TORONTO
Oxford Properties Group (“Oxford”), a leading global real estate investor, developer and manager, today proudly announced that its three Greater Toronto Area (GTA) shopping centres are once again recognized as national and regional market leaders, according to the International Council of Shopping Centers’ (ICSC) 2024 report of shopping centres sales performance.
Yorkdale is Canada’s top performing shopping centre ($2,301 sales per square foot) and one of the top four most successful shopping centres in North America. After recently marking its 60th anniversary with the leadership of legacy Canadian brands including Harry Rosen, Holt Renfrew, and Simons which opens in Summer 2025, Yorkdale is preparing for the largest introduction of luxury brands in nearly a decade this year with plans to welcome Dior, Maison Margiela, and Rimowa. Other internationally renowned brands such as Loewe, Loro Piana, and Tiffany & Co. recently debuted first-to-market and new concept boutiques at Yorkdale highlighting its significance as a global shopping destination.
“Yorkdale’s success as a global market leader is the result of a deliberate strategy to assemble one of the world’s best luxury portfolios. This curated leasing approach has disrupted the Canadian retail landscape and drives annual sales performance that is more than $800 higher per square foot than any other Canadian shopping centre. This news comes at an exciting time, as Yorkdale enters a new era of retail leadership with a redevelopment of its central corridor which is designed to accommodate increased luxury brand demand,” said Robert Horst, Retail Vice President, Oxford Properties Group.
Square One Shopping Centre and Scarborough Town Centre (STC) experienced continued momentum with increased sales per square foot of 2.2 per cent ($1,286) and 4.3 per cent ($966) respectively. Square One is located in the heart of the rapidly growing City of Mississauga and is welcoming a new generation of residents to the surrounding Square One District. Popular retailers and brands attracting shoppers include Holt Renfrew and Simons alongside growing luxury retailers such as Rolex. STC has evolved to become a regional shopping destination of significance with the addition of destination brands such as IKEA and Uniqlo, and its retail mix is making it integral to the local community while attracting shoppers from cities east of Toronto.
“As key retail, entertainment, and cultural hubs in two rapidly growing regions, Square One and STC offer an unprecedented mix of destination brands and rightfully find their place high on this year’s list. Increased residential developments both in Mississauga and Scarborough are poised to accelerate both population and retail performance in the coming years and we’re looking forward to what the future holds for these shopping centres,” said Nadia Corrado, Vice President, Asset Management, Oxford Properties Group.
