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Watch Station International Opens at Toronto Premium Outlets

September 05, 2013

In early August, Watch Station International opened at Toronto Premium Outlets in Halton Hills, Ontario (25 miles west of downtown Toronto). The premises is 1,200 sq.ft. and is strategically situated adjacent other globally recognized brands such as Hugo Boss, DKNY, Coach, True Religion, Calvin Klein, Fossil, Ted Baker…etc..
 
All Watch Station International stores carry a wide array of classic timepieces from the world's top designer brands such as Michael Kors, Marc by Marc Jacobs, Emporio Armani, Michele, DKNY, Skagen, Karl Lagerfeld. Prices range from $200-$2500.
 
Toronto Premium Outlets is the company's 5th Canadian location. A 6th store has already been confirmed and will open next year in Ottawa, at Tanger Ottawa Outlets. By the end of 2013, there will be 75 Watch Station International stores in Asia, Canada, Europe, and the US.
 
Watch Station International continues to expand (outlet stores only) in Canada. The following cities are targeted for additional openings: Edmonton, Montreal and Vancouver. Size required is 1000-1200 sq.ft (with minimum width of 23.5 ft).
 
Toronto Premium Outlets is owned by Simon Property Group (joint venture with Toronto based Calloway REIT). The project was Simon's 1st in Canada and from all reports, it has been a phenomenal success. The centre continues to draw massive crowds, one full month after opening. Toronto Premium Outlets has 85 stores and a GLA of 375,000 sq.ft. Simon has announced a 2nd Canadian Premium Outlets that will open in Montreal, on November 1,2014.
 
Finally, I'd like to thank Brad Cole, Vice President of Leasing Premium Outlets\Simon Property Group, for all of his help and efforts throughout our negotiations of this transaction. Brad did a herculean job with Toronto Premium. First, while many of us Canadians have visited Woodbury Commons and Premium Outlet centres in Orlando and Las Vegas, the branded outlet centre format, with a high concentration of retailers offering made for outlet (MFO) merchandise, is somewhat foreign. Brad worked tirelessly to educate us on this cookie cutter styled project, which has been so successful throughout the United States and Europe. He was always highly responsive and effective. Second, his pre-lease of this project at 94% was absolutely OUTSTANDING. We are often told by landlords that their goal is to have 85% of the project open at Grand Opening. The rationale provided is that once prospective retailers see how strong the centre is performing at and following the opening, then landlords will secure commitments for these final spaces and at higher minimum rents than those achieved to prior to opening. I can write a blog all about Opening Co-Tenancy but will save this hot topic for another day. Notwithstanding, take this to the bank. Landlords who shoot for 85% often get less. Further, at Grand Opening, our clients sales projections presume that the property is fully leased - 100%. In addition to doing a great lease-up, Brad ensured Simon delivered big time with respect to co-tenancies. They said they would bring in top retailers such as Polo, Michael Kors, Coach, Restoration Hardware, Tory Burch, J Crew, Nike, Brooks Brothers, Hugo Boss, Fossil, Ted Baker…etc. And they did.
 
For additional information on Watch Station International, please visit www.watchstation.com.