Nordstrom's departure from Canada's retail landscape will leave significant holes in shopping malls, and some analysts say landlords will need to get creative to fill the space.
If malls want to find similar tenants to Nordstrom, they might look to department store rivals Hudson's Bay, Simons or Saks Fifth Avenue, said Tamara Szames, executive director and industry adviser of Canadian retail at the NPD Group research firm.
She pointed to pop-ups, food properties and experience-based spaces like the World of Barbie -- an interactive, ticketed version of Barbie's Dreamhouse at the Square One Shopping Centre in Mississauga, Ont., as potential Nordstrom replacements."The world is our oyster," she said."These travel globally, to see everything that's available, and so it may be something that we haven't even seen yet in the Canadian market, and that might not be a department store.
Nordstrom's six Canadian stores -- CF Chinook Centre in Calgary, CF Rideau Centre in Ottawa, CF Pacific Centre in Vancouver and CF Eaton Centre, Yorkdale Shopping Centre and CF Sherway Gardens in Toronto -- have between seven and 10 years remaining on their leases. The CF Eaton Centre location alone took over 220,000 square feet over three levels, when it opened in 2018.
In other instances, it will mean the hulking spaces Nordstrom occupies will be broken into smaller stores that can be leased to a wider range of tenants not needing as much space. Any company looking to expand will find Nordstrom's old digs attractive, said Camenzuli, because the company had prime properties in high-traffic areas.
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