Multibillion-dollar 2023 sales marks record year at Oxford Properties’ GTA retail centres

ICSC ranks Yorkdale as Canada’s top performing shopping centre once again with per square foot sales 65% higher than closest competitor

April 11, 2024


Oxford Properties Group (“Oxford”), a leading global real estate investor, developer and manager, today announced that its three Greater Toronto Area (GTA) shopping centres achieved record-breaking 2023 sales, according to the International Council of Shopping Centers’ (ICSC) annual report.

Yorkdale continues to be Canada’s top performing shopping centre and is among the top four most successful shopping centres in North America. Rapid sales growth at Square One last year propelled it to reach C$1 billion in sales for the first time. Combined, Yorkdale and Square One exceeded C$3 billion in sales in 2023. Additionally, Scarborough Town Centre’s annual sales increased by 12 percent year over year, representing a new performance milestone and launching it into ICSC’s ranking of top performing centres. 

“The success of our GTA retail centres is driven by strategic redevelopment initiatives, making the right investments in our centres and a savvy leasing approach tailored to the rapidly growing Toronto and Mississauga populations, some of Canada’s fastest growing urban centres,” said Robert Horst, Retail Vice President, Oxford Properties Group.

Yorkdale Shopping Centre

Yorkdale Shopping Centre is one of North America’s top performing shopping centres with C$2.1 billion in sales in 2023, representing an eight percent increase over the previous year and a new performance milestone. Yorkdale’s 2023 top sales performance of $2,402 per square foot is almost two-thirds higher, or nearly C$1,000 more per square foot than its closest Canadian shopping centre competitor, according to the ICSC report.

“Yorkdale is poised for continued momentum and we are continually evaluating its tenant mix to ensure an unparalleled retail offering,” said Nadia Corrado, Vice President, Asset Management, Oxford Properties Group. “This global retail destination, known for having the largest range of luxury retail brands under one roof, will be welcoming more than a dozen new flagship luxury and first-to-market brands in the coming months with the successful completion of a 60,000 square foot redevelopment.”

Yorkdale is an unrivaled shopping and visitor destination located at the centre of the greatest concentration of population, household income and tourism in the country. Dining and entertainment is a growing category with restaurants reporting robust activity.

Yorkdale is also the first shopping centre globally to receive a WELL Performance Rating seal from the WELL Building Standard™, a certification awarded to buildings with a demonstrated commitment to high building-performance and enhanced community experiences.

Square One Shopping Centre

This is the first time in its 50-year history that Square One has achieved a $1 billion-dollar annual sales performance milestone. The centre experienced a notable sales increase of more than $100 per square foot, representing three percent annual growth. Square One is now the Greater Toronto Area’s third highest performing shopping centre and ranks among Canada’s top six shopping destinations. It is also one of the country’s largest shopping centres with more than 2.2 million square feet of retail space.

Square One is located in the heart of Mississauga which is one of Canada’s largest and fastest growing cities and offers a strong retail mix, including a growing range of aspirational and luxury brands that are being concentrated in a dedicated corridor. Existing tenants are expanding to meet customer demand. As an example, Apple recently relocated, expanding its store to 15,000 square feet and debuting one of its most advanced store formats.

The region’s population growth is driving residential development including the Square One District surrounding the shopping centre which will bring tens-of-thousands of new residents to the immediate vicinity in the coming years.

Scarborough Town Centre

An impressive 12 percent annual sales growth at Scarborough Town Centre has propelled this community destination into ICSC’s top 25 most successful Canadian shopping centres with total sales of nearly half a billion dollars. The redevelopment of the former Sears box that welcomed the area’s first, highly anticipated IKEA and Decathlon in 2023 contributed to these results. Oxford’s leasing team will integrate more in-demand brands to the property in the coming year as it continues to accelerate STC’s momentum and performance.

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