Do Outlet Malls Help Stop Cross-Border Shopping?
Canadians may be cross-border shopping when it comes to American real estate faster than ever, and that may be a good thing for economies on both sides of the border. But that doesn’t necessarily mean that provincial or federal governments want our other consumer dollars going over there, too. That issue has been brought to light with a recent discount mall that’s opened in Toronto, and it has people in the city debating whether or not it will stop cross-border shopping.
Thanks to real estate mega giants, Simon Property Group and Calloway Real Estate Investment Trust, Torontonians will now have a new outlet mall closer to them. And this time, it will have some of the biggest brand names that once could only be obtained over the border.
The mall is going to open on August 1 and it will be located in Halton Hills, which is about an hour from downtown by car. It will be deemed Toronto Premium Outlets, and will include, for the first time ever in Canada, some huge names such as Kate Spade New York, DKNY, and Restoration Hardware. Those are just a few of the names that will be cropping up among the 85 stores. In addition to those, the development also has plans for a second phase of the construction.
The thought by the developers is that this newest outlet store, along with the first Hudson’s Bay outlet store, and Tanger Factory Outlets’ plans to expand their outlet centre in Cookstown, it will lead to fewer customers going across the border for their shopping needs.
The question is, will it?
Many residents of the city don’t think it will, as the outlet stores that currently make up much of the city’s amenities haven’t seemed to stop cross-border shopping significantly. Others believe that because people don’t just go to the States for shopping, but also for certain stores and restaurants that are only available there, that yet another outlet store will have little effect.
What do you think about the Toronto Premium Outlets that’s to open this summer? Do you think that Torontonians will be flocking there for the most recent, and biggest, brand names to ever come to Canada? Or do you think it will be one outlet mall among many, and it will have little effect?