If you haven’t been to Oakville Place recently, you’ve missed a few things.
Oakville Place, which is owned and operated by RioCan, is doing a major renovation. This is the second major change at the mall, since it opened its doors in 1981.
Initially, Oakville Place was filled with upscale retailers such as Harry Rosen; however, it became apparent that the community was not quiet ready for them. As is often the case, retailers look at Oakville’s economic status as one of Canada’s most prosperous communities. What they often forget is that Oakvillians are family focused, and though they might have high household incomes, they don’t want to spend $15,000 on a couch that their children are going to bounce on.
The last major change to Oakville Place happened which resulted in a new food court. This second renovation saw the removal of sculptures and water features as well as the addition of a 1/3 more retail space. Currently, Oakville Place has 152 leasable units, with several major tenants that include: Hudson Bay, Sears, Shoppers’ Drug Mart, Sports Chek, and H&M. Thousands of people are employed at the mall.
The leasing inventory at Oakville Place remains extremely tight with only a few units available. Some of them are leased on a short-term basis to concept stores. Considering that the reports on the health of retail shopping have been negative, it appears that Oakville Place retailers are doing very well. Foot traffic has been unchanged during the renovation, and volume and purchases per visitor remains strong, according to RioCAN management.
Two major retailers have recently opened. The first is Sephora. Located on the second floor, it offers a wide and exclusive assortment of women’s cosmetics; and the second significant retailer is Pusateri’s Fine Foods, which is widely considered to be Toronto’s top purveyor of gourmet foods.
The current renovation has been in process since 2014, and is planned to be finished in the winter of 2017. The grand opening is anticipated to take place during the spring of 2017. The $30 million renovation will include a full interior redesign and parts of the exterior façade. This is all under the direction of architect Bess Pappas. One of the big design changes is the removal of the massive clock that hung over centre court. Also happening is the refurbishment of the stores, where necessary.
So if you haven’t been to Oakville Place lately, you have missed one of Oakville major retail locations changing dramatically.