Although Nordstrom has leased 213,000 square feet of Sears' Toronto Eaton Centre store, there is still about 140,000 square feet of retail space available within the Sears space. La Maison Simons' CEO Peter Simons has made it no secret that he'd like to open a store at the Toronto Eaton Centre, and there may still be room for his store.
La Maison Simons is seeking store space in the 100,000 - 120,000 square foot range. Given that there is about 140,000 square feet of retail space still available, Simons could possibly secure retail space alongside the new Nordstrom store.
An insider tells us that Nordstrom is expected to occupy most of the three levels directly below Sears' four levels of office space, leaving about 140,000 square feet of retail below grade (the mall's second level, technically) and possibly on the ground floor (the mall's third level, technically). Peter Simons has said that he'd prefer a prominent street-level entrance for a Toronto Eaton Centre store, so it remains to be seen how a possible deal could play out.
At 816,000 square feet, the Toronto Eaton Centre Sears store was the largest Sears in the entire company. Of that space, the top four floors (approximately 460,000 square feet) will continue to be occupied by Sears Canada as its corporate offices. Sources confirm that Sears' rent was only $1/sq ft/year for the space. Given the substantially higher cost for office space in Downtown Toronto, Sears Canada will continue to get a deal by continuing to occupy this space.
We'll keep you updated on the possibility that La Maison Simons could join Nordstrom at the Toronto Eaton Centre.
- Analysis: Sears Canada sells 5 store leases, including Toronto flagship
- La Maison Simons' Canadian expansion: Interview with Peter Simons
- La Maison Simons to open first Toronto-area store at Square One, Mississauga
- La Maison Simons in talks to open two Toronto stores
[Toronto Eaton Centre website]
[La Maison Simons website]