Over the past few years, Canada has seen many well-known retailers experience financial troubles. Especially now more than ever, with the ongoing pandemic, these companies have had to endure store closures or even shut down business permanently in 2021. Although, some storefront closings may be due to changing business models and customer demands, others have been because of the lack of business revenue.
Note: This article will be updated as more stores and brands announce filings and closures.
Here is the running list of retail store closures and bankruptcies in 2021.
SEE Eyewear
The quirky and popular, SEE Eyewear, has shut its only Canadian storefront for good. It was located at 153 Cumberland Street in Toronto’s Yorkville neighbourhood. The boutique first opened in November 2017 with plans to grow across Canada. Unfortunately, due to the current volatile state of the retail industry, all expansion plans are cancelled.
Starbucks
Starbucks has now released that it will in fact close up around 300 store locations in Canada by the end of March this year. Although this may come as a shock, Starbucks isn’t going anywhere. In fact, this is actually part of its store transformation strategy.The new strategy includes closing stores to restructure and expand services like new drive thru locations, curbside pick-up only, and delivery.
Versace
Vancouver’s ‘Luxury Zone’ is losing another store sometime this month for good. Versace, which was located on Thurlow Street, will be closing its storefront after 34 years.
Michaels
The well-known craft retailer, Michaels is shuttering a location this month. The storefront at 1022 Alberni Street in Vancouver, which has been there for almost a decade, has fallen victim to the close.
Bizou
The Quebec-based accessories brand, Bizou will close around 30% of its retail locations, according to a French language report. The company has 85 stores, in which 24 will be shut down permanently by the end of this month. Bizou originally filed for bankruptcy in the fall of 2020.
Gap Inc.
The signage is now officially off on all three of the Gap Inc.’s storefronts on Toronto’s prestigious Mink Mile. These shops include the Gap storefront at 60 Bloor Street West, the Gap-owned Intermix at 130 Bloor Street West, and the Banana Republic store at 80 Bloor Street West. This is the first time in more than two decades that the Gap has no storefront locations on Bloor Street.
Godiva
Godiva has made the difficult decision to close its shops across North America. This means that 128 locations, 11 which are in Canada, will shutter doors by the end of March this year. This may come as a surprise to some, as about two years ago, the chocolate company opened its first cafe and then announced plans to open 2,000 more across the globe by 2025. In-person shopping is something that the company takes priority in, so since in-person experiences are not available with the pandemic restrictions, it’s made the conclusion to close.
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