The vacancy rate of local storage units will likely decline within the next few years, as Toronto shoppers will be filling them with some of their threadbare belongings. But they'll likely be replacing what's old for what's new, as a massive mall is scheduled to be built in Halton Hills.
RioCan Real Estate Investment Trust and Tanger Factory Outlet Centers have announced that they are embarking on a joint venture which will bring the first Tanger Outlet Center to the Greater Toronto area. Construction is expected to start this year, and the mall should open sometime in 2013.
"Halton Hills is one of the fastest growing communities in Canada and the GTA, allowing our retailer partners access to the fifth largest retail market in North America," said Seven Tanger, president and CEO of Tanger Outlets.
"We are confident that opening our first Tanger Outlet Center in the GTA market of Halton hills will create a shopping destination with unparalleled reach and popularity," said Edward Sonshine, president and CEO of RioCan.
By uniting with RioCan, Tanger, which is headquartered in North Carolina, joins the company that owns the largest portfolio of shopping centers in all of Canada.
According to CTV, Zumiez and Express are other U.S. retailers scheduled to make their Canadian debut this year.