While Yorkville was already revered as a go-to for luxury and high-quality shopping, recent openings of new stores in the area are giving this downtown neighbourhood a bit of a facelift.
According to Liza Amlani, principal and founder of Retail Strategy Group, Yorkville’s glory days are making a comeback. Amlani believes this is due to new residential areas being developed — more than 10,000 housing units proposed or in development — the booming hospitality industry, and the influx of luxury retail players in the area.
Luxury retail giants such as Chanel transformed the area into what is now known as the high-end shopping district in the city. But now, Yorkville is experiencing a rebrand as notable names, which include Veronica Beard, Reformation, lab diamond shop Vrai, Balenciaga and resort wear brand Revelle, have opened shops in recent months.
And Yorkville’s style revival doesn’t stop there. Fashion lovers in the city can look forward to brands such as Saint Laurent, upscale French fashion company Anne Fontaine, jewelry shop Van Cleef & Arpels and denim company John Eliott opening their doors in the coming months.
And according to Amlani, these are all brands that are really resonating with a new demographic that is welcoming the changes.
While previously Yorkville’s demographic was seen as one that skewed older, these new stores and changes are bringing in a younger luxury customer with disposable income, who may be looking to move into that area.
“[The opening of these stores] will bring a lot more life into the Yorkville area — not only Bloor Street but also increasing foot traffic and just increasing spending in that area,” she says.
In fact, it’s a feeling that the Bloor-Yorkville Business Improvement Area (BIA) also resonates with.
“We continue to see a wide variety of businesses join our BIA, which appeal to many demographics and help with encouraging both locals and tourists to visit and experience the neighbourhood,” says Briar de Lange, the executive director of the BIA.
One exciting addition that is hoping to infuse a new perspective to the neighbourhood is Mine & Yours, a Vancouver-based store that focuses on sustainability and resale. They’re shaking things up by aligning with customers’ values and offering a sustainable way to access luxury.
“I’m all for the resale scene and the shift toward a more sustainable and circular economy,” says Amlani. “Hopefully, we’ll see a decline in ultra-fast fashion and a shift towards luxury brands that have longevity in their products — which are metrics of sustainable and responsible retailing.”