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Despite the growing struggles of some malls, Toronto’s top-tier Yorkdale Shopping Centre and CF Toronto Eaton Centre continue to show impressive profits.
Productivity, measured in sales per square foot, averaged $1,651 at Yorkdale for the 12 months ending Aug. 31, ranking it No. 1 in Canada, according to the Retail Canada Council Canadian Shopping Centre Study. Eaton Centre — the nation’s busiest mall — finished fourth with $1,488.
Canadian malls at the bottom of the ladder struggled to ring up sales of $325/SF. The downturn is being felt by second-tier malls in many North American cities.
The report noted both of Toronto’s top-tier malls have undergone extensive renovations. Eaton Centre owner Cadillac Fairview and Yorkdale owner Oxford Properties have been shedding their second-tier malls while diversifying geographically.
Other Toronto malls ranking among the top performers last year include The Royal Bank Plaza Mall (No. 6, with sales of $1,078/SF) and Square One Shopping Centre (No. 10, $1,014).
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