Yahoo Finance Quebec’s Simons eyes Toronto Sears locations
If Quebec-based department store La Maison Simons gets its way, more consumers can enjoy the fashion-forward offerings of one of the last few Canadian apparel retailers left standing in a retail landscape that is heating up following a wave of U.S. entrants.
The chic, popular and privately-owned retailer wants to open in the two spots that will soon be vacated by Sears Canada, according to a report in the Toronto Star newspaper on Tuesday. Peter Simons, president and chief executive of the family-run company, said he is actively in discussions to fill the spots at Yorkdale Shopping Centre and Square One Shopping Centre in Mississauga.
The comments come after Sears Canada said late last week it is cashing out of two high-traffic locations by selling leases back to their landlords for $191-million, which led to immediate speculation about who would fill those spots.
“I’m hoping to build a great store in Toronto in the near future if we can get a good deal done," Simons told The Star.
Even though we now know that Simons, in business for over 170 years, is a contender, there are no guarantees it will snag the spots.
The Sears closings come as Canada's retail landscape intensifies, most recently with the entrance of U.S. discount retailer Target Corp. There is limited large-scale commercial real estate space in Canada so struggling brands are increasingly becoming targets as more American retailers seek to expand here. Think Nordstrom.
Michael Kitt, executive vice-president, Canada, of Oxford Properties Group, which owns the malls along with the Alberta Investment Management Corp, told the Star there is a "long list of interested parties" for both the properties and it will be months before a decision is made.
Given the choice between a U.S.-based retailer and Simons, surely an expansion into Ontario by the upper-scale Quebec City-based store would be welcome as more consumers seek to support homegrown brands.
Simons reportedly has a staff of 100 designers, but also sells designer brands and Simons said his store has the most complex and wide fashion assortment in the country, from mid-range to high-end designers like Chloe, Stella McCartney and Jean Paul Gaultier.
"People today are very sophisticated. They know how to mix and put together private label and brand name,” said Simons. Beyond that, it also offers stylish housewares.
The flagship store at Place Sainte-Foy in the heart of Quebec City’s most affluent suburb is touted as a tourist destination within Quebec. Simons began expanding outside Quebec City in 1999 and in 2011 announced expansion outside of the province, so far with just one store outside of Quebec located at the West Edmonton Mall in Alberta.
And there was a lot of buzz when it did open in Edmonton. Locally, it is perceived as a star addition to the mall with its brightly-lit, spacious design and stellar customer service. If Simons does secure a deal, the openings would likely garner similar hype.
