Major Expansion, Design and Facilities Upgrades Attract New Retail Tenants
TORONTO, August 15, 2017 /CNW/ - Cadillac Fairview is pleased to announce the completion of the final phase of its half-billion-dollar redevelopment and expansion of CF Sherway Gardens. The shopping centre's new south wing, comprising 250,000 square feet of additional retail space, officially opens on August 29th.
Reinforcing the centre's position as west-end Toronto's pre-eminent shopping destination, this latest phase features significant aesthetic and design upgrades, the full restoration of its iconic white "tent" roof, and a re-merchandising of 90,000 square feet of existing retail space.
For Cadillac Fairview, the complete $550 million redevelopment spurred the opportunity to attract new retail brands including Saks Fifth Avenue, Kate Spade, as well as Indigo's new concept store to name just a few. Joining the retail mix via the new expansion, Nordstrom and fashion giant Zara will debut at the centre's south wing, which will also welcome Saje, Nike, MAC, Loding, Squish, BonLook, L'Intervalle, and The Danish Pastry House.
"Along with a revitalized merchandise mix, CF Sherway Gardens is demonstrating an intensified commitment to delivering a unique shopping experience," said Finley McEwen, Cadillac Fairview's Senior Vice President of Development. "We started with interior enhancements, introduced new lighting and public amenities, and are now providing a range of upscale dining options and new digital offerings – delivering on our commitment to providing guests with an immersive, premium shopping environment."
The redevelopment, which commenced in early 2013, spanned two previous phases: in September 2015, a north wing expansion added 210,000 feet of new space to accommodate Harry Rosen's flagship store, a relocated Sporting Life store, and the introduction of other well-known retail brands, plus four restaurants, including Joey's, The Keg, Union Chicken and Cactus Club (opening in 2017). Renovations and retrofits within individual store spaces are also planned and will continue as additional retail brands are introduced along with exciting new consumer experiences.
According to CF Sherway Gardens General Manager Andy Traynor, Cadillac Fairview is the only Canadian shopping mall operator with three properties housing both Nordstrom and Saks Fifth Avenue stores. "CF is very proud of the partnerships we have nurtured with these high-end global brands and we're delighted to welcome them to CF Sherway Gardens," he said.
"Beyond the physical expansion and upgrades, our revitalization is about adjusting our retail mix to mirror the expectations of our shoppers. This means building on our roster of best-in-class brands, which includes much sought-after premium and luxury retailers."
Cadillac Fairview acknowledges the current shifts in retail and the impact of online shopping on the industry, and according to McEwen, the company is well-positioned to adapt to changing consumer behaviours and patterns.
"We have aligned ourselves with retailers with a proven online track record and whose bricks and mortar presence complements, and doesn't necessarily compete with, their online market," he said.
McEwen notes that CF is a dominant player in the Canadian luxury sector, with its tenants accounting for roughly 15% of annual luxury sales in Canada. Referring to the total retail market, he points out that Canadians spent a total of $532 billion on retail goods in 2016, and out of that, some $344 billion, or 65%, could be considered sales of categories or goods found in shopping centres, and of that $10 billion were luxury sales.
"CF will always continue to offer compelling best-in-class brands," he said. "In this competitive and ever-evolving marketplace, we'll maintain a dynamic approach to constantly adjusting our thinking to anticipate and stay ahead of trends in retail."
Experience the Launch of CF Sherway Gardens' new South Wing
To celebrate the launch of the new south wing, CF Sherway Gardens is showcasing an array of dazzling activations inviting guests to experience the new space. From August 29 to September 19, featured activities will include a rotating exhibit of specially curated art pieces, a refreshing juice bar and a highly immersive and shareworthy carousel experience.
Join the #CFSherway Conversation
Guests are encouraged to sign up for the CF Sherway Gardens newsletter by visiting https://www.cfshops.com/sherway-gardens to keep up with the latest happenings including mall insider information, behind the scenes access and exclusive tips that can't be found anywhere else. CF Sherway Gardens invites shoppers to take part in the conversation by using #CFSherway and visiting the property's Twitter, Facebook and Instagram pages.
ABOUT CADILLAC FAIRVIEW
Cadillac Fairview is one of the largest owners, operators and developers of best-in-class office, retail and mixed-use properties in North America. The Cadillac Fairview portfolio is owned by the Ontario Teachers' Pension Plan, a diversified global investor which administers the pensions of more than 300,000 active and retired school teachers. The real estate portfolio also includes investments in retail, mixed-use and industrial real estate in Brazil, Colombia and Mexico.
Valued at more than $28 billion, the Canadian portfolio includes over 38 million square feet of leasable space at 67 properties in Canada, including landmark developments, such as Toronto-Dominion Centre, CF Toronto Eaton Centre, CF Pacific Centre, CF Chinook Centre, Tour Deloitte and CF Carrefour Laval.
SOURCE Cadillac Fairview Corporation Limited