Nordstrom will be leaving plenty of top-notch retail space up for grabs as they cease operations across the country. realestate realestatenews retail Nordstrom Canada
Last week, loyal Nordstrom — and Nordstrom Rack — shoppers in Canada were informed that the retailer would cease operations in Canada.On Thursday, the American luxury department store chain it would close all 13 of its Canadian locations — six Nordstrom stores and seven off-price Nordstrom Rack locations — and halt its online e-commerce operations. All 2500 of the brand’s employees will be laid off.
Breaking their lease, Nordstrom obtained an Initial Order from the Ontario Superior Court of Justice under the Companies’ Creditors Arrangement Act to move closures along quickly and will rely on a third-party liquidator. The breaking of the lease is legal after a company files for creditor protection. Nordstrom said that the company had invested $775M in Canadian stores but never managed to turn a profit here.
“In terms of a major anchor leaving, this has happened a few times in our history,” highlights Domenico. “It reflects consumer demand and tenant business decisions. We last went through this with Target and — before that in the late 1990s — Kmart and then Eatons. It’s part and parcel of retail real estate development. What’s different today, with the Nordstrom example specifically, is these spaces are located in the best malls in Canada — hands down.
The sprawling retail spaces could get divided up or they could see the entrance of non-retail companies, like gyms or entertainment complexes. “The third option involves developers asking what is my highest and best use that I think I’ll want in five, 10, and 15 years,” says Domenico. “These assets that have been impacted have been around since the 70s and it doesn’t look anything like the 70s [anymore].
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