As Nordstrom exits Canada, mall owners scramble and The Bay hovers
department stores as anchor tenants, after the U.S. luxury retailer said it will wind down its Canadian operations.and lay off its 2,500 employees in British Columbia, Alberta and Ontario, just nine years after opening its first Canadian store, in Calgary.invested US$775-million in its stores here, yet never turned a profit on them. It plans to liquidate inventory and close the stores by June.
“Backfilling the larger full-line Nordstrom stores could prove challenging and costly, particularly given the size of the boxes,” real estate analysts at RBC Capital Markets said in a report. Nordstrom is the second major retailer to close down its Canadian operations in as many months, after Bed Bath & Beyond revealed plans in February to shut 65 Canadian stores.
Nordstom’s other landlords include Montreal-based Ivanhoé Cambridge, which rents space to two stores; Vancouver’s QuadReal Property Group; and Toronto-based Oxford Properties. All three are also owned by pension plans. On Friday, the companies declined to comment on Nordstrom’s planned departure. Stan Krawitz, a principal with Avison Young, a commercial real estate brokerage, said Nordstrom’s spaces in many malls will likely have to be divided to attract smaller retailers. He said the Nordstrom exit will be a problem for every landlord, but that it would not be “fatal” for highly sought-after malls like the Eaton Centre, Yorkdale and the Pacific Centre.
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