Sears Canada is getting itself out of both Yorkdale Shopping Centre and the Square One Shopping Centre in Mississauga. The struggling department store is selling leases back to the landlords for $191-million plus options on a third store for $1-million that could raise another $53-million within five years. Sears is under intense pressure from other U.S. based retailers such as Target and Nordstrom. But Sears also continues to be squeezed by the rise of discount and so-called wholesale merchants such as Coscto. As posted here, Costco is making plans to open a third Toronto store in Thorncliffe Park, near South Bayview.
