Sears Canada will abandon its flagship store at the Toronto Eaton Centre and also close four other stores in a so-called leaseback deal with landlord Cadillac Fairview. Analysts gulped back the shock and said this seemed to be the first part of a plan to move Nordstrom stores into these spaces. There is no confirmation of that although, as is known, the southwest U.S. retailer has already said that it is coming to Canada. Sears will exercise an option to sell back the leases for the spaces. They are Eaton Centre, Sherway Gardens and Masonville mall in London. As well, Sears’ outlets in Markville Shopping Centre in Markham and Richmond Centre in Richmond, B.C. will shut in 2015. Both Nordstrom and Saks Inc. are looking around the suitable locations. Cadillac Fairview Corp. is said to be anxious to get more rent for the Eaton Centre location.At present, Sears leases permit it to pay as little as about $1 per square foot in rent. Look here for BNN story with video of analysis by anchors and others this morning.
