Sears Canada has gone through a disastrous series of events that resulted in the closure of stores across Canada, including the Oakville Place Mall location. Sears took up a massive 104,000 square feet in the mall. The space could be redeveloped to hold multiple new stores.
Saks OFF 5th store, which is an outlet discount division of Saks Fifth Avenue, has expressed interest in 40,000 square feet of the former sears location. Riocan, the owner of Oakville Place, will decided whether Saks OFF 5th is a good fit.
Saks OFF 5th offers a modern shopping experience with the latest fashion trends and is marketed as a luxury shopping destination.
Riocan is also having discussions with other national tenants to rent out the space. The space can be more intensified. That means more stores that will provide more rental income to the Oakville Place Mall. This will hopefully attract a wider range of shoppers which will be good for the mall’s future. Currently, some think the mall is less geared towards younger shoppers – an important demographic for malls.
Oakville Place has spent about $40 million over the past three years on renovations, upgrades and a new parking deck. Hopefully these investments pay off – especially considering the rise of online retail.