The closure of Hudson’s Bay stores across Canada has left a significant void in the commercial real estate market. With approximately 15 million square feet of vacant space, the industry is now grappling with how to repurpose these large retail footprints. According to a JLL report, about 41% of this space is located in Ontario, impacting the GTA and surrounding areas significantly. While some spaces may be re-allocated to single tenants or redeveloped, the majority are expected to be subdivided into smaller units. This shift reflects the changing landscape of retail and the need for creative leasing strategies. Landlords are actively seeking tenant mixes that complement their properties, but challenges remain due to the sheer size of the vacant spaces. Click through to read the full article on Storeys.com and learn more about the future of these former HBC locations.
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