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Fossil Continues Aggressive Canadian Store Roll-out Program

October 02, 2012

Fossil is on fire in Canada.

Earlier this month,  the company relocated and expanded its store at Sherway Gardens. The new premises  is 1,343 sq.ft and is situated adjacent such tenants as BCBG, Guess by Marciano, Roots, Mac, Gap...etc. The larger area will enable Fossil to expand their selection of upscale watches and leather goods (which are ideally suited for Sherway's more affluent clientele). The store design has now been fully updated, and is sharp, modern and inviting - vintage Fossil.

Sherway Gardens is one of Canada's top 10 performing shopping centres; sales are an impressive $910 psf. The mall is owned by Cadillac Fairview (CF), whose other assets include Toronto Eaton Centre, Pacific Centre, Rideau Centre...etc. Recently CF announced that Nordstrom would be opening at Sherway in 2015, and it is widely expected that they will soon unveil their plans for a major redevelopment of the property.

Special thanks to CF's Bob Ryan with whom this transaction was completed. Bob is a pro with a great attitude; he is always approachable and very easy to work with.

Just two weeks following the opening at Sherway, Fossil opened at Mapleview Mall in Burlington, Ontario (see photo). The store is strategically located on a corner, at the mall's 50 yard line of the upper level. The premises is 1,500 sq.ft Neighbouring tenants include Sephora, Geox, Victoria Secret, Pandora, Banana Republic, Kiehls, and Pink.

Mapleview Mall is owned by Ivanhoe Cambridge (owners of Vaughan Mills, Metropolis at Metrotown, Oakridge Centre...etc). In 2009, Ivanhoe invested $60+ million to completely  renovate and redevelop the centre. The results have been fantastic. Over the last 2 years, tenants such as Apple, Zara, H&M, Aritzia, F21, Michael Kors...etc have all opened. Sales for the centre are now over $700 psf and continue to climb.

My thanks to Ivanhoe's Sheri McEwen for all of her help in finalizing this transaction. Sheri worked tirelessly throughout our negotiations, and was extremely passionate about bring Fossil to Mapleview. Great job Sheri. We look forward to doing many more deals together.

Fossil continues to seek out Canadian real estate opportunities for 2013\2014\2015. Markets of interest include Alberta, British Columbia, Ontario, and Quebec. Size required is 1200-1500 sq .ft. Super regional malls and major high streets are preferrerd. The company is also looking to open outlet locations (in those aforemetioned cities). Size required is 3000 sq.ft.

In terms of performance, Fossil is resonating strongly throughout Canada. Median sales are approximately $1000 psf. WOW. That's impressive

There will be more great Fossil news to share with you soon, including a major announcement regarding Fossil's 1st Canadian high street location. Keep checking back here for more details.

For additional information on Fossil, please visit their website at www.fossil.com.