Hudson's Bay Co. Ltd. (Toronto) has announced it will sell its flagship downtown Toronto store and open a full-line Saks Fifth Avenue store in space.
It’s one of two Canadian Saks locations the company has announced.
Cadillac Fairview Corp. (Toronto) will buy the store, and adjoining office space, for $587 million and lease it back to Hudson’s Bay for a 150,000-square-foot, multi-level Store that is expected to open in the fall of 2015, according to Reuters Canada.
The retailer has also agreed to lease space for a full-line store in Toronto's Sherway Gardens mall.