HARRY ROSEN ANNOUNCES MONUMENTAL FLAGSHIP RELOCATION; FLEET OF UPDATED RETAIL SPACES
Relocation of flagship store to heart of Yorkville centrepiece of $50M program to re-imagine Harry Rosen store concepts across Canada
TORONTO, March 14, 2024 /CNW/ - Luxury men's retailer Harry Rosen announced today that it will invest $50M over the next five years to update its retail fleet and strategy. This program will include the relocation of Harry Rosen's flagship store to a 38,000 sq. ft. footprint to create an extraordinary new luxury customer experience in the heart of Yorkville, Canada's premier retail shopping destination, as well as a transformation of its existing retail concepts.
This announcement serves as the next stage in the brand's forward-looking strategy, after investing heavily in digital over the past five years. Major milestones include growing e-commerce into Harry Rosen's largest storefront; building Herringbone, an in-store associate selling tool by which style advisors directly drive 10% of online business; launching a new online outlet (FinalCut by Harry Rosen); and more. This next leg of the strategy will progress the brand's innovative offerings, responding to customer needs at the in-store level.
The new three-story flagship space on Cumberland Street, which is adjacent to the Village of Yorkville Park and less than 200 metres from the brand's current Bloor St. store, will open by Spring 2026. It will feature updated design and customer-centric experiences that reflect the brand's vision, while honouring its 70-year legacy. The new space will house all the latest ideas in men's retail and designer shops, as well as a vast patio overlooking the Village of Yorkville Park, a luxurious client lounge and espresso bar, and valet parking on weekends, amongst other key features.
"Since my father opened the Bloor St. doors in 1970, and our current flagship in 1987, Harry Rosen has developed such a deep connection to the Yorkville neighbourhood," says Larry Rosen, Chairman & CEO of Harry Rosen Inc., and Harry Rosen's eldest son. "We are very excited to continue pushing our legacy forward by positioning our most important, innovative, and immersive flagship at the centre of the Canadian luxury and fashion space." Moving deeper into Yorkville Village, he adds, will help to continue the neighbourhood's evolution and increase development in the area.
"We are thrilled to be partnering with Harry Rosen, an iconic Canadian brand, to help them realize an ambitious vision for their new flagship store in Yorkville," says Rob Kumer, CEO of KingSett Capital. "This relocation repositions and enhances a core asset in the KingSett portfolio and highlights a growing trend in retail real estate, the importance of creating an extraordinary in-store customer experience to build long term brand and property value."
KingSett is a leading Canadian private equity real estate firm which holds the Cumberland Street building in its Canadian Real Estate Income Fund. Founded in 2002, KingSett manages $18 billion in assets across its Growth, Income, Urban, Mortgage, Residential Development and Affordable Housing strategies.
Harry Rosen has also announced that its Canada-wide retail fleet will also undergo a transformation to meet the expectations of today's luxury customer and to deliver new experiences with every visit. Beginning with a renovation of 13,000 sq.ft at West Edmonton Mall in 2024, and continuing with the opening of a 16,000 sq. ft. location in Vancouver's Oakridge Park development, Harry Rosen stores will be fully refreshed over the next five years with new designs optimized for client experience and interaction. Each store will host an engaging and immersive environment, with concepts inspired by the art of tailoring and facilitating relationships between customers and their trusted advisors. The West Edmonton Mall, Oakridge Park, and new flagship store designs have been developed in strategic partnership with dkstudio architects inc., a renowned Canadian-based design firm who have been engaged by the brand to help reimagine their store design and experience.
This announcement also represents a major milestone for the retailer, which has operated at its Bloor St. flagship for most of its 70-year legacy. The brand's founder and visionary, Harry Rosen, who passed away in December, established the trusted brand to help men discover their individual style through personalized service, a mandate which his son, grandsons, and their team intend to push forward.
"Retail is theatre, and the store is our stage," says Ian Rosen, the brand's President and COO—and a member of the third generation at the helm of the family-run business. "Our new store concepts are a direct response to what we've heard from our clients and from studying the world's leading customer experiences. Both are central to how we plan to deliver excellence moving forward."
Images available for download here.
Harry Rosen is Canada's leading luxury menswear retailer. Founded in 1954 by the man whose name the chain still bears, the eponymous store has grown from a single 500-square-foot store in Toronto to become a powerhouse in Canadian retailing with 19 stores across Canada and a robust e-commerce offering. Both Harry Rosen stores and www.harryrosen.com offer extensive collections from the world's finest labels and must have designers such as Brunello Cucinelli, ZEGNA, TOM FORD, Giorgio Armani, Moncler and its very own label HAROLD. Harry Rosen is known for its legendary customer service, delivering high-touch, personalized experiences across any customer touchpoint. The focus on treating each customer as an individual has helped establish Harry Rosen as the trusted partner in helping Canadian men develop their personal style.
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SOURCE Harry Rosen Inc.
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