‘Mink mile’ lives up to name

Despite a recession that has hit the luxury goods market globally, itis tough finding the perfect spot on Bloor Street, Toronto’s mostexclusive retail strip.

Despite a recession that has hit the luxury goods market globally, it is tough finding the perfect spot on Bloor Street, Toronto’s most exclusive retail strip.

In fact, Toronto’s “mink mile” remains the most expensive street in Canada for retailers, according to a study released yesterday by Cushman & Wakefield.

It cost an average of $300 per square foot annually to set up a retail store.

According to Cushman, 54 per cent world’s top shopping streets — hit hard by the global downturn — reported that rents had fallen. Toronto bucked the trend with rents unchanged over the last year.

“Bloor Street has almost been recession-proof,” says John Crombie, senior managing director of Cushman & Wakefield. “There isn’t a lot of turnover or vacancy.”

One reason is the prime retail area of the strip is relatively short so interna­tional brands typically have a hard time finding good locations.

In second place nationally was Vancouver’s Robson Street, where it cost $210 per square foot.
Montreal’s Saint-Catherine Street West came third at $110 per square foot.

 
 
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