We’ve long stated that Nordstrom will be coming to Vancouver and today it’s one step closer to happening. Sears Canada has just announced that it is closing down its much coveted store at Pacific Centre by October of this year. That means that a large amount of department space is about to hit the market late this year. They are also closing their store in Calgary and Ottawa.
This is all in an effort to stop the bleeding as Sears hasn’t been performing all that well financially. As of right now it’s being speculated that Sears will spin-off their lease to Nordstrom. However, the rates will be significantly higher than what Sears paid. It’s highly possible that the site could be redeveloped entirely with an office/residential component and scaled down retail to accommodate Nordstrom as they may not need the entire space that will be available once Sears vacates. Again this is all speculation, but ask yourself who else could take up that much space?
It’s no secret that Nordstrom has been looking for downtown Vancouver space. What many don’t know is that they have been eyeing the Sears space for a long, long time. When and if they take over the space, I really hope they do a complete overhaul of the buildings outside. As it stands right now the Sears building is one of the ugliest around.
Vancouver shoppers Robson Street is going to be a lot busier soon as the retail shift continues.
I wonder how The Bay feels about this?
Image by twotwentysix