Mink Mile
The Mink Mile is a section of Toronto's Bloor Street, running from Yonge Street to Avenue Road in Yorkville. It is known as an upscale shopping area of Toronto, having many luxury brand retailers.
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Mink Mile commands an average rent of $310 per square foot, making it the most expensive place in Canada to lease retail space[1] and the third most expensive retail space in North America. This stretch of Bloor was named in 2008 the seventh most expensive shopping street in the world by Fortune Magazine, claiming tenants can make $1,500 to $4,500 per square foot in sales.[2]
In recent years, mid-market retailers have begun to locate along the Mink Mile. In 2005, Winners and La Senza opened stores, later followed by Club Monaco, J. Crew, Banana Republic, French Connection, Puma, Aldo, Aritzia, American Apparel, Roots Canada Ltd, Guess, Nike, Zara, Roots, Lululemon, Sephora, Gap and H&M. Discount retailer, Labels 4 Less, recently opened their own store, to the disappointment of many of its neighbours. Nonetheless, the Mink Mile has been recognized as one of the most luxurious shopping streets in North America, being compared to New York's Fifth Avenue, Chicago's Magnificent Mile, and Los Angeles' Rodeo Drive.[3] Demand remained high on the Mink Mile, according to real estate firm, Cushman and Wakefield. In 2005, retail space rents were $110 per square foot. The 2010 Cushman and Wakefield report indicate rents of $198 per square foot, while the Q407 Toronto Retail Report in 2010[4] mentions deals reaching $300 per square foot, making the Mink Mile the third most expensive retail street in North America. This has led to higher rents on nearby Cumberland St. and Yorkville Ave., with several new developments asking $125 per square foot. Expensive Indian fashion boutique INDIVA, which moved to a smaller boutique on Yorkville Ave., claims that the monthly rent at their previous location was $85,000.[5] Many independent retailers struggle to meet these demands, and many in past years have closed or relocated to other streets. However, it is estimated that some retailers pull in more than $2000 per square foot in sales.[6]
Bloor Street Transformation Project
Begun in 2008, the Bloor-Yorkville Business Improvement Area and the City of Toronto updated the streetscape from Church Street to Avenue Road, creating an enhanced pedestrian experience with widened sidewalks, mature trees, flower gardens, modern lighting and public art.[7] The project was completed in 2013.
Shopping
Several international luxury retailers have shops in the area including Hermès, Louis Vuitton, Gucci, Prada, Chanel, Hugo Boss, Diesel, Cartier, Burberry, Dolce & Gabbana, Escada, Cole Haan, Porsche Design, Tiffany & Co., Coach, Victorinox Swiss Army, Michael Kors and a 50,000 square foot Harry Rosen flagship. Holt Renfrew also has its flagship department store on Bloor Street (as well as a recently added expansion). Shoppers can also find many more ubiquitous stores here such as J. Crew, Banana Republic, The Gap, American Apparel, Le Château, BCBG Max Azria, Guess?, Roots Canada, Sephora, Pottery Barn, H&M, The Body Shop, Aritzia, Club Monaco, and Williams-Sonoma.
Shopping centres
References
- ↑ Yorkville’s glitzy Mink Mile is the most expensive spot in Canada to lease retail space, Toronto Life, July 11, 2012, Monika Warzecha
- ↑ "The world's most expensive streets - Bloor Street, Toronto". Fortune. CNNMoney. 2008-08-26. Retrieved 2009-07-13.
- ↑ City Mayors: Most expensive shopping streets
- ↑ "Q407 Toronto Retail Report" (pdf). Retrieved July 13, 2010.
- ↑ "Print Edition". globeandmail.com:. Retrieved July 13, 2010.
- ↑ "Post #40". Retrieved July 13, 2010.
- ↑ "Bloor Street Transformation". Retrieved July 13, 2010.
See also
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Coordinates: 43°40′11″N 79°23′25″W / 43.6696°N 79.3902°W