Sherway Gardens reaches all-time high productivity; out-paces national average by 4.5 times



    ETOBICOKE, ON, Oct. 31 /CNW/ - Sherway Gardens, west Toronto's premier
retail destination, achieved a record high sales productivity level of
$905 per square foot (psf) at the end of August 2007, out-pacing the national
growth rate by 4.5 times.
    "We are very proud of our achievement" says Scott Kyle, General Manager
of Sherway Gardens. Kyle attributes the achievement to strategic organic
growth, slowly replacing retailers with those whose operating philosophy
reflect the Sherway Gardens' approach to exclusive fashion and lifestyle
brands wrapped in a five-star experience.
    "Sherway Gardens' customers are discerning, yet extremely loyal to their
centre," says Kyle. "The tenants introduced over the past three years have
delivered an exceptional level of quality, service and selection to our target
customer, fueling this productivity growth."
    Sherway's sales productivity grew from $666 psf in August 2004 to $905 by
August 2007. Productivity growth over the past year was 16 per cent, compared
to the national growth rate for the same period at 3.6 per cent. Sales
productivity is a measurement commonly used in the shopping centre industry.
It is calculated using 'total sales divided by total rentable square feet' and
typically excludes anchors and other non-reporting tenants.
    "Over the last three years we've added influential retailers such as
Williams Sonoma and Pottery Barn, whose stellar performance attracted the
attention of other national and international icon retailers," says Kyle. By
the end of 2005, Sherway added Pottery Barn Kids and Aritzia, followed in 2006
by Abercrombie & Fitch, Hollister, French Connection (FCUK) and Nike. In the
fall of 2006, Apple, Coach and Lululemon were added, followed by GEOX and MAC
by mid-2007. Kyle says during this period, many existing retailers underwent
cosmetic or major renovations, but the shopping centre itself has remained
virtually unchanged.
    Speaking on behalf of NIKE Canada, Marshall Myles commented, "Sherway
Gardens has undergone some outstanding retail changes over the past few years
and NIKE is thrilled to have successfully launched one of its first
fully-branded stores at the centre. I congratulate Scott Kyle and the entire
Sherway Gardens team for exceeding a significant shopping centre industry
benchmark, and for creating an unmatched shopping experience for our premier
customer base."
    Although the numbers are remarkable, Kyle says Sherway Gardens won't be
resting on its laurels. "European retailer Miss Sixty just opened, with
several others coming in 2008 that will fuel continued growth," he says. He
also noted that leading retailers like Apple, Coach and Holt Renfrew continue
to provide innovative products and new fashions that directly align with the
needs and wants of Sherway shoppers.

    About Sherway Gardens

    Sherway Gardens is owned and managed by Cadillac Fairview, one of North
America's largest investors, owners and managers of commercial real estate.
With a portfolio valued at over $15 billion, the company and its affiliates
own and manage over 83 properties, including some of Canada's landmark
developments.

    About Cadillac Fairview

    Cadillac Fairview is wholly-owned by the Ontario Teachers' Pension Plan.
For more information about Sherway Gardens, visit www.sherwaygardens.ca and
for more information about Cadillac Fairview, visit www.cadillacfairview.com.




For further information:

For further information: Scott Kyle, General Manager, Sherway Gardens,
(416) 621-1071  ext. 7010, kyles@cadillacfairview.com; Heath Applebaum,
Manager, communications & Media Relations, The Cadillac Fairview Corporation
Ltd., (416) 598-8645, Heath.applebaum@cadillacfairview.com


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