Fabricland to replace H&M along Toronto's most-expensive retail strip
After the massive H&M storefront in Toronto's prestigious Bloor-Yorkville neighbourhood closed its doors back in January citing low sales and high rents, many wondered what would take over the multi-level, 20,000-square-foot space.
Now it has been reported that the prime Mink Mile location will be replaced by none other than... Fabricland?
Fabricland to Replace H&M on Toronto’s Bloor Street Luxury Runhttps://t.co/UJZyCRQpGk pic.twitter.com/PwWQnkI5rr— RETAIL-INSIDER (@RetailInsider_) March 24, 2023
In a move that Redittor's are calling "from fast fashion to fairly slow fashion," Canada's largest fabric retail store has secured a lease in the dramatic three-level space, and will sit next to The One at 1 Bloor Street West, which currently has condo units on the market listed from $2 million to a whopping $32 million.
With times changing over the past several decades, fabric stores in Toronto have slowly been dying out, as garment-making has become more of a hobby than a necessity.
The Yonge and Bloor intersection is currently home to some of the city's ritziest shops, and is rapidly transforming with new developments and skyscrapers making it Toronto's most comparable version to Manhattan's Billionaries' Row.
Across the street, you'll find luxury retailers like Holt Renfrew, Louis Vuitton, Dior, Prada, Cartier, Gucci, Tiffany & Co. and others.
While not many people would have anticipated the fabric store to be H&M's successor, it will only be temporary; the new Fabricland location will open mid-April but only last until the building is demolished for redevelopment.
A development application brought forth by Reserve Properties and Westdale Properties for the building includes a proposal for a 94-storey mixed use tower housing a staggering 1,262 residential condomunium units, and include less than 3,000 square feet of retail space at its base.
Fabricland could therefore be on Bloor Street for several years depending on the development plans. Seeing as the Kimel family owns both Westdale Properties and Fabricland, terms of any lease extensions are expected to be favourable if rent is paid at all.
This isn't the first time Fabricland has taken over valuable retail space in the city; back in 2015, it took over what previously was Honest Ed's, a beloved landmark discount store in Mirvish Village.
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