap Inc.  fleet, including our Gap brand store on Bloor Street at the end of January 2021. We remain committed to making appropriate and timely decisions on stores that  don’t fit our vision for the future of Gap Inc. We are confident these closures will help strengthen the health of our company moving forward.”

The Gap store spans three levels and almost 17,000 square feet. The street level spans more than 7,000 square feet and the second level is nearly the same size. A basement level adds nearly 2,800 square feet to the store. The store recently saw an exterior renovation as part of the overhaul of the 60 Bloor office tower that is owned by Morguard.

50-60 Bloor Street West ground floor lease plan. Image: Morguard
50-60 Bloor Street West ground floor lease plan. Image: Morguard

The corner of Bloor and Bay is considered to be prime property. Last year Birks CEO Jean-Chrisophe Bedos said that the intersection was the “best retail location in all of Canada” —that includes a Birks flagship store with an adjacent Van Cleef & Arpels boutique. For decades David’s Footwear occupied the northwest corner of the intersection at 66 Bloor St. W. until its bankruptcy last year, and Hakim Optical now occupies part of that space. A TD bank has occupied the southwest corner of the intersection at 77 Bloor Street West for decades.

The immediate area has seen some significant investments. Last year Manulife completed the overhaul of the commercial podium of the Manulife Centre at a cost of over $100 million that includes a new 50,000-square-foot Eataly location. Holt Renfrew, which is shut because of the pandemic, recently completed a renovation of its facade as well as the main floor luxury hall. Most of Cumberland Terrace, located to the north of the Gap will be demolished next year for a major redevelopment.

Gap 60 Bloor – Photo by Dustin Fuhs
Click for interactive Google Map of 60 Bloor Street

It’s Unclear What Will Replace The Gap Store After its 21-Year Run on Bloor Street

It’s unclear what might replace The Gap at 60 Bloor Street West. One rumour is that CIBC bank could look to occupy the corner, as CIBC’s street-level banking space at 2 Bloor Street West will eventually be incorporated into a larger redevelopment at that corner. A 3,800-square-foot retail space at 60 Bloor St. W. adjacent to Holt Renfrew is also for lease — despite being next to Holts’ street-level “world of” Saint Laurent boutique, the vacant 60 Bloor space may be difficult to lease given that it is not completely at grade.

This week it was also announced that The Gap’s three-level Chicago flagship store at 555 Michigan Avenue will also be closing in January. The Gap is reevaluating its real estate and is looking to close many of its stores in North America amid a strategy to operate out of strip malls and other rent-favourable retail locations.

Gap-owned Intermix at 130 Bloor Street West is also said to be closing in January of 2021, and The Gap has not yet confirmed this information. That space has already secured a new tenant with details to follow.

Bloor Street will struggle with vacancies in the coming months as some retailers have shuttered. Already, retailers J. Crew, Browns Shoes, Guerlain, Calvin Klein, Banana Republic, Mulberry, Michael Kors, Victorinox, MAC Cosmetics, and others have exited the street. Club Monaco at 153 Bloor St. W. and others will join it. At the same time, brokers say interest in leasing is picking up and negotiations for some spaces are ongoing.

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.

More From The Author

Exterior of Psycho Bunny store in the US. Photo: Psycho Bunny

Edgy Men’s Fashion Brand ‘Psycho Bunny’ to Open Canadian Stores

The unique brand, known for its polo shirts with a logo featuring a maniacal-looking rabbit over a skull and bones, will launch standalone stores for the first time in Canada.
Rendering of 1140 Yonge Street. Designed by Audax for Devron Developments. Rendering: Urban Toronto

Landmark Mixed-Use Development in Toronto’s Rosedale Area to Feature Unique Retail...

A former Staples store, which once hosted TV shows Front Page Challenge and Mr. Dressup, will be redeveloped into a stunning residential building with unique commercial space at its base.

RECENT RETAIL INSIDER VIDEOS

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

RECENT ARTICLES

Edgy Men’s Fashion Brand ‘Psycho Bunny’ to Open Canadian Stores

The unique brand, known for its polo shirts with a logo featuring a maniacal-looking rabbit over a skull and bones, will launch standalone stores for the first time in Canada.

How a Small Retailer in the BC Interior Amassed Over a Million Social Media Followers in 4 Months

JJs Fashions in Trail began posting videos about its "hot boss" leading to explosive growth in social media interaction and brand awareness.

Canadian Retail News From Around The Web For March 2, 2021

Holt Renfrew launches campaign with Jordan Alexander, Walmart ghost kitchens, Montreal landlord defends 75% rent increase for bookstore, Portage Place redevelopment in Winnipeg in jeopardy, and other news.

Subscribe

* indicates required
Get Connected

MOST-READ ARTICLES

International Retailers Continue to Enter Canadian Market Despite Pandemic [List/Analysis]

Retail Insider analysis of the international retailers that have entered Canada over the past 12 months as the industry looks to an uncertain future.

Canadian Footwear Brand Maguire Opens First Toronto Store

The Montreal company anticipates lower rents and as a result, plans to selectively open more locations while also significantly growing e-commerce.

Big Changes Coming for Canadian Grocery in 2021 and Beyond: Expert

Expansion of omnichannel development and greater use of predictive analytics and machine learning to help shape the grocery experience of tomorrow.
- Advertisement -
- Advertisement -
- Advertisement -